1.0  Background

Kwacha Pension Trust Fund (the Fund or KPTF) is a single employer pension fund and is regulated by the Pensions and Insurance Authority (PIA).

2.0   Scope of works:

The overall objective of the internal audit services is to provide the Fund’ Board of Trustees and other key stakeholders with independent and reasonable assurance regarding the design and operational effectiveness of the internal control systems and processes in place to ensure the achievement of the Fund’s objectives.

The Fund now invites suitably qualified and experienced Firms to express their interest for the “Provision of Internal Audit Services to the Kwacha Pension Trust Fund (KPTF)”.

The scope of the assignment will include among others the following;-

2.1  Assessment of effectiveness and efficiency of operations (Finance, Human Resources, Pensions, Investments, Administrative, Procurement, ICT and physical assets management), development and implementation of internal audit programs for all operational areas of the Fund and  preparation of timely and accurate reports of findings and recommendations;

2.2  Providing assurance on all pension related payments (excluding the monthly payroll) prior to the payment being processed;-

2.3  Periodic review and assessment of the effectiveness of the risk management processes in place;

2.4  Carrying out audits to check compliance with relevant statutory and regulatory requirements;

2.5  As requested, carrying out investigative audits and assists in the preparation of case records and reports;

2.6  Carrying out ad-hoc audits as and when requested to do so;

2.7  Preparation of Quarterly Internal Audit reports and presentation to the Audit and Risk Management Committee;

2.8  Preparation, presentation to the Audit and Risk Management Committee and execution of the Quarterly Audit Plans;

2.9 Maintenance of an implementation dashboard of the Internal Audit findings and following up on the progress of implementation of recommendations as a result of the audit reports;

2.10  Preparation of timely and accurate reports of findings and recommendations and

2.11  Performing any related work as assigned by the Director and the Audit and Risk Management Committee of the Board.

3.0    Auditing Standards

The Internal Audit services should be carried out in accordance with International Standards for the Professional Practice of Internal Auditing and or any other International Standards that are appropriate for Internal Audit procedures.

4.0 Expression of Interest Requirements

The EOIs should contain at minimum the following:

i)  Company profile describing the core business of the firm/company;

ii)  Qualifications and experience of Senior Management Team and the team that will be assigned to the Fund which should be;

– Postgraduate or relevant professional qualification in Accountancy and/or Internal Audit;

– knowledge or understanding of Fund Management and Pension Industry work environment and dynamics is desirable.

iii)  Five (5) years or more demonstrated evidence of performing similar work preferably in the pension industry, fund management or financial services industry.

iv)  Description of similar assignments previously undertaken with traceable references (should include the year, amounts involved, detailed work undertaken, names of the clients and contact persons);

v)   Technical Proposal/Intended methodology with an annual work plan to achieve the objective;

vi)  Certificate of Incorporation and Zambia Institute of Chartered Accountants (ZICA) or any other required Membership or;

vii)  Any other related business or practicing license as may be required;

viii)  Three reference letters from former or existing Clients;

ix)  Copies of IDs of Shareholders/Directors/Partners;

x)  Valid Tax Clearance Certificate;

xi)  The financial proposal which should include the fee quotation for the assignment i.e. retainer fee per Quarter and

xii)  Quotations must be valid for 90 days (indicate validity of the quotation).

5.0    Application Method

Interested Firms are to submit their Expressions of Interest in a sealed envelope clearly marked “Expression of Interest for the Provision of Internal Audit Services” to the address below by 16.30 hours on 24th April 2023.

The Director

Kwacha Pension Trust Fund

Stand No. 5534

Corner Kakola/Libala Roads, Kalundu

Post Net Box 663 P/Bag E891

Lusaka

Electronic Copies will not be accepted.

For any queries, please write to the following:

nchimunya.monde@kptf.org.zm

and

muchindu.kabaso@kptf.org.zm

THE FUND RESERVES THE RIGHT TO DISCONTINUE THE PROCESS WITHOUT ANY RECOURSE TO THE PARTICIPANTS