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The World Bank Group

Rural Water Supply and Sanitation Project

REQUEST FOR EXPRESSIONS OF INTEREST

for the audit of SUE “KMK” for the financial year ending December 31, 2020

Republic of Tajikistan

Rural Water Supply and Sanitation Project (RWSSP)

Consulting services

Reference No.: RWSSP-CS/026

Background

The Government of Tajikistan has requested the World bank to support the Government’s efforts to address the challenges of the sector and is currently preparing a Rural Water Supply and Sanitation Project.  The project development objectives (PDO) are to assist the Government of Tajikistan to: (i) strengthen capacity of institutions in the water supply and sanitation sector; and (ii) improve access to water supply and sanitation services in selected regions. Preliminary locations of the project area are: (i) Vakhsh group inter-district water supply system covering six districts of Southern Khatlon (Bokhtar, Vakhsh, Balkhi, Sarband, Dusti, Jayhun); Vosse district water supply system; (iii) and Danghara-Temurmalik (Kangurt) water supply scheme all located in southern Khatlon region of Tajikistan.

The State Unitary Enterprise “Khojagii Manziliyu Kommunali” under the Government of the Republic of Tajikistan is a beneficiary, and the Municipal Infrastructure Development Project Management Unit (MIDPMU) acts as a contracting authority for these consulting services.

The objective of the audit of the entity financial statements is to enable the auditor to express a professional opinion on the (consolidated) entity financial statements of the State Unitary Enterprise “Khojagii Manziliyu Kommunali” prepared in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standard Board (IASB). State Unitary Enterprise “Khojagii Manziliyu Kommunali” accounting records provide the basis for preparation of the financial statements and are established to reflect its financial transactions.The detailed Terms of Reference (ToR) for assignment are attached to this request for expressions of interest.

The Rural Water Supply and Sanitation Project, , invites eligible consulting firms (“Consultants”) to indicate their interest in providing Services. Interested eligible consultants should provide information confirming that they have the required qualifications and relevant experience to perform the Services:

The shortlisting criteria are:

  • Technical and managerial capabilities of firm;
  • Company profile;
  • Administrative and Financial strength;
  • Experience in similar assignments.

Key Experts will not be evaluated at the shortlisting stage

The consulting company will be selected in accordance with the Consultant Qualification Selection ) set out in the Bank’s Procurement Regulations for IPF Borrowers, July 2016, as amended in November 2017 and August 2018 (Procurement Regulations, which can be found at the following website address: http://pubdocs.worldbank.org/en/178331533065871195/Procurement-Regulations.pdf

The attention of interested Consultants is drawn to Section III.  paragraphs, 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations, which outline the World Bank’s conflict of interest and eligibility policies. Consultants can partner with other consulting firms in the form of joint ventures or sub-consultants to enhance their qualifications. All participants in the joint venture are jointly and severally responsible for the completion of the entire assignment.

Consultants can present their Eol (Expression of Interest) as an individual firm or as an association in the form of a sub-consultant. However, the experience of the sub-consultant will not be considered when compiling the shortlist.

Further information can be obtained at the address below.

Expressions of interest must be delivered in a Russian or English languages in soft copy to the email:  rwssp@midp.tj below by April 15, 2021, 16:00 p.m Dushanbe, Tajikistan local time

Project Management Unit

Attn: Mr. Jamshed Sattorzoda

Republic of Tajikistan, Dushanbe,

56 N. Karabaeva street, 4 floor

Tel: (992372) 33 88 25; 33 13 30

E-mail:  rwssp@midp.tj

Terms of reference (ToR)

for audit of State Unitary Enterprise “Khojagii Manziliyu Kommunali”

for the fiscal year ended December 31, 2020

Introduction

State Unitary Enterprise “Khojagii Manziliyu-Kommunali” was established in 2001 as a result of the reorganization of State Concern “Tajikcommunservice” according to the regulation of the Government of the Republic of Tajikistan No. 235 dated 6 June 2001. The SUE “KMK” operates under the Government of the Republic of Tajikistan. The KMK’s registered office is: 56 N. Karabayev Street, Dushanbe, Republic of Tajikistan.

