Objectives

The primary objective of this tender is to procure outsourced internal audit services for the Motor Industry Fund Administrators (MIFA). The aim is to establish a competent service provider capable of delivering comprehensive internal audit functions, ensuring compliance with relevant standards, enhancing governance, risk management, and internal controls, and providing independent assurance to the MIFA Audit and Risk Committee and Board over a three-year period.

Scope

The scope of work includes:

• Conducting a comprehensive readiness assessment across various organizational areas.
• Auditing high, medium, and low-risk areas annually, biennially, and triennially respectively, in accordance with IIA standards.
• Reviewing compliance with the Pension Funds Act, FSCA standards, directives, and circulars relevant to retirement fund administration.
• Assessing the reliability of financial and operational information, operational efficiency, IT controls, cybersecurity, and data privacy.
• Evaluating fraud prevention mechanisms and follow-up on previous audit findings.
• Reporting findings, recommendations, and insights to the Audit and Risk Committee and Board periodically.
• Coordinating with internal auditors to ensure a unified assurance approach.
• Maintaining independence and objectivity, with unrestricted access for the Chief Risk Officer.
• Participating in strategic planning, risk workshops, and management meetings.
• Developing and executing an annual audit plan, including resource allocation and timelines.
• Providing an annual opinion on the internal control environment and core fund administration functions.
• Supporting the handover process from previous auditors if required.

Technical Requirements

The technical requirements for the service provider include:

• Proven experience in providing outsourced internal audit services to private sector organizations, especially within regulated environments such as retirement funds, financial services, or insurance.
• Demonstrated ability to deliver a practical internal audit methodology aligned with IIA Standards, including risk-based audit approach, planning, execution, reporting, and quality assurance.
• Provision of detailed CVs for key personnel, including an engagement lead with at least ten years’ relevant experience and professional qualifications (CIA, CA(SA), CISA, etc.).
• Capacity and resources to deliver the audit plan within agreed timelines, including a proposed team structure and roles.
• Evidence of an external quality assessment review conducted within the last five years, aligned with IIA Standards.
• Ability to provide specialist support (IT audit, forensic, actuarial, cybersecurity) as needed.
• Development of a detailed annual audit plan approved by the MIFA Audit and Risk Committee.
• Adherence to independence and objectivity principles, with unrestricted access for the Chief Risk Officer.

Skills Requirements

The skills and qualifications required from the bidder include:

• Experience in internal audit within regulated environments, with at least three client references of similar scope and scale.
• Qualified key personnel, including engagement lead and specialists, with relevant professional memberships (IIA, ISACA, etc.).
• Strong understanding of internal audit standards, risk management, governance, and compliance frameworks.
• Capability to perform IT audits, forensic investigations, and cybersecurity assessments.
• Demonstrated capacity to deliver quality assurance and continuous improvement in internal audit processes.
• Ability to work independently, maintain objectivity, and communicate effectively with senior management and governance bodies.