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Number: (IUL)220-HRDS/1/2015/99
Published Date: 17 Sep 2015
Published Time: 17:16
Deadline: 30 Sep 2015 17:00
Maldives Inland Revenue Authority
Maldives
Invitation for Proposals to Conduct a Training Programme on International Standards on Auditing

We are re-opening the submission for the proposal on “International Standards on Auditing” Training, as we have not received enough proposals for the advertisement of this Authority’s no (IUL)220-HRDS/1/2015/92, dated on 02 September 2015.

Invitation for Proposals to Conduct a Training Programme on

International Standards on Auditing

The Maldives Inland Revenue Authority (MIRA), in its effort to build an efficient team of auditors who are proficient and well versed with the relevant professional standards, wishes to conduct a training program on International Standards on Auditing (“ISA”).

MIRA invites interested parties to submit proposals to conduct a training program on “ISA” in Malé.

The programme should cover, but need not be limited to, the following:

1.1

ISA 200

Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing 

1.2

ISA 210

Agreeing the Terms of Audit Engagements 

1.3

ISA 220

Quality Control for an Audit of Financial Statements

1.4

ISA 230

Audit Documentation 

1.5

ISA 240

The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements 

1.6

ISA 250

Consideration of Laws and Regulations in an Audit of Financial Statements 

1.7

ISA 260

Communication with Those Charged with Governance 

1.8

ISA 265

Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

1.9

ISA 300

Planning an Audit of Financial Statements 

1.10

ISA 315

Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment

1.11

ISA 320

Materiality in Planning and Performing an Audit 

1.12

ISA 330

The Auditor's Responses to Assessed Risks 

1.13

ISA 402

Audit Considerations Relating to an Entity Using a Service Organization 

1.14

ISA 450

Evaluation of Misstatements Identified during the Audit 

1.15

ISA 500

Audit Evidence 

1.16

ISA 501

Audit Evidence-Specific Considerations for Selected Items 

1.17

ISA 505

External Confirmations 

1.18

ISA 510

Initial Audit Engagements-Opening Balances 

1.19

ISA 520

Analytical Procedures 

1.20

ISA 530

Audit Sampling 

1.21

ISA 540

Auditing Accounting Estimates Including Fair Value Accounting Estimates and Related Disclosures.

1.22

ISA 550

Related Parties 

1.23

ISA 560

Subsequent Events 

1.24

ISA 570

Going Concern

1.25

ISA 580

Written Representations 

1.26

ISA 600

Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors)  

1.27

ISA 610

Using the Work of Internal Auditors 

1.28

ISA 620

Using the Work of an Auditor's Expert

1.29

ISA 700

Forming an Opinion and Reporting on Financial Statements

1.30

ISA 705

Modifications to the Opinion in the Independent Auditor's Report

1.31

ISA 706

Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report

1.32

ISA 710

Comparative Information - Corresponding Figures and Comparative Financial Statements

1.33

ISA 720

The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
  1. ISRE 2400 (Engagements to Review Financial Statements) and its practical application.
  2. ISAE 3000 (Assurance Engagements Other Than Audits or Reviews of Historical Financial Information) and its practical application.
  3. ISRS 4400 (Engagements to Perform Agreed-Upon Procedures Regarding Financial Information) and its practical application.
  4. Brief overview of proposed changes to existing ISA’s and proposed new standards.

I. Target Audience

The program is targeted to train 25-30 staff. Most of the participants are currently attempting the fundamental level papers of ACCA and some are ACCA Affiliates.

II.  Duration

The program shall be designed to be delivered within 10 days and is expected to start in October 2015. Classes will be held from 18 to 28 October as follows.

-          Sunday to Thursday: 16:00 to 20:15

-          Saturday: 09:30 – 17:15 (Lunch break from 12:00 to 13:00)

  1. III.       Responsibilities of the Resource Person

The resource person shall:

  1. Develop course materials, including handouts, reading material, exercises and case studies that fully cover the areas outlined above.
  2. Deliver the course materials (Soft and hard copy) to MIRA 7 days prior to the commencement of the program.
  3. Deliver the training sessions. (Training sessions shall be designed in such a way that the practical application component shall constitute at least 75% of the time allocated for each standard.)
  4. Interact with participants during the training sessions to encourage participation and provide guidance on questions that are raised.

IV.  Qualifications of the Resource Person

The resource person shall:

  1. Have recognized academic or professional accounting qualifications.
  2. Have at least 10 years’ experience in a senior post which requires the application of, or consultancy work related to, IFRS. (Preference will be given to those with experience in tax-related posts.)
  3. Have conducted similar training programs for other institutions.

V.  Evaluation Criteria

  1. Course content and design – 30%
  2. Qualifications and experience of resource person – 40%
  3. Fee – 30% (In the case of foreign resource persons, costs associated with travel, lodging and food shall be borne by the resource person and accounted for in the fee quoted.)

VI.  Factors to consider in submitting estimates:

  • Distinctly state the costing of the undertaking.
  • Distinctly state the GST amount along with the proposed total value of the undertaking.
  • The task shall only be assigned upon the settlement of any dues payable to the MIRA (Ministry of Finance and Treasury No. 2011/07 Public Finance Circular, dated 27 April 2011).
  • Where the undertaking is not completed within the period of the agreement, a fine of 0.75% (Zero point Seven Five per cent) shall be deducted per day from the total value of the task.
  • Imposition of fine shall be up to 15% of the total value of the undertaking. The assignor of the undertaking shall have the discretion to terminate the agreement afterwards.
  • Proposal submitted after the deadline shall not be accepted.
  • One Proposal is allowed to be submitted per person.
  • A document to prove that pension scheme payments are being made in accordance with the Regulation of Maldives Pension Administration Office (Circular No. 2012/4) shall be submitted along with the Proposal.

You may nominate more than one resource person to conduct the program, in which case you must specify the sessions which will be conducted by each person.

MIRA will provide the training classroom, projectors and other programme-related administrative arrangements.

For further details or queries, please contact Ms. Aishath Nashfa at (+960) 333 9593 from Sunday to Thursday between 08:30 and 16:30 hrs or email to [email protected].

All interested parties should submit proposals in person, in sealed envelopes marked “Proposal to Conduct a Training Programme on International Standards on Auditing” to the address below at 17:00 hrs on Wednesday, 30 September 2015. The proposal should include a detailed outline of the course content, methods of delivery (lectures, discussions, case studies, exercises, etc.), CVs of the resource persons and fee breakdown.

Maldives Inland Revenue Authority

Ameenee Magu, (2nd Floor)

Male’ 20379

Maldives

17 Sep 2015