The Company was established for the purpose of conducting the united policy of operation, development and coordination of housing and utilities infrastructure and effective use of state property to obtain profit from rendering services to customers. Principal activities of the Company:

– Development of legislation in the sphere of housing and utilities infrastructure;

– Development and approval of the housing and utilities infrastructure management structure; – Acting as a main customer in the sphere of capital construction and reconstruction of housing and utilities infrastructure;

– Establishment of centralized funds and development of housing and utilities infrastructure;

– Development of water and sewage lines and heat supply system;

– Development and approval of tariffs for supply of water, heat, technical inventory, sanitary and maintenance of residential sector.

The State Unitary Enterprise “Khojagii Manziliyu Kommunali” under the Government of the Republic of Tajikistan is a beneficiary, and the Municipal Infrastructure Development Project Management Unit (MIDPMU) acts as a contracting authority for these consulting services.

Objective

The objective of the audit of the entity financial statements is to enable the auditor to express a professional opinion on the (consolidated[1]) entity financial statements of the State Unitary Enterprise “Khojagii Manziliyu Kommunali” prepared in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standard Board (IASB). State Unitary Enterprise “Khojagii Manziliyu Kommunali” accounting records provide the basis for preparation of the financial statements and are established to reflect its financial transactions.

Responsibility for preparation of financial statements

The KMK’s accounting department is responsible for the preparation of financial statements, including the maintenance of adequate accounting records and internal controls, the selection and application of accounting policies, the safeguarding of the assets of the SUE KMK, and adequate disclosure.  As part of the audit process, the auditor will request from management of KMK written confirmation concerning representations made to us in connection with the audit.

Scope

  1. The audit will be conducted in accordance with International Standards on Auditing  (IAS). Those Standards require that the auditor plans and performs the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
  2. In complying with International Standards on Auditing, the auditor is expected to pay particular attention to the following matters, including special considerations for public sector entities:
  1. In planning and performing the audit to reduce audit risk to an acceptably low level, the auditor should consider the risks of material misstatements in the financial statements due to fraud, as required by International Standard on Auditing 240: The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.
  2. When designing and performing audit procedures and in evaluating and reporting the results thereof, the auditor should recognize that noncompliance by the entity with laws and regulations may materially affect the financial statements, as required by International Standard on Auditing 250: Consideration of Laws and Regulations in an Audit of Financial Statements.
  3. The auditor should communicate audit matters of governance interest arising from the audit of financial statements to those charged with governance of an entity, as required by International Standard on Auditing 260: Communication with those Charged with Governance.
  4. The auditor should appropriately communicate to those charged with governance and to management any deficiencies in internal control that the auditor has identified in an audit of financial statements, as required by International Standard on Auditing 265: Communicating Deficiencies in Internal Control to Those Charged with Governance and Management.
  5. To reduce audit risk to an acceptably low level, the auditor should determine overall responses to assessed risks at the financial statement level, and should design and perform further audit procedures to respond to assessed risks at the assertion level, as required by International Standard on Auditing 330: The Auditor’s Responses to Assessed Risks.
  6. When certain aspects of an entity’s operations are performed by a third-party service provider, the auditor is expected to include an understanding and assessment of the internal control environment of the service provider during the audit process, as required by International Standard on Auditing 402: Audit Considerations Relating to an Entity Using a Service Organization.
  7. As part of the audit process, the auditor is expected to obtain written representations from management and, where appropriate, those charged with governance, as required by International Standard on Auditing 580: Written Representations. 
  8. When the external auditor decides to use the work of an entity’s internal audit function to modify the nature or timing, or reduce the extent, of audit procedures to be performed directly by the external auditor, the determination shall be in accordance with International Standard on Auditing 610: Using the Work of Internal Auditors.  
  9. In determining whether to use the work of an auditor’s expert or the extent to which the work of an auditor’s expert is adequate for audit purposes, the determination shall be made in accordance with International Standard on Auditing 620: Using the Work of an Auditor’s Expert.  

Entityfinancialstatements

  1. The auditor should verify that the financial statements have been prepared in accordance with IFRS. It defines a complete set of financial statements as comprising the following components:
  2. a statement of financial position as at the end of the period;
  3. a statement of comprehensive income for the period;
  4. a statement of changes in equity for the period;
  5. a statement of cash flows for the period;
  6. notes, comprising a summary of significant accounting policies and other explanatory information; and
  7. a statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.

