Call for Expression of Interest for External Auditing Services

Opportunity closing date:
13 August 2021

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The Molteno Institute for Language and Literacies NPC is renowned for its innovative and authentic early literacy reading products in African and South African indigenous language, and in English as a Second Language. Since 1974, with the advent of the unique Breakthrough to Literacy programme (also developed for eight African state in 54 African languages), and the Bridge to English programme, to the present, with the launch of the Vula Bula graded reading programme, Molteno has relied on the intensive and scientifically acknowledged research to foster relevant linguistic and culturally appropriate reading resources for children. To date, Molteno remains the only language and literacy development organisation that has produced reading schemes grounded on the orthography of each individual language; thereby promoting optimal indigenous early childhood language and literacy learning in the mothertongue. Training, predicated on the best language and literacy skills practice, has benefitted teachers in South Africa and beyond our borders.

Molteno is calling for expressions of interest for Invitation to Bid – External Audit Services.

Molteno is currently looking to engage the services of an audit firm to render the services of external audit. Audit firms are invited to put forward a proposal for the work outlined below.

Scope of services required:

The external audit services will include, but will not be limited to:

• Planning, management and execution of annual external audit of Molteno in accordance with International Accounting Standards;
• Provide an audit opinion on the financials i.e. Position of financial position, Statement of profit and loss and other comprehensive income , cash flow statements and notes;
• Reporting on external audit progress to management and the Audit and Risk Committee as appropriate;
• Preparation of Annual Financial Statements (optional).

Period of Appointment

The initial appointment will be for one year; The Board of Directors will need to reappoint the external auditors each year at their Annual General Meeting.

Proposal requirements and criteria on which a decision will be made:

Details of Your Firm:

• Summary of the potential benefits to Molteno of selecting your firm;
• Organisation structure as it is relevant to this engagement;
• Information regarding relevant sector experience and experience of clients comparable to our organisation in organisational status and size;
• Description of the internal processes used for quality assurance.
• Understanding of the IFRS for NGOs like Molteno
• Demonstrate a clear understanding of the nature of NGO business and the reporting of such organisations;
• Demonstrate an understanding of the key financial risks that the NGO organisation can face;
• Names of your core service team, location and relevant experience;
• Information on how involved the partner will be on the engagement;
• Your firm’s policy on the rotation of audit partners;
• Time key team members will commit to this appointment;
• Succession planning and steps to ensure staff continuity;
• References for the firm.

Approach and transition

• Explanation of the external audit approach
• Details of your reporting arrangements
• transition plan
• Independence and governance
• Details of your internal practices to ensure compliance with independence requirements and freedom from conflicts of interest;
• Confirmation from your firm that it will take all necessary steps to ensure its independence;
• Competitive fee quote to complete the year-end audit and the financial statements for 2019;
• Breakdown of the fee quote into the following two areas; External audit; Drafting of Annual Financial Statements;
• The basis on which fees will be determined in future years;
• General overview of the schedule and timings of billings;
• A copy of your management representation letter.

Confidentiality

By accepting this invitation to take part in the bid process, you agree to keep in confidence all information provided to you, whether written or oral, in relation to the bid process and/or in relation to the organisation’s business generally which is not already in the public domain, to use it only for the purposes of this bid and for no other reason and not to disclose any of the said information to any third party.

Bid Process

Each firm will be required to submit a written proposal setting out your capabilities, the key elements of your service and team as well as your proposed fee by 13 August 2021.

After the proposals have been received, a shortlist of firms will be identified who will be asked to make a presentation to Senior Management and members of the Audit and Risk Committee including a question and answer session. These presentations will take place in August 2021.

For any enquiries, please contact Masennya Dikotla: mdikotla@molteno.co.za,/Jeffrey Simelane: jeffrey@molteno.co.za (+2711 484 6245).

Proposals to be sent to: Brenda Ramokgadi: brenda@molteno.co.za

For more information about Molteno Institute for Language and Literacies, refer to www.molteno.co.za

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