SELECTION OF CONSULTANT FOR FINANCIAL AUDITING SERVICES UNDER LINE OF FINANCE TO SUPPORT SMEs PROJECT UNDER THE IsDB SPRP FOR COVID-19, RESTORE TRACK (LFSSP)
REQUEST FOR EXPRESSIONS OF INTEREST
LINE OF FINANCE TO SUPPORT SMEs PROJECT UNDER THE IsDB SPRP FOR COVID-19, RESTORE TRACK (LFSSP).
COTTAGE, MICRO, SMALL & MEDIUM ENTERPRISE.
Title of the assignment
SELECTION OF CONSULTANT FOR FINANCIAL AUDITING SERVICES UNDER LINE OF FINANCE TO SUPPORT SMEs PROJECT UNDER THE IsDB SPRP FOR COVID-19, RESTORE TRACK (LFSSP).
Mode of Financing
The Government of Bangladesh has received financing from the Islamic Development Bank (IsDB) toward the cost of the “Line of Finance to Support SMEs Project under the IsDB SPRP for Covid-19, Restore Track” and intends to apply part of the proceeds for consultant services.
The services include the audit engagement is to enable the auditor to express a professional opinion as to whether (i)the Project Financial Statements (PFS) show true and fair view of the Project’s financial position as of 30/06/2022, 30/06/2023, 30/06/2024 and funds receipts and expenditures incurred during the period then ending. (ii) Expenditures reimbursed on basis of Statements of Expenditures are eligible to Bank financing and are reflected on the PFS, and for this purpose, the auditor shall carry out whatever necessary examinations of the statements and underlying records and control systems. This engagement is referred as Annual Audit. In addition, this engagement also needs to prepare documentation to be submitted for second and subsequent replenishment of SA (referred as interim audit) which includes a Summary of Expenditure (SOE), auditor verification(s), estimated expenditures for the next 6-month period, a SA reconciliation statement, and a management report for audit findings. Annual audit may sometimes include activities of interim audit where client feels necessary. The assignment will cover the resources provided by the Islamic Development Bank.
The expected start date of assignment is November 2022. The estimated numbers of person-days estimated to be required for the assignment are:
The detailed Terms of Reference (TOR) for the assignment can be found at the following website: (www.bb.org.bd).
The Bangladesh Bank now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the services. Interested Consultants must provide specific information which demonstrates that they are fully qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff etc.).
The short listing criteria includes Age of firm, Number of Audit Activities, Experience of Partners, Relevant and similar experiences etc. However, Key Experts will not be evaluated at the short listing stage.
The attention of interested Consultants is drawn to Paragraphs, 1.23, and 1.24 of the Guidelines for Procurement of Consultant Services under Islamic Development Bank Project Financing (the “Procurement Guidelines”), setting forth IsDB’s policy on conflict of interest.
Consultants may associate with other firms to enhance their qualifications, but should indicate clearly whether the association is in the form of a joint venture and/or a sub-consultancy. In the case of a joint venture, all the partners in the joint venture shall be jointly and severally liable for the entire contract, if selected. A consultant will be selected in accordance with the Least Cost Selection method set out in the Procurement Guidelines of IsDB (April 2019).
Interested consultants may obtain further information at the address below during office hours [10:30AM to 5:00 PM].
Expressions of interest must be delivered in a written form, both the hard copy as well as electronic version of EOI shall be acceptable, to the address (in person, or by mail or by e-mail) by 23/08/2022 (deadline 3.00 PM) along with all necessary documents (two copies) stated below:
a) Details of organization and key staff, including demonstration of the availability of appropriate skits among the staff;
b) List of similar assignments carried out within the past 10 years with their cost;
c) Present assignment of similar nature and any other information that may show the consultant ability to carry out the assignment satisfactory;
d) List of references (Clients) with their addresses;
e) Commercial license renewed up to current year, VAT registration certificates and income tax clearance certificate up to up to June 2022;
f) Brochures submitted by the applicants should summarize their facilities and areas of expertise;
g) Any other qualifying information to evaluate the suitability of the Consultancy Firm (Audit Firm).
OFFICE OF THE PROJECT DIRECTOR
Additional Director& Project Director
SME & Special Programmes Department
24th floor, Bangladesh Bank, Head office