Audit Reports

Audit opinion

  1. The auditor will issue an audit opinion on the State Unitary Enterprise “Khojagii Manziliyu Kommunali” financial statements. The auditor’s opinion shall be based on an evaluation of the conclusions drawn from the audit evidence obtained and shall be expressed clearly through a written report that also describes the basis for that opinion. The audit report shall be prepared in accordance with International Standard on Auditing 700: Forming an Opinion and Reporting on Financial Statements. 
  2. A modified audit opinion shall be rendered in the financial statements when the auditor concludes, on the basis of the audit evidence obtained, that the financial statements as a whole are not free from material misstatement; or the auditor is unable to obtain sufficient appropriate audit evidence to conclude that the financial statements as a whole are free from material misstatement. Modified audit opinions shall be in accordance with International Standard on Auditing 705: Modifications to the Opinion in the Independent Auditor’s Report.
  3. The auditor will include emphasis of matter paragraphs or other matter paragraphs in the audit opinion where the auditor, having formed an opinion on the financial statements, seeks to draw users’ attention, when in the auditor’s judgment it is necessary to do so, by way of clear additional communication in the auditor’s report. The paragraphs will refer to either a matter that, although appropriately presented or disclosed in the financial statements, is of such importance that it is fundamental to users’ understanding of the financial statements; or as appropriate, any other matter that is relevant to users’ understanding of the audit, the auditor’s responsibilities, or the auditor’s report. This form of opinion will be presented in accordance with International Standard on Auditing 706: Emphasis of Matter Paragraphs or Other Matter Paragraphs in the Independent Auditor’s Report.
  4. In addition to the audit opinion(s), the auditor will also, either in the audit report or in the report to management:
  1. provide comments and observations on the accounting records, systems, and controls that were examined during the course of the audit;
  2. identify specific deficiencies and areas of weakness in systems and controls and make recommendation for their improvement;
  3. draw to the borrower’s attention any other matters that the auditor considers pertinent; and report of any KMK’s incompliance with the financial covenant in the relevant financing agreement.
  4. responses from management, including implemented and proposed remedial actions.
  5. follow up the status of implementation of prior period auditors’ recommendations and management responses and report on implementation/resolution progress.

If, during the audit nothing has come to the attention that the auditor considers pertinent to be brought to the attention of the borrower, and a management letter is therefore not prepared, the auditor will issue a letter stating this.

  1.  Report Submission. Draft Auditor’s report and draft Management letter shall be issued on completion of the Audit to the Director of KMK for review and comments no later than May 31, 2021. SUE KMK should receive the final financial statements’ audit report, including the audit opinion, and management letters no later than June 30, 2021. KMK management should then promptly forward two copies of the audited financial statements (including audit opinion) and management letter to the World Bank. Audit reports and Management letters shall be submitted in English and Russian languages in 4 copies each.
  2. In the annex to the financial report, the auditor should provide all worksheets, adjustments and corrections electronically.

Public Disclosure

  1. In accordance with “The World Bank (the Bank) Policy on Access to Information” dated July 1, 2010 for Bank-financed operations for which the invitation to negotiate is issued on or after July 1, 2010, the Bank requires that the SUE KMK makes entity audited financial statements publicly available in a timely fashion and manner acceptable to the Bank. In addition, following the Bank’s formal receipt of these financial statements from the SUE KMK , the Bank makes them available to the public in accordance with this policy.
  2. Management Letters, special audits (i.e. whose nature is not financial), and unaudited financial statements are not considered to be a part of the definition of the audited financial statements for the purposes of disclosure.
  3. Only in exceptional cases the Bank may agree — i.e., when the audited financial statements contain proprietary or commercially sensitive information — that the borrower or designated project entity may be exempted from disclosing the full set of audited financial statements, but is still required to disclose an abridged version of them in a form acceptable to the Bank.  Exceptions are approved by World Bank management.

General

  1. The auditor is entitled to unlimited access to all information and explanations considered necessary to facilitate the audit, including legal documents, project preparation and supervision reports, reports of reviews and investigations, correspondences, and credit account information. The auditor may also seek written confirmation of amounts disbursed and outstanding in the Bank records.
  2. The auditor is encouraged to meet and discuss audit-related matters, including input to the audit plan, with the World Bank project task team.
  3. This term of engagement will remain effective for future fiscal years unless it is terminated, amended or superseded.

[1] IFRS require that consolidated financial statements should be prepared where a reporting parent company has subsidiaries.

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