Invitation to Bid for an Internal Audit for 2015-2016

The Executive Committee of the International Political Science Association (IPSA), in its last meeting held in Singapore on 27 June, 2017 has decided to introduce a system of periodic internal audits of the association and that IPSA should initiate this process by launching an internal audit for the years 2015-2016. A description of the contents of the internal audit may be found below.

IPSA’s headquarters are located in Montreal, Canada. The association has a small office with seven full time employees headed by a Secretary General. Its two-year budget, including the execution of a World Congress of Political Science is under 2 million USD. Much of its work is routine.

Auditing firms from all locations, not necessarily only from Canada, are invited submit a bid in US dollars. Companies that are already providing services for IPSA may not apply. For further information that you may need in the preparation of a bid, write to guy.lachapelle@ipsa.org with cc to ilter.turan@bilgi.edu.tr

Bids should be submitted electronically to IPSA by October 31, 2017. Again, copies of the bid should be sent to IPSA President llter Turan at ilter.turan@bilgi.edu.tr and to IPSA Secretary General Guy Lachapelle at guy.lachapelle@ipsa.org. The contract will be awarded by November 30, 2017 and the audit report is required to be ready by March 31, 2018.

IPSA has the exclusive right to decide on awarding or not awarding the bid and to whom it shall be awarded.

 

THE CONTENT OF INTERNAL AUDIT

Subject: Assessment of Internal Controls and Operational Effectiveness Testing of Key Controls

The service provider will:

  • review and assess the internal control activities and
  • perform the operational effectiveness testing of key controls in the following business cycles of International Political Science Association:

a ) Review of Membership Process and testing of key internal control activities

  • Membership request
  • Assessment and acceptance
  • Cash receipts
  • Provision for bad debt
  • System access rights
  • Segregation of duties

b ) Review of Purchase Cycle and testing of key internal control activities

  • Requisitioning
  • Vendor selection (Proposal stage, assessment of proposals, selection of vendor)
  • Contract approval
  • Vendor master data
  • Ordering
  • Receipts of goods and services
  • Invoice processing
  • Payments
  • System access rights
  • Segregation of duties

c ) Review of Expense Report Process and testing of key internal control activities

  • Expense reporting
  • Approval process
  • Reimbursement
  • Reconciliation of personnel account with the general ledger

d ) Review of Treasury Process and testing of key internal control activities

  • Bank relations
  • Petty cash
  • Cash flow management

e ) Review of General Accounting and testing of key internal control activities

  • Period end closing
  • Internal reporting
  • Statutory accounting