FSRA TO BE AUDITED EXTERNALLY

MBABANE – Financial institutions and regulators are externally audited to ensure that their internal controls, processes, guidelines and policies are adequate, effective and in compliance with governmental requirements, industry standards and company policies.

Kobla Quashie and Associates has been enlisted as the best evaluated tenderer to provide external audit services for Financial Services Regulatory Authority (FSRA). This was revealed by the Eswatini Public Procurement Regulatory Agency (ESPPRA) on their website.

Executing

The tender was awarded to the company on Thursday and they are expected to begin executing it after a period of 10 working days. According to the regulatory agency, FSRA was looking for contractor to audit their services. Kobla Quashie and Associates is expected to provide many assurances and non-assurance services for FSRA. The services include an audit of financial statements, International Financial Reporting Standards (IFRS) reporting, review of financial statements, compiling financial statements, internal audit service, advisory services, risks assurance, as well as corporate secretary. They are also expected to provide FSRA board of directors with valuable information in regard to the company’s financial condition.

Kobla Quashie and Associates will also help FSRA board members spot potential internal oversight or unethical behaviour. The initial proposed contract price of the tender was E69 000. Worth noting, in the past three weeks, small constructions companies which are based in the country have acquired over 10 tenders, which were afore granted to big companies. This is in line with the provision and procurement of tenders in the Public Procurement Regulations which states that local companies will be granted preferences in the evaluation of tenders in public procurement.  

Competing

Kobla Quashie and Associates was competing with Pricewaterhouse Coopers for the tender. The total evaluation score for the two companies was above 93 per cent as revealed in the tender document, but it was indicated that Pricewaterhouse Coopers had the lowest bid score. Kobla Quashie and Associates won the tender because the company had the highest bid score. FSRA was the procuring entity for the tender which was approved by the authority of the board. ESPPRA requested the unsuccessful bidder to submit an application for review with the agency with 10 working days. “All tenderers who submitted bids are hereby notified that a period of 10 working days is hereby allowed to for submission of any application for review”, said ESPPRA. The agency also mentioned that the tender does not constitute a contract.

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