The Federal Republic of Nigeria
Nigeria Electricity & Gas Improvement Project
Power Holding Company of Nigeria (PHCN) Plc
Consultancy Services for the Appointment of External Auditor
Credit No. 46200-UNI EOI No. LC 01 Date: 17th March, 2011
Expression of Interest
This request for expressions of interest follows the general procurement notice for this project that appeared in UN Development Business Issue No. 752 of 16th June, 2009.
The Federal Government of Nigeria has received a credit from the International Development Association (IDA), and intends to apply part of the proceeds of this credit to payments under the contract for consultancy Service for the Appointment of External Auditor for the Nigeria Electricity and Gas improvement Project (NEGIP).
During the execution of this assignment, the consultant will be required to make input from a broad field of expertise covering the following:
3.1 The annual audit should be carried out in accordance with International Standards on Auditing, as promulgated by International Federation of Accountants (IFAC) and International Auditing Standard (IAS), which should include such tests and auditing procedures
3.2 The audit would strictly cover the financial statements of Nigeria Electricity and Gas Improvement Project (NEGIP).
3.3 Special attention should be paid by the auditor as to whether:
(a) Donor Funds (from IDA and/or any other Donor agencies) have been provided and used in accordance with the conditions of the relevant donor financing agreements, with due attention to economy and efficiency, and only for the purposes for which the funding was provided
(b) Counterpart Funds have been provided and used in accordance with the conditions of the relevant donor/financing agreements, with due attention to economy and efficiency, and only for the purposes for which they were provided.
(c) Goods, works and services financed have been procured in accordance with the relevant donor/financing agreements.
(d) All necessary supporting documents, records and accounts have been kept in respect of all Project activities, with clear linkages between the books of account and reports presented to the Government and Donor(s).
(e) Special Accounts have been maintained in accordance with the provisions of the relevant financing agreements. The audit should examine the eligibility and correctness of financial transactions during the period under review and fund balances at the end of such period, the operation and use of the Special Account (SA) in accordance with the Credit Agreement.
(f) The Project Financial Statements have been prepared in accordance with International Accounting Standards, and give a true and fair view of the financial position of the Project and of resources and expenditure for the year ended on that date.
(g) Field Visits of some selected Project Sites around the country.
(h) Verify existence and ownership of Assets procured from project funds by the implementing agency or beneficiaries in line with the financing agreement.
(i) Confirm if the financial performance of the project is satisfactory.
(j) Also, in conducting the audit of the PAS, the auditor should pay special attention to all expenditure for which withdrawal applications for project reimbursements were made. A separate reference is required in the auditor’s opinion on the eligibility of the claimed expenditure. The review should:
(i) Determine that the borrower has maintained adequate documents to support claims for Bank reimbursement of expenditure incurred.
(ii) Assess the adequacy of accounting and internal control systems to monitor
expenditure and their validity.
(iii). Verify that expenditure relating to Staff Appraisal Report are eligible for financing under the Loan Agreement,
(iv) Identify any ineligible expenditure, and where identified, these should be
specifically noted by the auditor,
(v) Verify that regulations have been complied with, and that the Accounting and
Financial procedures approved for the project (e.g operational manual, financial procedure manual) are followed and used.
The Power Holding Company of Nigeria (PHCN) now invites eligible Individual Consultants to indicate their interest in providing the services. Consultants must provide information indicating that they are qualified to perform the services. The Consultant should be a firm or consortium of firms. And:
(a) Should be properly registered and certified as an Audit firm authorized to practice within the confines of the Laws of the Country- Federal Republic of Nigeria.
(b) Must be affiliated with the International Federation of Accountants (IFAC).
(c) Have experience and knowledge of the World Bank’s current financial management requirements.
(d) Possess proven record of past & similar experience in financial audit matters.
(e) Should have an understanding of key financial management issues and linkages. (f) Should have practicing members (Key Personnel) with the following:
(i) Have an internationally recognized professional accounting qualification i.e. the person appointed should be either a certified public accountant. a chartered accountant or should be the holder of an equivalent professional accounting qualification i.e the person appointed should be either a certified public accountant a chartered accountant or should be the holder of an equivalent professional accounting qualification
(ii) Be a member in good standing of a body of accountants affiliated to the International Federation of Accountants (IFAC); and
A consultant will be selected in accordance with the procedures set out in the World Bank’s Guidelines: Selection and Employment of Consultants by world Bank Borrowers. May 2004 Revised October 1,2006 & May 1, 2010.
Interested consultants may obtain further information at the address below:
Address
Engr. M. A.Ganiyu
Manager, Project Management Unit
7, Kampala Street, Wuse II,
Abuja, 900288,
Nigeria.
Tel: +23498746412
Email: phcnpmu@nepapmu.org
Website: www.nepapmu.org
Expression of must be delivered to the address above NOT LATER THAN 7th April, 2011.
