Request for quotation
(RFQ) for Auditing Accounts services
CONTRACT NO. 1/2019
.In accordance with the international standards of auditing (ISA), the Northern Electricity Distribution Company (NEDCO) is requesting proposals for providing external audit services for the year 2018
:Objective of the Audit
The objective of the audit of NEDCO’s financial statements is to enable the auditors to express an independent professional opinion on the financial position of NEDCO and assure that the books of its accounts are organized and prepared with high transparence manner and in accordance to cope of the Audit
. The audit will be carried out in accordance with the International Auditing Standards and will include tests and verification procedures as the auditors deem necessary.
. Appropriate supporting documents, records and books of accounts relating to all activities have been kept. Clear linkages should exist between the books of accounts and the financial statements presented to
. The financial statements have been prepared by NEDCO management in accordance with applicable accounting standards and give a true and fair view of the financial position of NEDCO and of its receipts and expenditures for the period ended on that date.
Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions.
. Express an opinion as to reasonableness of the financial statements in all material respects.
Include in their reports opinion on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the financial statements.
In addition to the audit report, the auditors will prepare a Management Letter on the following:
a) Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit.
b) Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
c) Report on the implementation status of recommendations pertaining to previous period audit reports.
d) Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the organization.
e) Bring to the Executive Director’s attention any other matters that the auditors consider pertinent.
. The Auditors on completion of the audit work will submit 5 (five) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Executive Director.
Management letter in accordance with the scope of work described here before.
. The followings are requested:
• Statement of Qualification stating previous experiences as external / internal auditor and other related services
• A brief summary of the audit team’s professional history
• Proposed action plan for the auditing process
. Evaluation of offers will be based on the following principles:
• Audit methodology (40%)
• Firm’s profile, all other related information and team’s CVs (30%)
• Financial offer (30 %)
A. Technical Proposal
o Submit all deliverables on time
o Always submit a draft prior to final
o All deliverables in 5 copies (Arabic and English
B. Financial Proposal
o Financial figures in US dollars
o Price each (Sub)-Activity separately
o The firm’s bank account
o Include relevant taxes
The audit work shall be completed within ……………. from the date of commencement of the audit.
. The RFQ should be submitted in envelop not later than 31/1/2019.
. Interested could contact us on the following address:
Financial Management affairs
Northern Electricity Distribution Company-NEDCO
Nablus-City Center – Nablus Municipality Commercial Complex-6th Floor
Tel: 09-2388568 Fax: 09-2389511
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