Request for Expression of Interest
Provision of Consultancy Services to Review of Internal Controls Over Financial Reporting for ZSIC Life Plc
Purpose of Assignment
In line with the SEC Act No. 41 of 2016 subsections 146, 147 and 149, ZSIC Life Plc seeks consultancy services from reputable consultants to review and evaluate the design, implementation and operating effectiveness of internal controls over financial reporting for ZSIC Life
Objective of the Assignment
The consultant is required to perform the necessary review work to enable them to evaluate the effectiveness of internal controls over financial reporting for ZSIC Life Plc. The controls should be assessed in relation to the 2017(2013 could be considered) COSO enterprise risk management framework.
Scope of Work
The consultant must perform sufficient procedures based on the International Standards on Auditing 315 and SEC requirements. Conclusions of the assessment should be made with reference to, but not limited to the controls over financial reporting, ICT systems operations and governance structures.
Controls subjected to such assessment include, but are not limited to
i. Controls over initiating, recording, processing and reconciling accounts balances, classes of transaction and disclosures and related assertions included in the financial statements.
ii. Controls related to the initiation and processing of non routine and non-systematic transactions.
iii. Controls related to the selection and application of appropriate accounting policies and
iv. Controls related to the prevention, identification, and detection of fraud.
v. Controls over operational ICT systems
The Service Provider will be required to present the following at the end of the assignment:
i. Produce an external independent "Assurance Report on Internal Control Over Financial Reporting" as per appendix 4 of the Government Gazette no. 6781 Vol No 55 of July 2019 on Securities (Internal Control reporting framework for issuers of registered securities) Guidelines, 2019.
ii. Management Letter detailing key findings with necessary recommendations to strengthen the Internal Control Systems.
iii. Assistance with self-certification process
iv. Training management and the board of directors on effective control environment framework.
Conduct of Work
The conduct of the work will mainly be performed at Head Office (Insurance House Lusaka). However, where necessary, visitations might be made to other sites.
Capacity and Experience/Technical
i. Specific experience of the Consultant (as a firm) relevant to the Assignment:
ii. Adequacy and quality of the proposed methodology, and work plan in responding to the Terms of Reference (TORs) and provisions of the SEC Act.
iii. Team composition for the assignment i.e., total number of staff that will provide review related services in terms of partners, managers and other.
iv. Provide up to date Curriculum Vitas for all team members that will form part of the review team. The CVs should indicate a minimum level of experience (supervisor, manager etc.);
v. Team members for this assignment must have experience and specialization in review of insurance, investment holding and financial entities.
vi. Registration compliance requirements such as registration with ZICA, certificate of incorporation, VAT, Tax Clearance Certificate and Valid ZICA practice certificate.
Duration of Assignment
The Service Provider will be appointed for a period Four weeks.
Short Listing Criteria (Qualification and Experience)
The criteria for shortlisting applicants will be as follows;
1) Applicants should amplify on their ability to execute the above assignment.
2) Applicants should state the duration for the assignment with specific milestones.
3) Applicants should give full information details regarding similar assignments executed or currently running.
4) The consultants should submit with the application, a detailed company profile, listing staff qualification and experience.
5) Applicants should be registered with appropriate professional boards such as the Zambia Institute of Chartered Accountants etc.
6) Submission of company profile, field of specialisation and must have three (3) to four (4) years' experience in consultancy of a similar nature.
Mode of Selection
Applicants will be shortlisted in accordance with the procedures set out in the ZSIC Life Plc procurement guidelines. Interested applicants may obtain further information regarding the assignment using the following contact information; +260 211 222416/19 and via email using [email protected] copied to [email protected] and [email protected]
The expression of interest should be deposited in the Tender Box at the ZSIC LIFE Plc reception area at Plot 4432, Woodgate House, Heroes Wing, 5 Floor, Lusaka clearly marked " Expression of interest for the provision of consultancy services to review and evaluate the design, implementation and operating effectiveness of internal controls over financial reporting for ZSIC Life Plc " in sealed envelopes and addressed to the Procurement & Supply Manager, ZSIC Life Plc Plot 4432, Woodgate House, Cairo Road, Lusaka, not later than 13 August 2021 at 10:30 hours local time. However, telefax offers will not be accepted.
The Expression of Interest shall be opened immediately thereafter in the Committee room of the ZSIC Life Plc at Plot 4432, Woodgate House, Heroes Wing, 5 Floor, Lusaka in the presence of Bidders or their representatives who choose to attend.
The Procurement & Supply Manager
For/ Managing Director
ZSIC LIFE PLC