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Review Of Statutory Financial Statements And Financial Reports Of Public Interest Entities

INTRODUCTION

The Malawi Accountants Board is the regulatory body for the accountancy profession in Malawi. The Board was established by the Public Accountants and Auditors Act (Cap 53: 06) No. 5 of 2013 to regulate the reporting of financial matters and provide direct oversight over professional accountancy bodies and auditors in order to promote high-quality reporting of financial and non-financial information by entities, promote the highest professional standards amongst auditors and accountants, and ensure compliance with and enforcement of applicable local and international accounting and auditing standards. The Malawi Accountants Board is also mandated to review the statutory financial statements and financial reports of Public Interest Entities (PIEs). This is in line with Section 16(1)(q) of the Public Accountants and Auditors Act No. 5 of 2013.

SCOPE OF ASSIGNMENT

The bidder shall be expected to carry out reviews of statutory financial statements and financial reports of Public Interest Entities. Section 16(1)(q) of the Public Accountants and Auditors Act (2013) and Public Accountants and Auditors Regulations (2017 & 2021) gives MAB power to review statutory financial statements and financial reports of Public Interest Entities in Malawi. The Regulations (Nos 1-5) define a Public Interest Entity as follows:

• An entity which is of significant public interest because of its business, size, number of employees, or its corporate status is such that it has a wide range of stakeholders, and
• Includes but is not limited to the following: credit institutions, insurance companies, banks, investment firms, pension firms, parastatals, and listed companies.

The reviews of statutory financial statements and financial reports are aimed at monitoring compliance with accounting and auditing standards by entities and improving the reporting of financial and non-financial information by institutions. This will enhance the credibility of financial reporting and improve the integrity, competence, and transparency of professional activities in accounting and auditing. Therefore, the interests of the general public will be protected.

ELIGIBILITY

Applications are invited from suitably qualifying individuals and firms of high standing in society to submit their bids. Those interested should provide information demonstrating that they possess required capabilities, qualifications, and expertise. The information required from those interested must, among other things, include the following:

• The reviewer shall be required to conduct the reviews;
• The reviewer shall be required to find out whether the Public Interest Entity complies with relevant International Financial Reporting Standards (IFRSs);
• The reviewer shall be required to find out whether the Public Interest Entity meets the requirements of other regulators; and
• The reviewer shall provide a detailed report as agreed with MAB for assessment by the relevant Committee of the Board.

ADDITIONAL INFORMATION

A complete set of bidding documents may be purchased by interested bidders at a non-refundable fee of MK25,000.00. The method of payment will be cash, bank transfer, or bank-certified cheque at the Malawi Accountants Board offices.

SUBMISSION OF PROPOSALS

Bids must be delivered to the address below on or before 14:00 hours on 24th February 2025 according to the bidding documents. Late submissions shall not be accepted. Only successful bidders will be acknowledged.

Bids will be opened in the presence of bidders’ representatives who choose to attend at 14:00 hours on 24th February 2025 at the address below.

The Chairman
Internal Procurement Committee
The Malawi Accountants Board
Bible House, Victoria Avenue
P. O. Box 2271
Blantyre
Email: info@mab.mw
Phone: 0989 651 300

The Malawi Accountants Board does not bind itself to accept the lowest or any bid but reserves the right to exercise choice of what it considers to be in its best interest.