Limited-Assurance Review of Interim Financial Statements

The Trans-Caledon Tunnel Authority (TCTA) is seeking an independent professional service provider to perform a limited-assurance internal audit review of its Interim Financial Statements (IFS) for the six-month period ended 30 September 2026. This is the first year TCTA has prepared a full set of unaudited IFS for its lenders, rather than submitting management accounts. The review is driven by increased financial-reporting risk, including a prior-year qualified audit outcome, material misstatements, the recent transition to GRAP, reliance on manual processes, and constrained internal review capacity. The IFS must be submitted to lenders by 30 November 2026. The engagement runs from 25 to 29 November 2026, with final reporting due on 29 November 2026.

The scope covers a structured review of the complete draft IFS, including notes and accounting policies, for compliance with GRAP presentation and disclosure requirements and TCTA's approved accounting policies. The service provider must agree comparative figures to the audited prior-year annual financial statements, which were prepared under GRAP, and agree IFS amounts to management's lead and supporting schedules. It must also verify mathematical accuracy, casting and cross-referencing, follow up on prior-year AGSA presentation and disclosure findings, and record errors and inconsistencies in an issue log. Corrected versions of the IFS must be validated. The engagement follows the IIA Global Internal Audit Standards and TCTA's internal audit methodology. It provides limited assurance to management and EXCO, and it does not constitute an audit opinion or an ISRE 2400/2410 review. Substantive transaction testing, valuations, tax computations, forensic work and tariff model reviews are excluded. Management retains responsibility for the IFS and all accounting judgements.

Deliverables include an inception meeting and information-request register, an engagement planning memorandum, a daily issue log, a draft findings and corrected-IFS validation schedule, a draft internal audit report with an exit meeting, and a final report with an indexed electronic working-paper file. Pricing must be a firm, fixed fee for the complete assignment, inclusive of all costs, with no separate disbursements. Payment is milestone-based (15%, 45%, 20%, 20%). Mandatory requirements include at least three completed public-sector GRAP financial-statement review or audit assignments within the past five years, SBD 1, SBD 4 and SBD 6.1 forms, a CSD report, a valid B-BBEE certificate or sworn affidavit, and CVs for four key personnel: a Project Leader (CA(SA), at least 10 years' experience), a Senior Manager or Manager (Honours degree), and two Core Team Members (Bachelor's degrees). A signed resource-availability confirmation is also required, including weekend availability. Evaluation is 80% price and 20% specific goals, with a minimum functionality score of 60/100. Functionality covers firm experience, methodology, team capability, workplan and quality assurance. Independence must be declared, and firms that prepared the IFS may not bid.

Note for bidders: the RFQ document lists an issue date of 11 November 2026 at 13:00 and a closing time of 11:00 on 13 November 2026, while the listing shows a publication date of 6 November 2026. Bidders should confirm the timetable and submission method with the enquiry contact (tenders07@tcta.co.za) before the closing date. The RFQ validity period is 30 days from the closing date.