Tender Detail

Invitation of Competitive Bids

for External Audit Firms to Akufada MFI

Akufada Micro Finance Institution S.C. is a share company registered with the National Bank of Ethiopia under the Micro-Financing Business Proclamation No. 623/2009 and its amendment, Proclamation No. 1164/2019. Our business license, issued on August 1, 2022, is numbered MFI/055/2022. Founded by 1,886 shareholders, Akufada Micro Finance Institution officially commenced operations on October 22, 2022. The institution is dedicated to establishing a reliable and transparent financial system for its shareholders, government regulators, and all internal and external information users.

Our head office is located in Debre Birhan City Administration within the Amhara Regional State, and we currently operate forty-two (42) branches across seven regions of the country: Addis Ababa, Central Ethiopia, Oromia, Amhara, Sidama, Dire Dawa, and Southwest Ethiopia.

We invite certified and experienced auditors or audit firms to submit bids for the 2025 accounting period. Bidders must fulfill the requirements outlined in the appointment of a micro finance institution external auditor directive No. MFI/37/2024 issued by the National Bank of Ethiopia.

Requirements include, but are not limited to:

1. The audit firm must be licensed by the AABE and have a renewed business license as appropriate.
2. Members of the audit team must possess knowledge of IFRS, evidenced by an IFRS training certificate.
3. The audit manager should have at least three years of experience in auditing financial institutions; other audit team members should have experience in the banking and microfinance sectors or adequate experience in auditing financial institutions, considering the size and

complexity of the microfinance institution.

4. Proposed audit team members must have adequate knowledge and training regarding fair value estimation and be able to assess the robustness of processes for determining the fair value of assets and liabilities as well as evaluate key assumptions and inputs used in valuations.
5. The audit firm and its partners, directors, managers, or members of the proposed audit team must not have been declared insolvent or bankrupt by a court, must not have been convicted of any criminal offenses, fraud, forgery, financial crime, or other illegal activities, must not be defaulters of any microfinance institution or other financial institution, and must not be defaulters of any tax obligations.
6. The external auditor, their partners or audit team members, as well as their associates, must not operate any deposit accounts or be direct or indirect borrowers or users of our microfinance institution, except on an arm's length basis.

Qualified competitive bidders who fulfill the required criteria are invited to submit a detailed technical proposal, along with the profiles and work experiences of the audit manager and audit team members, as well as a financial proposal. Submissions should be delivered to Akufada MFI's head office representative branch located in Addis Ababa around Arat kilo at NIB Building, 2nd floor, within five (5) consecutive working days from the issuance of this notice in the newspaper.

Bids will close at 10:00 AM and will be opened at 10:30 AM on the closing date in front of the bidders or their representatives.

Akufada Micro Finance Institution reserves the right to cancel this bid partially or entirely under any circumstances.

For further clarification, please contact us on the following addresses.

+251 111 637 64 57/09 20 32 16 24

Akufada Micro Finance Institution S.C.