Objectives

The primary objective of this tender is to procure professional services to assist Blouberg Municipality in implementing the revised GRAP 104 Financial Instruments standard. This includes calculating expected credit losses for the financial years 2024/25 and 2025/26, ensuring compliance with the new standard, providing training and knowledge transfer to internal staff, supporting audit queries, and developing or reviewing accounting policies aligned with the revised standard.

Scope

The scope of work encompasses:

• Implementation of the revised GRAP 104 standard in the municipality's Annual Financial Statements (AFS) for the year ending 30 June 2026.
• Calculation of expected credit losses (ECL) for the specified financial years, reflecting unbiased, probability-weighted outcomes, the time value of money, and reasonable supportable information.
• Assessment and implementation of other changes required by GRAP 104 and related standards.
• Provision of training and knowledge transfer to municipal staff on the revised standard.
• Assistance with audit queries related to the implementation of GRAP 104.
• Development and review of accounting policies and methodologies aligned with the revised standard.

Technical Requirements

The technical requirements include:

• Performing unbiased, probability-weighted ECL calculations considering future economic conditions.
• Conducting comprehensive assessments and implementing all necessary changes mandated by GRAP 104 and related standards.
• Developing a detailed project plan/methodology that demonstrates a clear understanding of the revised GRAP 104 requirements, including key activities, timelines, and strategic approach.
• Providing training sessions and knowledge transfer to municipal staff.
• Supporting audit processes and queries related to the implementation.
• Supporting the development and review of relevant accounting policies.

Skills Requirements

The bidder must demonstrate:

• Experience in public sector financial reporting, with at least 4 appointment and reference letters showcasing involvement with GRAP standards and financial statement preparation or training.
• Qualified personnel with expertise in accounting and actuarial fields, including:
• Team leader who is a registered Chartered Accountant (CA(SA)) or equivalent, a Registered Auditor with SAICA and ACCA, with at least 10 years’ experience in similar projects.
• Actuaries with membership certificates from ASSA and relevant qualifications.
• Ability to develop a comprehensive, municipality-specific project plan/methodology that is signed and branded with the company logo.
• Proven capability to perform detailed technical assessments and implement changes in accordance with GRAP 104.