Objectives

The primary objectives of this tender are to conduct a gap analysis of the current financial instrument accounting policies against Revised GRAP 104, develop and implement compliant accounting policies, determine transition adjustments including restatements, prepare necessary disclosures for the 2025/26 Annual Financial Statements (AFS), provide training and capacity building for finance staff, and support audit processes related to GRAP 104 compliance.

Scope

The scope of work includes:

• Performing a detailed gap analysis and producing a Gap Analysis Report.
• Drafting, finalising, and implementing updated accounting policies aligned with GRAP 104.
• Applying transition provisions, calculating adjustments, and preparing restatements and disclosures.
• Supporting the preparation of the 2025/26 AFS with relevant notes, disclosures, and supporting schedules.
• Providing audit support, including preparing evidence files, responding to audit queries, and assisting with corrections.
• Delivering training sessions and practical tools to ensure sustainability post-contract.
• Developing a project plan, progress reporting, and risk escalation throughout the project duration.

The project duration is six months, under a service level agreement with Harry Gwala District Municipality.

Technical Requirements

The technical requirements include:

• Conducting a comprehensive gap analysis report comparing current policies to GRAP 104.
• Drafting and finalising updated accounting policies covering classification, measurement, impairment (ECL), derecognition, and disclosures.
• Applying the appropriate transition approach (full or modified retrospective) and calculating opening balance adjustments as at 1 July 2025.
• Preparing complete and reviewer-ready notes and disclosures for the 2025/26 AFS, including ECL schedules and fair value assessments.
• Supporting the preparation of the 2025/26 AFS with relevant notes, disclosures, and supporting documentation.
• Providing audit evidence files, responding to audit queries within specified timeframes, and assisting with audit findings.
• Delivering training sessions, practical tools, and templates for ongoing sustainability.
• Developing a detailed project plan and progress reports, with risk escalation procedures.

Skills Requirements

The bidder must demonstrate:

• Qualifications and Professional Registration:
  • Chartered Accountant (CA(SA)) registered with SAICA, or
  • Professional accounting designation registered with ACCA or SAIPA, or
  • Postgraduate qualification (minimum NQF level 8) in Financial Accounting.
• Demonstrated Experience:
  • At least five completed municipal AFS engagements involving GRAP implementation or AFS preparation support, with evidence of scope and no material findings.
• GRAP 104 / Financial Instruments Experience:
  • Prior experience implementing GRAP 104, including ECL modelling and disclosures, supported by reference letters.
• Training Experience in Revised GRAP 104:
  • Proven experience conducting at least three training sessions on GRAP 104, with supporting reference letters and engagement documentation.