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1.0. Introduction
United Civil Servants Sacco (UCS SACCO), a prominent member-owned cooperative in Malawi, is seeking expressions of interest from qualified audit consultancy firms to provide internal audit services.
2.0. Background
United Civil Servants SACCO is a reputable member-owned financial cooperative. It was established and licensed in 1994. It is providing its services to all civil and non-civil servants in Malawi with branches across the nation. Currently, SACCO has about 65, 000 members with its total assets amounting to 28 Billion. With a wide network of branches and satellites spread across the nation.
UCS SACCO’s primary focus is to provide loans to its members and efficiently mobilize deposits. We take pride in our commitment to financial transparency and accountability.
3.0. Objective
The broad objective is to provide internal audit services for a period of three (3) years, renewable annually, for the financial years ending December 2024 to 2026.
The primary objective of the internal audit is to provide independent and objective assurance on the effectiveness of the UCS Sacco’s internal controls, risk management, and governance processes.
The internal audit function should aim to enhance the efficiency and effectiveness of operations, safeguard assets, ensure compliance with regulations and internal policies, and promote continuous improvement within the organization.
4.0. Duration of the assignment
The assignment shall initially be for three years (3) 2024-2026; renewable annually, for the financial years ending December 2024 to 2026.
5.0. Scope of external audit services
The selected consultancy firm will be responsible for conducting a thorough internal audit of UCS SACCO’s financial records and operations. This audit will encompass, but is not limited to:
- Risk Assessment and Planning: Conduct a comprehensive risk assessment to identify and prioritize key risks faced by the SACCO. Develop an annual internal audit plan based on the identified risks and in alignment with organizational objectives.
- Financial Audit: Review financial transactions, records, and systems to ensure accuracy, completeness, and compliance with accounting standards and regulatory requirements. Evaluate the effectiveness of financial controls and recommend improvements where necessary.
- Operational Audit: Assess the efficiency and effectiveness of operational processes and procedures across various functions within the SACCO. Identify areas for enhancement to optimize resource utilization and improve service delivery.
- Compliance Audit: Evaluate compliance with applicable laws, regulations, and internal policies governing SACCO operations. Verify adherence to established procedures and protocols, highlighting any instances of non-compliance and suggesting remedial actions.
- Governance and Internal Controls: Review the adequacy and effectiveness of governance structures and internal control mechanisms in mitigating risks and ensuring accountability. Provide recommendations for strengthening controls and enhancing governance practices.
- Reporting and Communication: Prepare timely and accurate audit reports detailing findings, recommendations, and management responses. Present audit results to the supervisory Committee and senior management, facilitating constructive dialogue and decision-making.
- Follow-up and Monitoring: Track the implementation of audit recommendations and assess the progress made by management in addressing identified issues. Provide ongoing support and guidance to ensure sustainable improvements are achieved.
6.0. Qualification and requirements
UCS SACCO invites audit consultancy firms with the following qualifications to express their interest:
- A proven track record of conducting internal audits for financial institutions – those with experience in Auditing SACCOs will have an added advantage.
- Comprehensive knowledge of Malawi’s financial regulatory environment.
- Expertise in auditing financial institutions with a diverse branch and satellite network.
- Demonstrated ability to deliver timely, accurate, and detailed audit reports.
7.0. Submission details
Interested audit consultancy firms are invited to submit their Expression of Interest (EOI) no later than 20th July 2024. The EOl should include the following:
- Company profile, highlighting relevant experience in auditing financial institutions.
- Details of similar projects completed, along with client references.
- A proposed audit approach and methodology.
Please send your Expression of Interest to emtambo@ucssacco.com
8.0. Selection process
UCS SACCO will evaluate the EOls based on the criteria mentioned above. Shortlisted firms will be invited to submit detailed proposals, including fee structures.
9.0. Contact information
For any inquiries or clarification regarding this invitation, please contact the UCS SACCO procurement committee by email – ipc@ucssacco.com, emtambo@ucssacco.com; nnyirenda@ucssacco.com ; zizie.gama@gmail.com; noahnyirenda23@gmail.com
We appreciate your interest in partnering with UCS SACCO to ensure our cooperative’s financial integrity and transparency.
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