REQUEST FOR EXPRESSIONS OF INTEREST
Electricity Restoration and Modernization Project (GERMP)
Loan No./Credit No./ Grant No.: IDA-D6530
Assignment Title: External Auditor for GERMP
Reference No.: GM-NAWEC-312785-CS-LCS
The Government of the Gambia (GOTG) has received financing from the World Bank (IDA Grant D3090 and Grant D6530), European Union (EU), and European Investment Bank (EIB), towards the implementation of the Gambia Electricity Restoration and Modernization Project (GERMP) and intends to recruit an audit firm for the audit of the financial statements.
The Project Development Objectives are to improve the operational performance of the utility, and its capacity to dispatch variable renewable electricity.
The Gambia Electricity Restoration and Modernization Project (GERMP) is designed to support the implementation of immediate priority investments to restore the delivery of electricity services in targeted municipal and regional areas and complement fiscal stabilization efforts. The operation will improve the operational performance of the utility by improving the electricity supply and supporting the turnaround of NAWEC, and its capacity to dispatch variable renewable electricity. In this way, the project partly addresses the aspirations of the population for better public services.
There are four components to the project: (1) on-grid solar PV; (2) T&D restoration and modernization; (3) urgent institutional support for sector turnaround and (4) urgent actions to address the water crisis:
The objective of the audit of the Project financial statements (PFSs) is to enable the auditors to express an independent professional opinion on the financial position of the Project at the end of each fiscal year, and of the income and expenditure for the accounting period ending on that end. The project’s books of account provide the basis for the preparation of the financial statements and are established to reflect the financial transactions in respect of the project.
- Auditing of the Project Financial Statements (PFS) of GERMP in accordance with International Accounting Standards (IAS) and World Bank requirements;
- Review of Statements of Expenditure and Interim Unaudited Financial Statements;
- Review of designated accounts;
- Preparing Management Letters and Audit Reports.
The total audit engagement is for a period of 3 years to review the accounts for the following accounting period:
The first period will be from the period ending December 2022, then December 2023 and December 2024.
National Water and Electricity Company now invite eligible consulting firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services. The shortlisting criteria are:
The interested consulting firm should have (a single company or jointly if associated with other companies):
-At least 5 years of experience in the area of auditing in accordance with IAS;
-Experience in auditing at least one project financed by the World Bank within the last five years;
-A firm should have successfully implemented (completed) at least 1 contract of similar nature and complexity in the past 5 years in developing countries;
-A firm should be registered with the Gambia Institute of Chartered Accountants (GICA) and have necessary up-to-date permits to perform auditing services in The Gambia.
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 for IPF Borrowers” dated July 2016 and revised November 2017 and July 2018 and November 2020 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.
Consultants may associate with other firms in the form of a joint venture or a sub-consultancy to enhance their qualifications.
A Consultant will be selected in accordance with the Least- Cost-Based Selection (LCS) method set out in the Consultant Guidelines.
Further information can be obtained at the address below during office hours or click on the link below for the Terms of Reference.
Expressions of interest must be delivered in written form to the address below (in person, by mail, by fax, or by e-mail) by 30th November 2022.
National Water and Electricity Company
Attn: Haddy Njie – Project Coordinator
Address: National Water & Electricity Company Limited,
Project Implementation Unit
Emporium III Building, Fajara
114 Kairaba Avenue
Floor/ Room number: Conference Room, 1st Floor
Country: The Gambia
Telephone: +220 996 1301/ 9967791/ 7009342