SWAZIBANK WANTS EXTERNAL AUDITORS

 MBABANE – The Eswatini Development and Savings Bank (SwaziBank) seeks to procure services of a suitably qualified and independent service provider who can provide appropriate external audit services.

The service provider will be expected to undertake the audit in compliance with the auditing and financial reporting standards.
The company, which will eventually win the tender will perform a financial statement audit and provide a report on whether the financial statements of the bank were fairly presented in accordance with International Financial Reporting Standards.

The company will also assess whether the financial statements are materially misstated due to fraud or error and provide a report on fraud or error findings.
In the invitation to tender, it was mentioned that the company should understand the bank’s internal controls and design and plan audit procedures to assess the operating effectiveness of internal controls relevant to the audit.

The company will also be expected to provide a report to the audit committee and management with details of control deficiencies and recommendations to resolve the identified matters.
The audit report to be collated by the desired tenderer should also clearly highlight areas where controls were found to be inadequate and where controls were ineffective.

The company will also assess the bank’s information and financial systems generally and application controls and provide a report on findings and recommendations for resolution.

Evaluation of the appropriateness of the bank’s accounting policies and the reasonableness of accounting estimates and related disclosures made by the bank will also be one of the tasks that the audit firm will be expected to fulfil.

“(The company should) evaluate the presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation,” reads the invitation to tender in part.  

The company will also assess the appropriateness of the use of the going concern basis of accounting and based on the audit evidence obtained; disclose whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank’s ability to continue as a going concern.
The firm will assess and report on the bank’s adherence with key compliance and regulatory requirements.

The external auditor will be expected to have a reasonable / sound knowledge of the relevant legislation for purposes of the conducting audit.
Such legislation includes, but not limited to: Public Enterprises Monitoring and Control Act, the Financial Institutions Act and the Eswatini Development and Savings Bank Order (Founding Legislation).

The annual audit plan must be presented to the Board Audit Committee before the close of the financial year being audited or before the commencement of the final audit. 

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