The African Reinsurance Corporation (“Africa Re”, “the Corporation”, or “the Group”) was founded in 1976 by the member states of the African Union and African Development Bank (AfDB). It has a diversified set of shareholders, including 41 African states, 111 African insurance and reinsurance companies, the AfDB and 3 leading global insurance and reinsurance groups.
The premier Reinsurer in Africa is dedicated to the African continent and open to selected markets in Asia, Middle East and South America. It conducts business in more than 60 countries and territories. Headquartered in Lagos (Nigeria), Africa Re has a continental network of regional and local offices in Lagos, Casablanca (Morocco), Nairobi (Kenya), Abidjan (Côte d’Ivoire), Ebène (Mauritius), Cairo (Egypt) and Addis Ababa (Ethiopia); as well as 3 wholly-owned subsidiaries: Africa Re (South Africa) Ltd. (Johannesburg, South Africa), Africa Retakaful Ltd. (Cairo, Egypt) and Sherborne Number Ten Parktown Investments Proprietary (South Africa) Ltd. (Johannesburg, South Africa).
Africa Re is regulated by the Agreement Establishing the Corporation and other statutory documents. The Board and Management are responsible for ensuring that the Corporation applies the best practices in corporate governance that match the required minimum in modern international and peer companies.
The Board of Directors comprises 12 substantive members. The Board currently has three standing committees: The Audit & Finance Committee, the Risk Management & Information Technology Governance Committee and the Human Resources & Remuneration Committee.
The Group seeks to appoint an independent External Audit service provider for the five-year period from 2019 to 2023. The Group’s financial statements year-end is 31 December and the financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). The key objectives of this appointment are:
i. To carry out a financial audit as per International Auditing Standards and express an independent opinion whether the financial statements prepared by the Group’s Management give a true and fair view of the state of financial affairs of the Group in accordance with International Financial Reporting Standards (IFRS);
ii. To evaluate the effectiveness of financial, administrative, management and governance systems, controls and structures of the Group; to review the effectiveness of the Group’s risk management systems and processes; and to assist with the identification of material weaknesses in the Group’s system of internal controls and in its risk management framework together with suggested measures to address the identified weaknesses;
iii. To secure the services of a firm that can provide an engagement partner and team that will add value to the Group’s business, governance and operating processes;
iv. To support Group’s implementation of IFRS 17 and other new and applicable standards as when issued and become due in a manner that does not conflict with the independence and objectivity required of an external auditor; and
v. To help strengthen the Group’s governance, ethical and operational standards and controls.
The purpose of this Request for Proposal (RFP) is to appoint a suitable independent External Audit Service provider. The procurement process of the Corporation will be followed the final decision on the appointment rests with the Shareholders and the Board of Directors on the recommendation of the Finance & Audit Board Committee...
The Corporation’s Consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS).
The external auditors will be required to perform the necessary audit work to enable them to express and audit opinion for each year ending 31 December on the Consolidated Financial Statements and performance of the Corporation.
