Request for Quotation

RFQ for Auditing Services for Tech.mt

Specific Objectives

The appointed auditors will be required to:

• Audit the Financial Statements of Tech.mt, which comprise the Statement of Financial Position, the Income Statement, the Statement of Changes in Equity and Statement of Cash Flows;
• Analyse and audit Tech.mt’s procurement process to ensure conformity with the National Audit Office regulations;
• Analyse and audit a sample of Tech.mt’s bank transactions;
• Express an opinion in writing on the Financial Statements based on the audit conducted.

In presenting their opinion and also in arriving at their conclusions, the appointed contractor will be expected to consider and also report on all such aspects as are required by statutory provisions. It will also be expected to conduct appropriate tests and enquiries of the day-to –day operations of the business.

The appointed auditors will furthermore be required to submit a detailed “Management Letter” to the respective Board at the time of presentation of the financial statements in respect of the period reviewed;

Results to be achieved by the Auditing Firm

The Auditing Firm is expected to achieve the specific objectives listed above in compliance with the relevant legislation and in accordance with the pertinent standards regulating the profession.

 Conflicts of Interest

Tech.mt is duty bound to adhere to the highest possible standards to avoid conflicts of interest. As a result, the selected external auditor must prove to be independent from Tech.mt management and staff.

The bidder should provide an affirmative statement that it is independent and bears no connection whatsoever with parties connected to Tech.mt or entities with which Tech.mt conducts business. The tenderer should also list and describe the organisation’s professional relationships involving connected parties for the past five (5) years, together with a statement explaining why such relationships do not constitute a conflict of interest relative to performing the proposed work. The chosen bidder should maintain its independence throughout the contract.

 Commencement Date & Period of Execution

The selected firm is to provide Tech.mt with the commencement date of the audit.  The audit should be finalized by not later than the 31st March of each year.

Value

Proposals are to be received quoting a lump sum annual amount for one year ex. Vat.

Personnel

Proposals should give information of the partner in charge of the project and other key personnel.   Senior staff must be certified public accountants holding a practicing certificate in auditing. Collectively, the proposed senior auditors need to have specialist knowledge in the areas of direct and indirect taxation.

Other staff assigned to this contract must be in possession of an MQF Level 6, degree in Accountancy (B. Accty (Hons)) from the University of Malta or any other recognised institution, however, not necessarily be in possession of a warrant.

Reporting Requirements

In addition to the reporting requirements in Section ‘Specific Objectives’ the audit firm will be required to present an audit plan with set milestones for the completion of the work.

Applications

Applications are to be submitted via email to techmt.contact@tech.mt