COTTON BOARD WANTS EXTERNAL AUDITORS

MBABANE – The Eswatini Cotton Board has presented a business opportunity to audit firms for the next three years. The Eswatini Cotton Board (ECB) requires reputable audit firms to provide external audit services for the company for three consecutive financial years being 2018/2019, 2019/2020 and 2020/2021.

The audits will be carried out in accordance with International Standards on Auditing (ISA) and regulations promulgated by the Eswatini Institute of Accountants.

It will include the performance of such tests and procedures necessary to obtain sufficient appropriate audit evidence about the amounts, assertions and disclosures in the financial statements.

In the invitation to tender, it was mentioned that the procedures selected will depend on the auditor`s professional judgement, including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.

Explained

It was explained that the management and those charged with the governance of ECB are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Report Standards (IFRS).

This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

In addition to the audit report, the auditors will prepare a `management letter`, in which they will provide comments, observations and recommendations on the system of internal control and other relevant matters in accordance with International Standards on Auditing (ISA) and regulations promulgated by the Eswatini Institute of Accountants.

It was explained that ECB has been operating using a three -year business plan with the latest having expired on March 31, 2018.
The draft audit report for financial year 2018/19 should be submitted within 20 working days from date of commencement of the audit assignment including the day for audit briefing.

Signed

The final signed audit report for 2018/19 should be submitted within five working days after the draft report has been approved by the Board of Directors.
 The deadline for submissions will be February 25, 2019.

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