🇸🇱 Job Vacancies @ National Cooperative Credit Union Association (NaCCUA) – External Audit Services

National Cooperative Credit Union Association- Sierra Leone

🏠    23 Pulteney Street, Freetown

 ✆    +23278-555-540/+23278-218-755

📧   gm.naccuasl2023@gmail.com

External Audit Services for NaCCUA and Six (6) Affiliated Credit Unions

Date of Issue 24^th November 2025

Deadline for Submission: 1^st December 2025

:  Readvertised Note: Previous applicants should not send in their application

Section 1: Introduction

The National Cooperative Credit Union Association of Sierra Leone (NaCCUA–SL) invites proposals from qualified, reputable, and registered audit firms to conduct the external audit for NaCCUA and six (6) of its affiliated credit unions located across Freetown and the provincial districts for the financial year ending December 31, 2025.

NaCCUA–SL is the apex body for credit unions in Sierra Leone, promoting financial inclusion, accountability, and cooperative growth. With 25 registered credit unions and over 20,000 members across 14 districts, NaCCUA works to strengthen governance and compliance within the cooperative financial sector.

This RFP combines NaCCUA’s institutional audit and oversight role with the need for independent audits of its affiliated credit unions to ensure transparency, sustainability, and good financial stewardship.

About a Credit Union

A Credit Union (CU) is formed when a group of people with the same interest agree to save together to create a financial pool, out of which they can lend among themselves in times of need for productive or provident purposes. A CU is based on the philosophy of people helping people. It is a not-for-profit cooperative that is member-owned, member-controlled, and it is democratically run. Its service to members focuses on financial inclusion, financial sustainability, and maximizing members’ economic benefit. Credit Unions are legal entities registered under the Cooperatives Societies Act 1977 of Sierra Leone. It’s a financial model used globally to promote savings among members.

Section 2: Background

NaCCUA operates under a Memorandum of Understanding (MoU) with the Department of Cooperatives, Ministry of Trade and Industry, and the Bank of Sierra Leone, granting it first-level supervision for the establishment, oversight, and support of credit unions nationwide.

NaCCUA is supported by strategic partners, including the Irish League of Credit Unions Foundation (ILCUF), Deutsche Sparkassenstiftung für Internationale Kooperation (DSIK), and SEND Sierra Leone, all of whom contribute to building a strong, sustainable cooperative movement in the country.

The  credit unions to be audited are:

1.NaCCUA-SL

And six of its affiliated credit unions

1. Tawopaneh Cooperative Credit Union – Freetown
2. Bayconsfield Cooperative Credit Union - Freetown
3. Moyamba District Teachers Cooperative Credit Union – Moyamba Town
4.  Conakrydee Cooperative Credit Union – Conakrydee town
5. Kissi Tongi Community Cooperative Credit Union Buedu town Kailahun District
6. Upper Bambara Cooperative Credit Union-Pendembu Kailahun District

Section 3: Objectives of the Assignment

The objectives of the Audit Service are to:

1. Obtain an independent professional opinion on whether the financial statements present a true and fair view in line with IFRS and ISA standards.
2. Assess financial management systems, internal controls, and compliance with cooperative and statutory regulations.
3. Verify proper stewardship and use of members’ funds.
4. Assess the health of credit unions' loan portfolios and compliance to processes and procedures
5. Provide recommendations for improving governance, financial reporting, and risk management across NaCCUA and its affiliated credit unions.

Section 4: Scope of Work

4.1 External Financial Audit

The external audit shall include, but not be limited to:

• Verification of financial statements, ledgers, cash books, and supporting records.
• Review of loans, repayments, and delinquency management.
• Examination of members’ savings, share capital, and dividend distributions.
• Review of internal control systems and governance processes.
• Verification of fixed assets, inventory, and staff-related accounts.

Review of compliance with NaCCUA guidelines, the Cooperative Societies Act (1977), and supervision standards.

• Evaluating payroll and employee tax compliance.
• Providing practical recommendations for tax compliance and future planning.
• Consolidation of audit findings into an overall summary report for NaCCUA and its partners and the board of each credit union.

Section 5: Deliverables

The selected firm shall provide:

1. Independent Audit Reports for NaCCUA and each of the six credit unions.
2. Management Letters highlighting weaknesses, risks (Low/Medium/High), and recommendations.
3. Tax Health Check Report summarizing findings, exposures, and corrective actions.
4. Consolidated Summary Report for NaCCUA’s Board and development partners.
5. Presentation of Findings to NaCCUA and the Boards of the respective credit unions.

All final reports should be submitted in both hard copy and electronic formats within six weeks after fieldwork completion.

Section 6: Qualifications and Requirements

Audit firms must meet the following criteria:

• Registered with the Institute of Chartered Accountants of Sierra Leone (ICASL) and possess a current practicing license.
• Valid business registration and tax clearance certificate.
• Minimum of five (5) years’ experience in auditing financial institutions, cooperatives, NGOs, or microfinance entities.
• Proven knowledge of IFRS, ISAs, and cooperative sector financial reporting.
• Demonstrated capacity to conduct multi-site audits within Sierra Leone.
• A team including at least one Chartered Accountant (CA, ACCA, CPA) and experienced auditors.

Required Documents

• Technical and Financial Proposals.
• Methodology, approach, and work plan.
• Detailed CVs of proposed team members.
• List of at least three (3) similar past assignments with references.
• Company registration and ICASL certification copies.

Section 7: Evaluation Criteria

Section 8: Duration and Reporting

The assignment should commence no later than February 2026 and be completed within 45 working days. The firm will report directly to the General Manager, NaCCUA–SL.

Section 9: Payment Terms

Payments will be made in line with agreed milestones and upon satisfactory submission of deliverables, as outlined in the signed contract.

Section 10: Submission Guidelines

All proposals must be submitted via email, with a clear subject line:
“Proposal for External Audit – NaCCUA and Six Credit Unions”

Addressed to:

The General Manager
National Cooperative Credit Union Association of Sierra Leone (NaCCUA–SL)
23 Pulteney Street
Freetown, Sierra Leone

Email: gm.naccuasl2023@gmail.com

Cc:

financeofficer.naccuasl@gmail.com

Deadline for Submission:  1st December 2025

Section 11: Further Information

For clarifications, please contact:
The Finance Officer

Email: financeofficer.naccuasl@gmail.com
Tel: +23234-444-347

Section 12: Disclaimer

NaCCUA reserves the right to accept or reject any or all proposals without assigning any reason, and is not bound to award the contract to the lowest bidder.

Issued by:
Peter Alexandra Banting
General Manager
National Cooperative Credit Union Association of Sierra Leone (NaCCUA–SL)