RFP to Provide Auditing Services at Boliba Multi-Purpose Cooperative


In accordance with Lesotho cooperative laws, the Lesotho Revenue Authority and best corporate practices, Boliba Multi-Purpose Cooperative requests proposals for audit services for the financial years ending 31st March 2017, 2018 and 2019.

Background and general information about Boliba Multi-Purpose Cooperative

Boliba Multi-Purpose Cooperative is a Basotho owned organization established under Cooperatives Act No. 6 of 2000. It provides affordable and comprehensive savings and credit solutions to its members through capable and competent staff, supported by appropriate modern technology.

  1. Scope of Work

Annual Examinations – The proposer selected as a result of this request shall provide independent audit of the financial statements beginning with the fiscal year ending 31st March 2017.

The annual examinations by the proposer shall include, but will not be limited to the following:

  1. Financial Audit – The examination will be a financial and compliance audit made in accordance with Generally Accepted Auditing Standards as set forth by the Lesotho Institute of Accountants (LIA). The primary purpose of this audit is to express an opinion on the financial statements.  

The audit procedures used should be sufficient to enable the proposer to express an opinion on the fairness with which the financial statements present the financial position of the organization and results of its operations and cash flows. In addition, such procedures should be adequate to determine whether the operations of the organization were properly conducted in accordance with legal and regulatory requirements.

  • Review of Internal Controls – An evaluation is to be made of the system of internal controls, including the control environment, accounting systems and specific control procedures, to assess the extent to which the controls can be relied upon to ensure for efficient and effective operations. In order to assess the control risk, the proposer is to perform tests of controls and properly document its assessment. Reportable conditions, if applicable, shall be communicated in writing in accordance with Generally Accepted Auditing Standards. 
  • Management Letter – A Management letter to the Cooperative Management Team and Senior Accounts personnel will be issued and will contain significant audit findings that may include material weaknesses noted during the performance of the audit. If applicable, any errors or irregularities reported and recommendations be stated.
  • Final Report – At the completion of the audit, copies of audit reports will be provided and reviewed with the Management Staff and the Management Committee. Final issued reports will be provided to the AGM – Finance and Administration at Boliba Multi-Purpose Cooperative at Koporasi. Postal Address: Private Bag A328, Maseru 100.

B. Time Requirements 

1. Commencement of the Audit – The organization will have all records for the audit, all appropriate management personnel, as well as the finance staff available to meet with the audit team of the successful proposer immediately upon acceptance of the proposal and execution of a professional services contract between Boliba Multi-Purpose Cooperative and the proposer. 

2. Schedule of the Fiscal Year Audit – Each of the following shall be completed no later than the date indicated. 

  1. Fieldwork – For the fiscal year ending 31st March, 2017, fieldwork should commence immediately after presentation of the audit plan.
  2. Reporting Deadlines – The audit reports shall be finalized by 21st June, 2019.

Response to Request for Proposal

 In responding to this request, we need the following information: 

  1. Give a full background of your firm
  2. Detail your firm’s experience in providing auditing and tax services to organizations. 
  3. Provide information on whether you provided services to any related industry
  4. Identify the partner, manager in-charge, audit team leader who will be assigned to our audit if you are successful in your bid, and provide biographies.  
  5. Set forth your fee proposal for the fiscal year 2017 audit and for each of the subsequent years requested above.
  6. Provide a statement that the audit will be completed by the required deadline

Proposal Submissions

Please submit two copies of your proposal in a sealed envelope clearly labeled on the outside “Proposal for Auditing Services” to the attention of the AGM Finance and Administration, Boliba Multi-Purpose Cooperative, at the following address: Old Coop Lesotho (Koporasi), Postal Address: Private Bag A328, Maseru 100.

All proposals must be signed by an officer or employee having authority to legally bind the proposer. 

Evaluation of Proposals

 Boliba Multi-Purpose Cooperative will evaluate proposals on a qualitative basis. 

Please submit your response to this RFP by 22nd March 2019 at 12 noon. Any proposal received after the stated date, will not be considered and will be returned unopened to the proposer.