Term of References for External Auditor

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INVITATION FOR BIDS

 Urwego Bank PLC is dedicated to providing financial services to the people of Rwanda. Motivated by Jesus Christ’s call to serve those in need. Its mission is to provide a ladder of opportunity to underserved communities in Rwanda, as we proclaim and live the Gospel of Jesus Christ.  

As per article 8 of regulation no 14/2017 of 23/11/2017, Urwego solicits proposals to provide audit services to the bank in accordance with international standards on auditing (ISA) as well as international standard on review engagement (ISRE). The engagement will span over a period of three years (January 2019 to December 2021), renewed annually.

 Term of references for external auditor

The Bank would like to recruit a committed, professional external auditor, referred to as “auditor” hereinafter.

With due care, diligence and professional behaviour, the auditor will conduct an objective and impartial audits of the bank’s financial statements and issue an independent opinion on their preparation in accordance with International Accounting Standards (IAS) and International financial reporting standards (IFRS) as well as their compliance to any underlying reporting framework. The auditor will among others be vested with the following duties:

  • Conduct quarterly review of bank’s interim financial statements in accordance with International Standards on Review Engagement (ISRE) and any relevant regulations issued by the regulators;
  • Conduct annual review of bank financial statements in accordance with International Standards on Auditing (ISA) and any relevant regulations issued by regulators;
  • Express an independent and professional opinion as to whether the bank’s financial statements present fairly in all material respects the financial position and financial performance of the bank in accordance with IFRS and the underlying reporting framework;
  • Issue timely audit reports to bank’s management and those charged with governance as appropriate;
  • Conduct professionally and independently audit engagements and adhere to any reporting timeline as set by the regulators;
  • Review the bank’s internal controls, process and procedures to give assurance on their robustness in supporting bank’s operations and preparations of true and fair financial reports;
  • Assist the bank in meeting any duties vested to external auditors as may be deemed necessary by any regulation, rulings or correspondence from the regulators during the whole term of auditing tenure;
  • Give feedback to the regulators as appropriate;
  • Assist the group auditor in his assignments and share any workings and information with group auditors as appropriate;
  • Ensure timely and proper reporting of any deficiency found during audit exercise to those charged with governance;
  • Ensure proper communication with board audit committee and those charged with governance;
  • Issue management letters for both quarterly and annual audit engagements;

Audit performance

  • As per relevant regulations, the auditor shall plan his works to comply with deadlines set by regulators. He will ensure close collaboration with the bank to ensure that all audits assignments are commenced and completed on time in line with timeline set by the bank in close liaison with auditors.

Interested candidates are requested to submit sealed bids with mention “terms of references for external auditor”.  The bids should include among others:

  • Copy of certificate of practice issued by Institute of Certified Public Accountants of Rwanda (ICPAR) in good standing;
  • RDB certificate for tax advisory;
  • RRA clearance certificate;
  • Valid certificate of accreditation issued by central bank;
  • Names, qualifications, experiences of engagement partner, engagement manager;

 Extra specification:

Pricing:

Quarterly review                       Annual audit                          Assisting group audit at year-end

Frw/USD…………….                    Frw/USD………………………….      Frw/USD………………………….

Other competitive advantages that allow your firms to deliver an efficient assurance service: 

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Venue for submission: kindly remit your sealed bids quoting tender reference no, name of your company, and address to the following address:

Reception of Urwego,

KN 5 RD, Rukiri-Remera-Gasabo- Umuyenzi Plaza

P.O.BOX 748

Deadlines for submission: 23/11/ 2018 at 5:00 PM.

Bidders or their designated representative are invited to take part on the initial bids opening session slated on 23/11/2018 at 5:15 PM. The said opening session will only be limited to reading out names of bidders as well as documents presented. The deep evaluations of terms and conditions, as well as proposed prices, will be done subsequently by the tender committee.

For any other inquiry, kindly contact us on 0788536052

Done at Kigali, on November 1st, 2018

Jessica Igoma

Director of Finance

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