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SECTOR:                      Financial Sector

PROJECT ID:               P-Z1-HB0-067

GRANT NO:                 ML-0075

CONTRACT NAME     Consultancy Services for the Financial Audit of the West African Capital Markets Integration (WACMI) Phase 2 Project

                                     IFB No.                            

  1. Background of the Project

The West African Monetary Institute (WAMI), Accra, Ghana, was established in 2001 by the Governments of the WAMZ countries, to undertake policy and technical preparations for the launch of a monetary union for the WAMZ as well as the establishment of the West African Central Bank (WACB). WAMI has received a grant of USD 850,000 thousand from the African Development Bank (AfDB) under Capital Markets Development Trust Fund (CMDTF) for the implementation of the West African Capital Markets Integration (WACMI) Phase 2 Project.  The project aims to harmonize and validate regulations for trading and settlement of securities in West African capital markets as well as implement other related activities. Components of this project include: (i) harmonization of capital market rules for Ghana, Nigeria, Cape Verde and Union Economique et Monetare Ouest-Afrcien (UEMOA) stock exchanges (ii) designing and development of a centralized database and website for the integrated West African capital markets(iii) needs assessment study on the state of the equity capital markets (stock exchanges) of The Gambia, Guinea, Liberia and Sierra Leone and implementation roadmap for the development and inclusion of each of the country’s equity capital market into the WACMI project (iv)  capacity building and sensitization workshops  involving key regional capital markets stakeholders including regional capital market operators, securities dealers and stockbrokers, central security depositories, policy makers, and other capital market participants.

WAMI intends to apply part of the agreed amount of this grant to cover eligible payments under the contract for consultancy services for an External Auditor


 The External Audit will be carried out in accordance with International Public Sector Accounting Standards (IPSAS) and the International Standards on Auditing (ISA). The scope of service cover audit of project financial statements for the period 2021 to 2023. In demonstrating compliance with the agreed project financial management arrangements and requirements, the auditing firm is expected to undertake the following:

  • Confirm that all funds including counterpart funds and other external funds have been used in accordance with the conditions of the financing agreement(s), with due attention to economy and efficiency and only for the purposes for which the funds were provided;
  • Confirm that goods, works and services financed have been procured in accordance with relevant financing agreement(s) and have been properly accounted for;
  • Verify that all reports prepared and issued during the period were in agreement with the underlying books of accounts;
  • Confirm that financial statements have been prepared and approved by project management in accordance with applicable financial reporting framework;
  • Confirm national laws and regulations (including country PFM systems) have been complied with, and that the financial and accounting procedures approved for the project (including; accounting and procedures manual etc.) were followed and used;
  • Confirm project’s fixed assets are real and properly valuated and project/program property rights or related beneficiaries’ rights are established in accordance with loan conditions;
  • Confirm illegible expenditures have been properly identified and reimbursed or refunded to the Special Account (SA);
  • Project/program physical progress is: consistent with funds disbursed; technically in conformity with project/program designs; and adhering, as far as possible, with project time estimates;
  • Test the effectiveness of controls: with regards to payments for goods, works and services; procurement processes of the project; and over assets financed by the project and ensuring these assets are being used for the intended purposes;
  • Test the effectiveness of good practice in the use of project/program fixed assets and other resources; and
  • Express an opinion on whether the financial statements represent in a true and fair view of the financial position of the project.

        Eligible Audit firm should meet the following criteria:

  • Compliance with legal requirements of registration;
  • Compliance with professional requirements of registration and practice, and evidence of good standing with the authorized professional accountancy regulator (e.g. Institute of Chartered Accountants)
  • Proven experience of 10 years in auditing, accounting and financial analysis;
  • At least 6 years’ experience auditing of development project/programs, especially donor-funded operations and provide completion certificates for previous assignments;
  • Experience in audit reporting under IPSAS and ISA;
  • Satisfactory references for similar audits performed within the last three years;
  • Provide Audit Methodology, Proposed Work-plan, Curriculum Vitae for the partner, manager and key staff proposed for the audit team; and
  • Any actual or potential conflict of interest in taking up this role should be highlighted.

WAMI now invites eligible firms to indicate their interest in providing external auditing services. Interested firms must provide information indicating that they are qualified to perform the services.

Eligibility criteria, establishment of the short  list and the selection procedure shall be in accordance with the African Development Bank’s Procurement Policy and Methodology for the African  Development  Bank Group Funded  Operations,  dated  October  2015, which is available on the Bank’s Website at

Expressions of interest must be delivered by courier or physically in sealed envelopes clearly marked “Expression of Interest- West African Capital Markets Integration (WACMI) Phase 2 Project.” to the address indicated below by August 12, 2022, at 17.00 (GMT).

The Director General

West African Monetary Institute

Tetteh Quarshie Interchange

Gulf House, Accra, Ghana

Attn: Project Implementation Officer

Tel: +233 302 743801                               Email: