Q1. Re subject in caption are there any special forms that we need to fill up for the purpose of submitting the tender or we just need to submit a proposal with the requisite details?
You are kindly requested to adhere to the response format as indicated in section 5 and in appendix 2 of the tender document.
Q2. Section 3.2 says that, “The selected internal auditor must prove to be independent from the MCA management and staff and from the authorised operators regulated by the MCA…” The notion of independence is not defined in the tender document. Could you kindly explain what the Authority means by independence and what would be perceived to be a threat to independence?
In stating that the Internal Auditor needs to be independent from the MCA Management and Staff, the Authority means that the selected internal auditor (or any of the directors in the case of a firm) must not be an immediate or close family member with any of the MCA’s management or staff as this can prove to be a potential conflict of interest. Any ties need to be listed in the tender submission.
It is also obligatory that the internal auditor does not have any MCA authorised undertakings as audit clients (external or internal audit) as the Authority perceives this to be a potential threat to independence. Furthermore, in accordance with section 5.1 sub article 7 of the ITT, the bidder must also “list and describe the organisation’s professional relationships involving connected parties for the past five (5) years, together with a statement explaining why such relationships do not constitute a conflict of interest relative to performing the proposed internal audit work”.
Q3. Does the tender relate to Systems audits or simply financial?
Reference should be made to sections 3.1 and 3.3 of the ITT whereby the objectives and terms of reference of the engagement are clearly stated.
An objection letter has been received from one of the bidders, the adjudication process has been put on hold until further notice.
