THE DUCOR CREDIT UNION (DUCU)

502 Benson Street, Monrovia, Liberia

Email: embassy.creditaunion@gmail.com

Issue Date: December 4, 2024

Closing Date and Time: December 18, 2024, 05:00p.m. Monrovia time

Subject: Request for quotation for Annual Financial Auditing Services from 2023 through 2029

The Ducor Credit Union (DUCU), a private cooperative association located in Monrovia, Liberia, is seeking proposals from qualified auditing firms to provide solutions and execute comprehensive audit services. The services will cover the financial years starting January 1, 2023, through December 31, 2029, in accordance with International Standards on Auditing (ISA) and other applicable frameworks.

The aim is to engage a firm that can offer tailored solutions to achieve high-quality financial auditing services for compliance, efficiency, and reliability.

Scope of Services

The objective of this work is to conduct a financial statements audit of the Credit Union each year. The audit will be conducted in accordance with the International Standard on Auditing and shall include such tests of the accounting records as deemed necessary by the BOD and the Auditor. The Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows and notes to the financial statements, are the basic financial statements to be audited that presents the Union’s income, expenses incurred, cash and bank balances. Firms are requested to design a solution that effectively delivers the following:

1. Audit of Financial Statements:

Provide an opinion on the fair presentation of the Credit Union’s financial statements, prepared in line with International Financial Reporting Standards for SMEs (IFRS for SMEs), in all material respects.

2. Internal Control Evaluation:

Assess the design, implementation, and operating effectiveness of internal controls to identify significant deficiencies or material weaknesses. Propose improvements to internal controls where necessary.

3. Compliance Audits:

Determine the Credit Union’s compliance with:

• Central Bank of Liberia (CBL) prudential regulations for credit unions.
• Cooperative Development Authority (CDA) policies.

Liberia Credit Union National Association (LCUNA) guidelines.

Internal policies, procedures, and Board resolutions and the constitutions of the Union.

Other Prevailing Financial laws of Liberia.

4. Loan and Savings Management Review:

Verify the classification, performance, and compliance of loans, including delinquent accounts, as well as the accurate reporting and management of member savings.

5. Risk Assessment and Mitigation:

Evaluate operational and governance risks, providing an analysis of inherent, control, and detection risks related to the financial management of the Credit Union.

6. Follow-Up on Prior Audit Recommendations:

Review previous audit findings to assess the implementation of corrective actions and their effect on current financial performance and operations.

Submission Requirements

This Request for Proposal requires the offerors to submit a Cost Proposal, Technical and Past Performance.

1. Technical Proposal:

Firms are requested to submit a technical proposal, no more than 10 pages in length, that addresses the following:

• Proposed Audit Approach: A detailed description of your audit methodology tailored to the Credit Union’s operations, ensuring compliance with ISA and IFRS for SMEs.
• Internal Control Review: A plan for evaluating and enhancing internal controls.
• Compliance and Risk Management: Steps for assessing compliance with applicable policies and mitigating identified risks.
• Audit Team Composition: Provide a list of team members, their qualifications, and roles.
• Timeline: Proposed schedule for delivering the audits.

1. Past Performance:

The offeror must provide three relevant past performance references as a part oftheir proposal for similar audits performed, including references. The information should include the name of the Activity Manager/organization contact person, email and current telephone number. The offeror must alert the contacts that their names have been submitted and that they are authorized to provide past performance information to the Credit Union when requested. The Credit Union reserves the right to obtain information for use in the evaluation ofpast performance from other sources not provided by the offeror.

The proposal will be evaluated in accordance with the criteria below:

The Credit Union will conduct a review of the proposals received in compliance with the instructions in this RFP. The proposals will be reviewed and evaluated in accordance with the following criteria shown in descending order of importance:

1. Cost Proposal – Cost will be evaluated for realism and reasonableness focusing on lowest cost with responsive technical proposal.
2. Technical Approach- The Technical Approach will be evaluated on the extent to which it meets the requirements outlined in this RFP and how any proposed innovation approach and Expertise and capacity of the proposed audit team meets the Credit Union’ s need.
3. Past Performance – The Credit Union will evaluate the extent to which the offeror provides accurate information on past performance and respondents evidence of positive past performance in implementing similar activities.

Contractor selection Method:

After the conclusion of the successful review, the apparently successful offeror will receive a notice from the Credit Union to enter into negotiation. The negotiation will center on the elements of the proposed Cost and technical approach and the acceptance of the auditor by CBL. Upon successful completion of negotiation with the apparently successful offeror, other offeror will be notified of the status of their submission. At this point, the offeror name and information will be forwarded to the CBL for review and acceptance in line with the regulation No. CBVRSD/001/2015 “Regulations for the Licensing and Operations of Credit Unions in Liberia, PARTMV.(I), before a contract is signed. It is important to note that, if negotiation with the apparently successful offeror is not possible, the next offeror in line will be notified for negotiation. This process will continue until a contract is signed or the opportunity is readvertised in the case no offeror can successfully negotiate a contract with the credit union.

Duration of the work:

The Credit Union will issue a contract for up to December 31 , 2029, covering 7 years of annual Financial Audit. The first-year audit will cover from January 1, 2023, through December 31, 2024, and shall last for not more than six (6) weeks of the commencement date of the audit. The annual financial audit for subsequent years shall be completed within four (4) weeks of the date of commencement of the contract.

Please submit your response to this request for proposal by December 18, 2024.

Submit application to:

The Ducor Credit Union (DUCU)

Gibson Street, Monrovia Liberia

Or by email to: embass.credit.union@gmail.com; pnoauh@hotmail.com; caldwellscwork@gmail.com The Issuance of this RFP does not obligate the Credit Union to make a contract, nor does it commit the Credit Union to pay for any costs incurred in the preparation or submission of proposals. Furthermore, the Credit Union reserves the right to reject any and all offers, if such action is considered to be in the best interest of the Credit Union

Sincerely,

Digitally signed by Miatta

Miatta Joejoe

Signed: Date: 2024.12.04 15:04:35 Z Approved:

Miatta Sonkarlah Joejoe Pertaingber L. Noauh, ADE

President Chairman, Board of Directors

Management Committee Ducor Credit Union