1. INTRODUCTION AND TENDER OBJECTIVES
African Reinsurance Corporation (South Africa) Limited (“ARCSA” or “the Company”) is a wholly-owned subsidiary of the African Reinsurance Corporation Group (“Africa Re”, “the Corporation” or “the Group”).
Africa Re is an international financial institution established by 41 member States of the African Union and the African Development Bank Group (AfDB), committed to the provision of reinsurance services and the development of insurance and reinsurance capacity in support of African economic development. The Corporation’s shareholders include the AfDB as well as more than 100 African insurance/reinsurance companies, Fairfax Financial Holdings (Canada), Axa Africa Holdings (France) and Allianz Group (Germany).
Africa Re Group has its headquarters in Lagos, Federal Republic of Nigeria with regional offices in Lagos, Casablanca (Morocco), Nairobi (Kenya), Abidjan (Cote d’Ivoire), Ebène (Mauritius) and Cairo (Egypt) as well as three subsidiaries in Johannesburg (South Africa), Cairo (Egypt) and Dubai (UAE). In addition, the Group operates a representative office in Addis Ababa (Ethiopia) and an underwriting office in Kampala (Uganda).
The Company (with the involvement of the Group) seeks to appoint an independent External Audit service provider for the five-year period from 2024 to 2028. The Company’s financial statement 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 Company’s Management give a true and fair view of the state of financial affairs of the Company in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act Number 71 of South Africa for each of the financial years during the period covered by the appointment
ii. To evaluate the effectiveness of financial, administrative, management and governance systems, controls and structures of the Company; to review the effectiveness of the Company’s risk management systems and processes; and to assist with the identification of material weaknesses in the Company’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 Company’s business, governance and operating processes
iv. To support the Company’s implementation of IFRS 17 and IFRS 9 (both of which the Company adopted as required in its 2023 financial year), and other new IFRS statements as and when issued and become due in a manner that does not conflict with the independence and objectivity required of an external auditor
v. To review the Company’s compliance with both internal and external policies and review compliance with the laws of the Republic of South Africa; to assess the Company’s compliance with relevant tax legislation, including income tax, VAT, PAYE, Transfer Pricing and withholding tax requirements; and to guide Management and the Audit Committee on technical accounting, taxation and regulatory compliance matters as may be compatible with the standards of independence and objectivity of an external auditor
vi. To assist with the review of the financial statements of a single-transaction sister company
vii. To help strengthen the Company’s governance, ethical and operational standards and controls
viii. To enhance the Company’s combined assurance framework.
[…]
Please download full RFP below
TENDER SUBMISSION
Interested consultants are to submit their Proposals by email or, if by post or hand delivery, two copies of their Proposals detailing their full profiles, qualifications, work plans, fee estimates and other requested information and documentation to reach the following address by no later than 2200hrs GMT on 31 January 2024:
Chairman, Tender Committee
African Reinsurance Corporation (South Africa) Limited
Africa Re Place
10 Sherborne Road, Parktown
Johannesburg 2193
SOUTH AFRICA
Email:
Copy email:
Any proposal received by Africa Re after the deadline for submission shall be rejected.
