Consulting Services, External Audit Services for KfW Funds and Mandates

Requested Services:

• The DBSA is looking to procure the services of a suitably experienced EXTERNAL AUDIT SERVICES FOR KFW FUNDS AND MANDATES

  The DBSA has a hosting agreement with the Kreditanstalt für Wiederaufbau Development Bank (KFW). The hosting agreement gives DBSA the responsibility to provide financial management services to the KFW funds and mandate/programmes including ensuring that the annual financial statements of the funds and mandates/programmes are audited annually.  The annual audits of the financial statements and agreed upon procedures of the funds and mandates/programmes has becomes an important milestone in giving assurance to various funders and stakeholders of the funds and mandates/programmes. The financial statements of the KFW funds and mandates/programmes are prepared in accordance with International Financial Reporting Standards (IFRS). The DBSA also plays an agent role in the management of a number of KFW funds and mandates/programmes. The Grant agreements entered between DBSA and KFW are legally binding agreements and sets out the obligations and responsibilities of the parties. KFW usually requires that the DBSA facilitates the performance of an annual audit on the funds and mandates/programmes. The annual audit of the funds also becomes an important milestone before the funds are further disbursed to the projects. KFW also request auditors to provide assurance based on agreed upon procedures as set in the grant agreements. The scope of the audit work and agreed upon procedures for the funds and mandates/programmes are as per the grant agreements or any other contracts or agreements between parties. The DBSA seeks to procure the services of an experienced and reputable international audit firm to give assurance services for the funds mandates/programmes that the DBSA manages on behalf of KFW. The period covered for each annual audit and agreed upon procedure engagements are for one year. The DBSA seeks to procure the services of an experienced and reputable international audit firm to give external audit assurance services for the KFW funds and mandates.