TERMS OF REFERENCE (TOR) FOR External Financial Audit Services

TERMS OF REFERENCE (TOR)
External Financial Audit Services
Somali Meat Company

1. Background
   Somali Meat Company (Someat) is the largest meat exporter in Somalia, engaged in livestock
   sourcing, slaughtering, processing, and international export of meat products. The company
   operates in compliance with ISO, Halal, national regulations, and international export standards.
   As part of its commitment to transparency, accountability, and strengthened financial
   governance, Somali Meat Company intends to engage an independent and qualified audit firm
   to conduct a financial audit for the fiscal years:
    2023
    2024
    2025
2. Objective of the Audit
   The main objective of this assignment is to:
    Provide an independent opinion on whether the financial statements of Somali Meat
   Company for the years 2023, 2024, and 2025 present fairly, in all material respects, the
   financial position of the company.
    Assess compliance with applicable financial reporting standards and relevant laws and
   regulations.
    Review internal control systems and provide recommendations for improvement.
    Identify financial risks and areas requiring strengthening.
3. Scope of Work
   The selected audit firm will:
4. Conduct a full statutory financial audit of:
   o Statement of Financial Position (Balance Sheet)
   o Income Statement
   o Cash Flow Statement
   o Statement of Changes in Equity
   o Notes to the Financial Statements
5. Review:
   o Accounting records and supporting documentation
   o Bank reconciliations and cash management
   o Inventory and stock records
   o Fixed assets register
   o Receivables and payables
   o Payroll and tax compliance
   o Export revenue documentation and compliance
6. Evaluate:
   o Internal control systems
   o Risk management practices
   o Financial policies and procedures
7. Issue:
   o Independent Auditor’s Report for each financial year
   o Management Letter highlighting weaknesses and recommendations

Submission Details
Interested and qualified audit firms are invited to submit their Technical and Financial Proposals
in sealed envelopes or via email to:
Adress: Somali Meat Company
Mogadishu, Somalia
info@someat.so
Board Email: cc: Board@someat.so
CEO Email: cc: ceo@someat.so
Contact Person:
Mohamed Said
Chief Executive Officer (CEO)
+252612292282
+252 61 5501373
Deadline for Submission: 26/3/2026