Request for Proposals for External Audit Services

Consultancies

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Background

The Times Group, established in 1895, is the biggest and only 360 degrees Media House in the Country. Divisions operating under the Times Group are: Times Press, Dzuka Publishing Company, Times Television, Times Radio, Times Courier and Times Com.

Times Group invites Technical and Financial Proposals from reputable firms to provide external audit services for the financial year ending 31st December 2024.

1. The engagement
The Audit firm is expected to provide external audit services to Times Group in line with International Auditing Standards (ISA). In doing so, the external auditor is required :

  1. To express an opinion on financial statements of the company and that they give a true and fair view.
  2. To verify that the financial statements have been prepared in conformity with International Financial Report Standards (IFRSs) and in the manner required by the Companies Act.

2. Scope of the audit
When providing the external audit services, the auditor will, among others, be required to ensure the following:

  1. Confirm whether the company is in compliance with relevant laws and regulations that might significantly impact on its financial statements as required by ISA 250 (Consideration of Laws and Regulations in an Audit of Financial Statements), including but not limited to, the Taxation Act, the Employment Act and Pensions Act.
  2. Confirm whether the Company maintained appropriate supporting documents, records and books of accounts relating to its activities, and that clear linkages exist between the books of accounts and the financial statements.
  3. Conduct a comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor operations of the Company
  4. Obtain or provide sufficient evidence of analysis to identify risks of fraud, either actual or suspected, in accordance with ISA 240 (The Auditor’s Responsibilities Relating to Fraud in an Audit of Financia Statements).
  5. Communicate with the Company’s Management responsible for Governance regarding significant audit issues related to governance in accordance with ISA 260: (Communication with those charged with Governance).
  6. Apply appropriate audit procedures and handle anomalies/risks identified during their evaluation in accordance with ISA 330 (The Auditor’s Responses to Assessed Risks) to ensure audit risks are reduced to an acceptable low level.
  7. Determine whether the audit firm can reasonably expect to obtain sufficient appropriate evidence in relation to the consolidation process and the financial information of the components of the group to form its audit opinion, in accordance with ISA 600. Therefore, the firm is expected to demonstrate that has the professional skills necessary to form a group audit opinion.

3. Qualifications and experience
The proposal should include curriculum vitae for the engagement partner and experience and education background of all the members of the team to be involved in the provision of the audit services. The team leader or engagement partner should meet the following requirements:

  1. Be a Certified Public Accountant or Auditor registered with the Chartered Institute of Accountants of Malawi (ICAM), and hold a valid Malawi Accountants Board practicing license issued under the Public Accountants and Auditors Act.
  2. Be with a firm that has had a Practice Review within the last 3 years, and must have at least a satisfactory rating for both the firm and the Engagement and Review Partners.
  3. Have demonstrable capacity to deliver.
  4. Be able and available to complete the assignment within the timelines stipulated below.
  5. Have a proven track record of undertaking similar assignments.
    Submission of letters from traceable referees will be an added advantage.
  6. Be completely impartial and independent from all aspects of the management or financial interests of Times Group, and disclose any relationship that might possibly compromise his/her independence.

4. Delivery timelines
The external auditor will be required to complete the assignment within four months after the reporting date of 31″ December 2024.

5. Expression of interest
Interested firms should submit the following:

  1. A Technical Proposal must contain at least a detailed audit methodology, audit approach, references from previous clients, including a detailed work schedule that must be consistent with the proposed methodology and must highlight the key audit milestones.
    The audit firm must also provide the staff composition of the audit team and the key tasks assigned, including background qualifications and experiences for each key team member.
  2. A Financial Proposal detailing the fee structure and providing a clear breakdown of the professional fees and other costs related to the provision of the audit.

Interest bidders will be required to submit one original and two (2) copies of both the Technical and Financial Proposals sealed separately, and then both envelopes sealed in one outer envelope, clearly marked ‘Tender for External Audit Services’, to the address below by the 9th August 2024 at 15:00pm.

Clarifications and submissions should be addressed to:

The Chairperson
Internal Procurement Committee
Times Group
Private Bag 39,
Blantyre
E-Mail: jobapplications@bnItimes.com

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