2merkato.com (Nov 03, 2026)
Invitation for External Audit Services
Frank Microfinance (Under Formation)
1. Invitation
The Organizing Committee of Frank Microfinance (Under Formation) invites eligible, independent external auditors certified and authorized by the Accounting and Auditing Board of Ethiopia (AABE) to submit technical and financial proposals for the following assignment:
- Audit of share-subscription receipts, capital contributions, formation expenses, and related financial records; and/or
- Audit of the company’s annual financial statements for the fiscal years ending 2026/27, 2027/28, and 202829, subject to completion of incorporation and approval of the appointment by the appropriate company body.
2. Scope of the Assignment
For the formation-period audit, the proposed scope shall include:
- Examination of share-subscription records, shareholder contributions, bank statements, and supporting documentation.
- Verification of amounts collected, deposited, refunded, or outstanding.
- Examination of formation expenses and the supporting approvals and payment documents.
- Reconciliation of financial records with bank balances and shareholder records.
- Review of controls over the receipt, custody, and use of formation funds.
- Submission of an audit report and a management letter identifying material findings and recommended corrective actions.
Where annual financial statement audits are included, bidders shall describe their proposed approach, applicable reporting and auditing standards, staffing, and deliverables separately. The final scope, reporting framework, and form of assurance shall be specified in the approved terms of reference and engagement agreement.
3. Required Documents
Bidders are requested to submit:
- A valid certificate of incorporation or business registration.
- A renewed business license.
- A valid AABE audit-practice license.
- Taxpayer identification and VAT registration certificates, where applicable.
- A valid tax-clearance certificate.
- A firm profile, including relevant audit experience.
- Qualifications and professional credentials of the proposed engagement partner and audit team.
- A proposed methodology, work plan, and completion schedule.
- A declaration of independence and disclosure of any actual or potential conflicts of interest.
- References for similar assignments.
4. Technical and Financial Proposals
Bidders shall submit one original and one copy of each proposal. The technical proposal shall include the bidder’s understanding of the assignment, methodology, relevant experience, proposed team, and delivery schedule.
The financial proposal shall:
- State the fee in Ethiopian birr.
- Show professional fees, applicable taxes, reimbursable expenses, and the total amount separately.
- Quote the formation-period audit fee separately from any annual audit fees.
- State a separate fee for each fiscal year, where applicable.
5. Packaging and Submission
Technical and financial proposals shall be placed in separate sealed envelopes clearly marked:
- Technical Proposal, External Audit Services, Frank Microfinance (Under Formation)
- Financial Proposal, External Audit Services, Frank Microfinance (Under Formation)
Both envelopes shall be enclosed in a sealed outer envelope marked:
- External Audit Services
- To: The Organizing Committee of Frank Microfinance (Under Formation)
6. Submission Deadline and Opening
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Item
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Details
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Submission deadline
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November 6, 2026
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Technical proposal opening
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November 6, 2026
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Opening venue
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AMG Building (behind Denbel City Center)
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Financial proposal opening
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November 7, 2026
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Bidders or their authorized representatives may attend the opening in accordance with the tender instructions. Late submissions will not be accepted.
7. Evaluation
Proposals will be evaluated against the criteria stated in the tender document, including:
- Eligibility and completeness of documentation.
- Relevant audit experience.
- Qualifications and availability of the proposed team.
- Understanding of the assignment and quality of methodology.
- Proposed completion schedule.
- Financial proposal.
Evaluation weights and any minimum technical qualifying score shall be specified in the detailed tender document.
8. Company Under Formation
This invitation is issued by the Organizing Committee of Frank Microfinance, which is currently under formation.
Before signing an engagement agreement, the contracting parties shall expressly identify:
- The party appointing the auditor.
- The signatories authorized to enter into the agreement.
- The party responsible for payment.
- Whether the engagement begins before or after incorporation.
- Any incorporation, approval, or other conditions that must be satisfied before commencement.
Issuing this invitation does not, by itself, appoint an auditor or authorize the commencement of work.
9. Reservation
The Organizing Committee reserves the right to accept or reject any or all bids or cancel the tender, subject to the applicable tender conditions and requirements.
10. Submission Address and Contact
The Organizing Committee
Frank Microfinance (Under Formation)
AMG Building, 3rd Floor
Kirkos Subcity W. 09 (Behind Dembel City Center)
Tell. +251 945225566
Addis Ababa, Ethiopia