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Request for Expressions of Interest - External Auditor

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – CONSULTANTS QUALITY AND COST BASED SELECTION)

 

Assignment Title: Selection of External Auditor for CCRIF SPC

Reference No:  External Auditor 2018

The consulting services (“the Services”) include the performance of an annual audit of CCRIF SPC’s (the Core and all Segregated Portfolios) financial statements including the forming and expressing audit opinion in accordance with the International Standards on Auditing (ISA), as promulgated by the International Federation of Accountants (IFAC).

The scope of works includes such tests and auditing procedures as the auditor will consider necessary under the circumstances. Special attention should be paid by the auditor as to whether the:

  1. Donor financing, including all external financing such as World Bank, Caribbean Development Bank and other sources have been used in accordance with the conditions of the relevant financing/donor agreement, with due attention to economy and efficiency, and only for the purposes for which the financing was provided;
  2. Counterpart funds have been provided and used in accordance with the relevant financing/donor agreements, with due attention to economy and efficiency, and only for the purposes for which they were provided;
  3. Goods, works and services financed have been procured in accordance with the relevant financing/donor agreements and the Company’s Operations Manual;
  4. All necessary supporting documents, records, and accounts have been maintained in respect of all project activities, including expenditures reported using Statements of Expenditure (SOE) or Interim Unaudited Financial Statements (IFS) methods of reporting. The auditor is expected to verify that respective reports issued during the period were in agreement with the underlying books of account;
  5. National laws and regulations have been complied with, and that the financial and accounting procedures approved for the project (e.g. operational manual, financial procedures manual, etc.) were followed and used;
  6. Financial performance of the Company is satisfactory.

Verification of claims is performed by an Independent Verification Agent. The external auditor may or may not be appointed the Verification Agent, but in either scenario will be provided with full details of the independent verification of claims. Verification of claims will be a key focus area on the annual audit.

Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services:

  1. Summary of your firm’s experience auditing financial services companies particularly relevant the issuance/investment in parametric contracts and the evaluation complex model loss transactions
  2. Domicile of the firm that will be responsible for issuance of the audit report and domicile of office out of which the audit work will be performed, if different. Firms are required to provide evidence of being domiciled in the Cayman Islands.
  3. To understand any potential rotation issues, please provide the number of partners / directors in the issuing firm that are qualified / experienced to performing the role of audit engagement leader and quality review partner.
  4. Summary biographies of senior members of the audit team that are expected to be responsible for the audit.

The audit is expected to commence annually in June upon execution of the engagement letter and the expected level of effort (LOE) is no more than annual 520 recurring hours and delivered over a four-month period, ending in September.

The detailed Terms of Reference (TOR) for the assignment can be found at below or downloaded from: Link

CCRIF SPC now invites eligible firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information (brochures, description of similar assignments, experience in similar conditions, general qualifications and number of key staff etc.) demonstrating that they have the required qualifications and relevant experience to perform the Services. Interested Consultants are required to declare conflicts of interest.

The shortlisting criteria are based on the above listed Required Qualifications and Relevant Experience. 

A Consultant will be selected in accordance with CCRIF’s Quality and Cost Based Selection 

Expressions of interest must be delivered in a written form to the address below by e-mail by February 12 2018.

CCRIF SPC
Subject Line - External Auditor 2018
Attn: Isaac Anthony, Chief Executive Officer
Registered Office: c/o Sagicor Insurance Managers Ltd., 198 North Church Street
2nd Floor, Sagicor House, P.O. Box 1087, Grand Cayman, KY1-1102, Cayman Islands

Email: procurement@ccrif.org

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