Home | Business | KOBLA QUASHIE ‘WINS’ E690 000 NERCHA JOB

KOBLA QUASHIE ‘WINS’ E690 000 NERCHA JOB

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MBABANE – Kobla Quashie and Associates has won the tender to audit NERCHA.  In tender results issued by the Eswatini Public Procurement Regulatory Agency (ESPPRA) it was announced that the company emerged as the best evaluated tenderer which will enter into a contract to undertake internal audit services to the National Emergency Response Council on HIV/AIDS (NERCHA).


The audit firm was selected as the best to execute the job after having scored 78 per cent since it had priced their bid at E690 000.


Their competitors, Ndallahwa and Company, which amassed 59.3 per cent during evaluation did not make the cut because they could not meet the minimum technical qualifying score of 70 per cent.     
It was clarified that in accordance with the Public Procurement Act of 2011 that a 10-day working period to allow for the submission of any application for review was issued.


“The contract award decision does not constitute a contract,” read the tender results in part.
It should be mentioned that there is no mandatory audit firm rotation (MFR) in Eswatini.


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Mandatory audit firm rotation requires companies to rotate audit firms periodically.
Eswatini Institute of Accountants Executive Director Barnabas Mhlongo recently explained that other jurisdictions do have MFR requirements, for example the European Union (EU).
He mentioned that the Independent Regulatory Board of Auditors, (IRBA) in South Africa had announced a timetable for new MAF rotation requirements.  MFR will come into effect in South Africa in 2023.
“In Eswatini, audit committees are allowed to exercise their own judgment,” Mhlongo clarified.


Mhlongo explained that in terms of section 232(1) of the Companies Act, “Every company shall at the annual general meeting appoint an auditor to hold office from the conclusion of that meeting, until the conclusion of the next annual general meeting”.


mandatory


The EIA director said there was no law relating to mandatory partner rotation. He said the Independent Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (‘IESBA Code’) which binds members of SIA, in section 290, deals with the familiarity threat that may arise through using the same senior personnel on an assurance engagement over an extended period of time and the safeguards that can be put into place to address such threats (such safeguards usually include rotating the senior personnel on the audit or requiring an engagement quality control review).

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