Independent External Audit Firm

TERMS OF REFERENCE

1. Relevant Background

Caribbean International Airways Ltd. is a provider of quality Meet and Greet Services at the Grantley Adams International Airport, for over three decades. The Company has one Subsidiary Caribbean Aircraft Handling Co. Ltd to which it provides Management Support Services.

Caribbean Aircraft Handling Limited provides Standard Ground Handling Services that include: Passenger, Ramp, Security and Cargo/Courier Services to its airline clients. Associated services include Load Control, as well as the coordination of Catering, Maintenance, and Fuel Services.  Ramp Services also include the provision of Cabin Cleaning to client specifications.

The Companies seek to engage an independent external audit firm to perform an audit of the Financial Statements relating to the company, inclusive of the Subsidiary. The audit shall be carried out in accordance with International Audit Standards issued by the International Federation of Accountants (IFAC).

2.Objectives

2.1 The audits will be conducted as follows:

(a) Issuance of the Company’s Financial Statements for both entities;

(b) Issuance of separate Consolidated Financial Statements consisting of the Company and its wholly-owned Subsidiary.

2.2 The Independent Auditors’ Report

The objectives of this audit are to enable the Auditor to express an opinion on whether:

  • The Financial Statement presents fairly in all material respects, the financial position, results of operations and Cash Flows of the actions relating to the Company, for the year ended March 31, 2020, in accordance with International Financial Reporting Standards for Small and Medium-Sized Entities (“IFRS for SMEs”).

2.3 Consolidated Report

The objectives of this audit are to enable the Auditor to express an opinion on whether:

  • The Financial Statement presents fairly in all material respects, the financial position, results of operations and Cash Flows of the actions relating to the Group, for the year ended March 31, 2020, in accordance with International Financial Reporting Standards for Small and Medium-Sized Entities (“IFRS for SMEs”).

3. Standards and Guidance

The Auditor who performs this financial audit is governed by:

  • The IFAC International Framework for Assurance Engagements and International Standards on Auditing (‘ISAs’) for Audits of Historical Financial Information insofar as these can be applied in the specific context of a contractual compliance audit;
  • The IFAC Code of Ethics for Professional Accountants (issued by IFAC’s International Ethics Standards Board for Accountants (IESBA), which establishes fundamental ethical principles for Auditors with regard to integrity, objectivity, independence, professional competence and due care, confidentiality, professional behavior and technical standards;
  • The IFAC International Standards on Quality Control (ISQCs), which establish standards and provide guidance on an Auditor’s system of quality control.

4. Scope of Work

4.1 The audit will be carried out in accordance with the Standards specified in Item No.3 above and will include such tests and verification procedures as the auditors consider necessary under the circumstances.

4.2 The audit shall be in accordance with International Standards on Auditing.

4.3 The auditors will be given access to all financial records, legal documents, correspondence and any other pertinent information associated with the activities undertaken by the Agency within the scope of the audit and deemed necessary by them.

5. Contracting Authority

Caribbean International Airways Ltd and its Subsidiary.

6. Location

The audit will take place at the Head office of Caribbean International Airways Ltd and its Subsidiary

7. Duration

The contractual period will be no more than ninety (90) calendar days from the signing of the contract.

8. Deliverables and Reporting Requirements

The Audit firm shall report to the Chief Executive Officer of Caribbean International Airways and such other personnel that may be assigned. The Audit firm shall be required to provide the following in English:

    1. a) A draft Audit Report and Financial Statements;
    2. b) An Audit Report and Audited Financial Statements for the audited year.

9. Qualifications Skills and Experience
9.1 The Auditor shall employ adequate staff with appropriate professional qualifications and suitable experience with IFAC standards, in particular international standards on auditing and with experience in auditing the accounts of entities comparable in size and complexity to the Agency.

In addition the audit team as a whole should have:

  • Appropriate experience with audits of external aid operations financed by the donors. At least one senior member of the fieldwork team either a manager/supervisor should have such experience;
  • Sufficient knowledge of relevant laws, regulations and rules in force.
  • Fluency in English.

10. Submission of Offer

The financial proposal should be in Barbados Dollars (BBD) comprising a total amount for the service fees and all the costs related to the performance to be undertaken.

11. Clarification

All matters requiring clarification should be submitted in writing. Queries raised and responses given will be shared with all pertinent firms expected to make a submission.

12. Deadline for Submission of Tenders

All proposals must be sent to Finance@caribairways.com no later than 4:30pm on November 15th, 2019.