Co-Sourced Annual Financial Statement Review Services

The Industrial Development Corporation of South Africa (IDC), a self-financing National Development Finance Institution, is seeking a professional services firm to support its Internal Audit function through a co-sourcing arrangement. The appointed service provider will provide specialist expertise to review the IDC's separate and group Annual Financial Statements, which are prepared under International Financial Reporting Standards (IFRS). The provider will work under the direction and oversight of IDC Internal Audit, which retains ownership of audit planning, risk assessment, audit scope, reporting, follow-up and assurance reporting to the Board Audit Committee.

The scope of work spans several areas. The provider must evaluate the design and operating effectiveness of financial reporting processes and controls, including financial close, account reconciliations, journal processing and management review controls. It must also review Expected Credit Loss (ECL) and impairment methodologies, including staging, PD, LGD and EAD assumptions, and assess valuation governance and IFRS 13 fair value measurements for investments and financial instruments. Further work includes a pre-submission review of the draft Group Annual Financial Statements to the external auditors, covering IFRS compliance, disclosures and year-end adjustment journals. Technology and data integrity reviews, data analytics to identify anomalies, and tax governance and deferred tax assessments are also required. A structured knowledge transfer programme, including workshops, coaching and deliverables, must be built into the engagement to develop IDC Internal Audit capability.

Bidders must meet minimum requirements, including at least three contactable client references from the last five years, at least two of which relate specifically to IFRS 9 engagements within the financial services industry. The proposed team must include, at a minimum, an Engagement Partner or Director, an IFRS Technical Specialist, an IFRS 9 Specialist, a Data Analytics Specialist, an IT Auditor or Technology Specialist and a Tax Specialist. Bids must include a detailed methodology and a knowledge transfer plan. Pricing must be submitted for two options: one financial cycle and two financial cycles, in VAT-inclusive ZAR. Bids are evaluated on functionality (30% relevant experience, 30% methodology, 25% team qualifications, 10% knowledge transfer) with a minimum qualifying score of 70%, followed by a 80/20 price and specific goals evaluation. Specific goals include Black ownership, Black women ownership and SMME status. Bidders are encouraged to partner with black-owned entities through joint ventures or subcontracting. Enquiries close at 16:00 on 11 November 2026, and bids close at 11:00 on 18 November 2026 via the specified electronic portal. Bidders must hold a valid tax compliance status and CSD registration, and submit a B-BBEE certificate or sworn affidavit where applicable.