Objectives

The primary objective of this tender is to appoint a qualified and experienced service provider to deliver internal audit services for the KwaZulu-Natal Economic Regulatory Authority (KZNERA) over an initial period of thirty-six (36) months, with an option to extend for a further twenty-four (24) months. The internal audit function aims to provide independent assurance, evaluate internal controls, promote compliance, and support effective governance within KZNERA.

Scope

The scope of work includes:

• Conducting risk assessments and developing a risk-based internal audit plan for a three-year rolling period.
• Executing internal audits in accordance with relevant standards, including financial, operational, IT, forensic, and governance audits.
• Monitoring and following up on external audit findings and recommendations.
• Performing ad hoc reviews, special audits, and forensic investigations as required.
• Providing reports and an overall annual opinion on the control environment to the Audit & Risk Committee.
• Ensuring compliance with applicable legislation, policies, and standards such as the King IV Report.
• Supporting risk management and fraud prevention initiatives.

Technical Requirements

The service provider must:

• Be registered on the Central Supplier Database (CSD) and compliant with tax and procurement regulations.
• Possess relevant professional certifications (e.g., CIA, CA(SA), CISA) for key personnel, including the Partner/Director.
• Have a minimum of five (5) years of relevant internal audit experience, particularly in the gambling, liquor, or regulatory sectors.
• Demonstrate capability to perform comprehensive internal audits, including IT systems and value-for-money testing.
• Maintain independence and objectivity, with no conflicts of interest.
• Provide a detailed methodology, approach, and work plan aligned with the International Standards for the Professional Practice of Internal Auditing.
• Ensure the internal audit team has the necessary skills, experience, and professional memberships.
• Sign a Service Level Agreement (SLA) and adhere to the Internal Audit Charter and relevant standards.

Skills Requirements

The bidder’s team must possess:

• Qualified auditors with at least 3 years’ experience managing internal audit assignments.
• IT auditors with qualifications such as ISO 27001 Lead Auditor, CISA, CISM, or CGEIT.
• Team members with relevant post-graduate qualifications and professional certifications.
• Experience in risk assessment, forensic audits, governance reviews, and compliance testing.
• Knowledge of public sector internal audit practices, including compliance with the Public Finance Management Act and Treasury Regulations.
• Local presence within KwaZulu-Natal to ensure effective service delivery.

Overall, the service provider must demonstrate technical competence, sector-specific experience, independence, and the ability to deliver high-quality internal audit services in accordance with professional standards and legislative requirements.