Job Description

Posted on May 28, 2022

1.0 INTRODUCTION
1.1 Kwacha Pension Trust Fund (the Fund) is a single employer defined benefit pension fund and is regulated by the Pensions and Insurance Authority (PIA).
1.2 The Fund wishes to engage an Audit Firm to provide External Audit Services for an initial period of three years i.e. 31st December 2022 to 31st December 2024. The contract, however, will be subject to annual performance review and re-appointment by the Fund.
2.0 OBJECTIVES/ SCOPE
The objectives/ scope of the audit will be:
2.1 To express an independent professional opinion on whether the financial information of the Fund as presented in the Financial Statements gives a true and fair view of the financial position of the Fund as at the reporting date;
2.2 To confirm that the financial statements have been prepared in accordance with International Financial Reporting Standards and in the manner required by the Pension Scheme Regulation Act 1996 (as amended);
2.3 To identify any potential internal control weaknesses and provide recommendations on how these can be remedied, and
2.4 To highlight any other matters that the Auditors consider pertinent, such as compliance to relevant laws and regulations etc.
3.0 REPONSIBILITY FOR PREPARING THE FINANCIAL STATEMENTS
3.1 The responsibility for the preparation of the financial statements, lies with Kwacha Pension Trust Fund.
3.2 The Firm shall provide the template for the financial statements which shall include at minimum:

General Information of the Fund;
Trustees report;
Other disclosure information as required by the Pensions and Insurance Authority (PIA) guidelines;
Statement of responsibility for the Annual Financial Statements;
Audit Opinion;
Statement of net assets;
Statement of changes in net assets;
Statement of cashflows;
Notes to the Financial Statements;
Relevant/ Significant accounting policies utilised;
Financial Reporting Standards adopted in the reporting year;
Financial Reporting Standards yet to be adopted, and
New Financial Reporting Standards in issue but not yet effective.

4.0 AUDIT METHODOLOGY
The audit shall be conducted in accordance with International Standards on Auditing (ISAs).
5.0 DELIVERABLES
5.1 Draft financial statements which should be approved by the Board of Trustees not later than 15th March each year;
5.2 Five bound copies of the final financial statements after approval by the Board of Trustees – to be submitted to PIA before 31st March each year, and
5.3 Management Letter indicating any control weaknesses identified and  recommendations to remedy these.
6.0 TENDER PROCESS
The Fund now invites eligible Firms to indicate their interest in providing external audit services which would meet the above requirements or better. Interested Firms must provide the Proposal indicating that they are qualified to perform the services.
Other documentation to be provided should include:
6.1 Proof of relevant experience to undertake the assignment i.e. Seven (7) years or more demonstrated evidence of performing external audits in the pensions/ fund management industry or financial services, with traceable references;
6.2 Technical Proposals: the technical proposal should clearly explain the Firm’s understanding of the ToRs and clear explanation of the methodology (including qualitative and quantitative methods) that the Firm is proposing to use and a comprehensive roadmap for undertaking the assignment and should include;
6.2.1 Audit Planning: details of the Firm’s approach to audit planning, including the key stages of the process, proposed timing and timelines and what areas would be audited at this stage and whom this would involve;
6.2.2 Final Audit: Please outline your work-plan to ensuring that the final audit is completed on time and financials submitted to PIA by 31st March of each year. Also include proposed timing and timelines;
6.2.3 Other Considerations: the proposal should identify how the Firm determines the audit strategy; addresses matters of audit scope and materiality; Identifies and responds to critical audit issues; controls and coordinates the audit process; ensures appropriate responsibility for decisions on the audit; conducts the reporting arrangements and approaches the first year of an audit if auditing for the first time.
6.3 Company profile describing the core business of the Firm;
6.4 Qualifications and experience of Senior Management Team and the team that will be assigned to this project;
6.5 Description of similar assignments previously undertaken (should include the year, names of the clients and contact persons);
6.6 PACRA Registration certificate and print out of PACRA Form II;
6.7 ZICA Registration Certificate;
6.8 Three recent reference letters from former or existing Clients in the indicated industries;
6.9 Copies of IDs of Shareholders/Directors/Partners;
6.10 Tax Clearance Certificate;
6.11 The financial proposal (in Zambian Kwacha) which includes audit fee quotation and other costs related to the assignment, and must include all applicable taxes, and
6.12 Quotation must be valid till completion of the 2022 External Audit and submission of the financials to PIA thereof (indicate validity of the quotation).
NB: The Technical and Financial proposal should be in one document.
Any actual or potential conflict of interest in taking up this role should be highlighted.
Interested Audit Firms are to submit their applications in a sealed envelope clearly marked “Proposal for the Provision of External Audit Services to KPTF” to the address below by 16.00 hours on 2nd June 2022.
The Director
Kwacha Pension Trust Fund
Stand No. 5534
Corner Kakola/Libala Roads, Kalundu
Post Net Box 663 P/Bag E891
Lusaka
For any queries/ additional information, please write to the following email addresses:
[email protected] and
[email protected]
THE FUND RESERVES THE RIGHT TO DISCONTINUE THE PROCESS WITHOUT ANY RECOURSE TO THE PARTICIPANTS.