Expression of Interest for External Audit Services 100 views

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Seychelles Credit Union (SCU) wishes to engage a legal firm to provide External Audit Services to the organization.

SCU is the only community-based savings and credit cooperative society (Credit Union) in Seychelles, established under the Credit Union Act 2009 (as amended). SCU is owned and controlled by its members and its main objectives are:

  • Creation of a pool of funds to provide credits/loans to members
  • Mobilization of savings amongst its membership
  • Promote thrift amongst its membership
  • Provide financial services at affordable and competitive rates of interest
  • Encourage good governance, transparency and democratic practices
  • Empower members so that they become self-reliant

A copy of SCU’s last annual report and audited accounts can be made available upon request. Additional information about SCU’s structure and activities can be obtained from our website

Statement of Requirements

Below outlines the information that must be included in tender submissions. Failure to provide all or part of the information may result in your submission being excluded from the evaluation process.

The contract will cover the external audit service for 1 financial year, with the possibility of
reappointment subject to approval of SCU.

Scope of Services

The services to be provided are:

  • The audit of the accounts and financial statements of SCU, including but not limited to the Balance Sheet, Income Statement, Cash Flow Statement and Statement of Changes in Equity, in adherence to Generally Accepted Accounting Principles and Auditing Standards.
  • Reviewing generic I.T. related processes impacting the financial statements
  • Assessing risk and control in place, including reviewing current policies and procedures
  • The provision of a comprehensive Management Letter
  • The audit of any returns

Other Requirements

Working files or papers produced during the course of the contract will remain SCU’s property and these must be handed over in the event of contract termination.

Last date for submission of tenders is 12 noon on 1 st March 2024.

Firms will be judged on the following evaluation criteria:

  • Experience and expertise of the firm within the Banking Sector
  • Experience and ability of the audit team
  • Knowledge of and ability to interpret Credit Union Laws
  • The ability of the firm to ‘‘add value’’ rather than providing purely a compliance audit
  • Cost of the audit

Short-listed audit firms may be invited to present and discuss their proposals. SCU shall contact the firms directly to schedule the presentations, if necessary.

SCU will not be liable to reimburse any costs incurred by the audit firm during this tender process.

SCU wishes to maximise the value obtained from the available external audit resource, however, does not bind itself to accept the lowest tender.

Evaluation of tenders will be carried out by the Board of Directors, and the evaluators will, if necessary, contact the firms to seek clarification of any aspect of a tender.

The Audit firms should identify any work that they are currently carrying out or competing for which could cause a conflict of interest, and indicate how such a conflict would be avoided.

Documentation to be submitted

To facilitate the needs of the Board of Directors in the evaluation process, SCU encourages for firms to submit their proposals in the following format:

Section 1 – Background information on your firm

Section 2 – Organisation chart for your firm or, in the case of multi-office firms, an organisation chart for the local office responsible for this contract.

Section 3 – Details of previous experience of providing external audit services to the banking and/or financial sectors.

Section 4 – Personnel and employment details of the audit team. This should include name of employee, job title, experiences, accountancy qualifications and other professional qualifications.

Section 5 – Methodology

  • Audit Planning – Please provide details of your approach to audit planning, including key stages of the process and parties involve. Tentative audit plan provided.
  • Audit Fieldwork – Please outline your approach to audit fieldwork, including the level of input that you would expect from SCU staff
  • Audit Reporting – Please provide an example of your standard report template

Section 6 – Price; please confirm the annual fee (inclusive of expenses, excluding and including VAT) which your firm will levy. SCU expects these rates to remain constant for the duration of the contract.

Section 7 – Any other relevant information about the firm and its Audit practices.

Please forward all tenders or inquiries to:

Chief Executive Officer

Cooperative House, Huteau Lane

Seychelles Credit Union

Tel: 429 0190

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