Request For Expression Of Interest For Consulting Services Financial Audit Of The 4 State Companies

Request For Expression Of Interest For Consulting Services Financial Audit Of The 4 State Companies Procurement Method Quality And Cost Based SelectionNotice No Op00075697 Democratic Republic Of Sao Tome And Principe Unit Discipline Work Ministry Of Planning Finance And EconomyFiduci Project Management AgencyInstitutional Capacity Building ProjectExtending The Request For Declaration Of Interest Consulting Services Country Sao Toom And P InterestPrinceProject Institutional Capacity Building Project Pr Bsp Consulting Services Ref N 49 C Icb 2019 Financial Audit Of The 4 State Companies The Government Of The Democratic Republic Of S Tom Eacut E E Pr ncipe Has Received Financial Support From Bancomundial To Implement The Institutional Capacity Building Project Prci D 3080 And Intends To Apply Part Of This Funding To Advisory Services To Audit The Four State Owned Companies Emae Enaport Enasa E MailsConsulting Services The Services Include I Perform Procedures To Obtain Audit Evidence About The Amounts And Disclosures In The Financial Statements Ii Ensure That The Selection Of These Procedures Is Based On Appropriate Judgment Including The Assessment Of The Relevant Financial Risk In The Financial Statements Regardless Of Whether Caused By Fraud Or Error Distorbsp Iii Preparation Of The Follow Up Units Annual Aggregate Report Iii Develop Audit Procedures After Taking Into Consideration The Relevant Internal Control Procedures For The Preparation And Presentation Of Appropriate Financial Statements Of The Public Enterprises That Are Appropriate In The Circumstances But Not For The Purpose Of Expressing An Opinion On The Effectiveness Of Control Internal Disease Iv Evaluate The Appropriateness Of Accounting Policies Used And The Reasonableness Of Significant Accounting Estimates Made By Management Consider The Overall Presentation Of The Financial Statements The Detailed Terms Of Reference Tor For The Task Can Be Found Attached To This Request For Expressions Of Interest Or On The T la Non Announcements Website On The Afap Website Or At The Afap Premises On Weekdays From 8 30 Am To 12 00 Pm And From 2 30 Pm To 5 00 Pm Addressed To Naedil Oe Contact Details Are Below The Objective Trust Office Invites Qualified Consultants Offices Firms Firms Consultants To Express Their Interest In Providing Such Services By Sending The Letter Of Intent Cv And Proof Overall Experience Of The Office Execution Of Similar Contracts Financed By The World Bank Experience Of Work In The Region Etc In A Sealed And Properly Identified Envelope Addressed To The Afap Director General By 9 Am Local Time On 28 August At The Address Below Or At E Mail Address Projectrci17 Yahoo Com Or Carlosbonfim53 Hotmail Com Or Afap2 Yahoo Com Br With The Subject Ref No 49 C Icb 2019 First And Last Name Interested Consultants Attention Is Drawn To Section Iii Paragraphs 3 14 3 16 And 3 17 Of The Ipf Borrower Procurement Regulation July 2016 Revised October 2017 And August 2018 Procurement Regulations Is Establishing The Banks Policy On Conflicts Of Interest A Short List Of Consultants Rms Will Be Selected According To The Quality And Cost Selection Method Established By The Procurement Regulations The Criteria For Creating The Shortlist Are As Follows Company Office Specific Experience In Accounting And Financial Auditing Work Carried Out On Similar Or Related Projects Funded By The World Bank And Company Office Technical And Management Capacity More Information Can Be Obtained At The Address Below During Office Hours 08 30 To 12 00 And 14 30 To 17 00 The Project Administration Trust TrustAttn Alberto Leal Afap Director GeneralKwame Nkrumah Avenue Afriland Fi Rst Bank Building 2Nd FloorPo Box No 1029 Sao Tome Sao Tome And PrincipeTel 239 Nb Sp 222 52 05Email Afap2 Yahoo Com Br Carlosbonfim53 Hotmail Com Projectrci17 Yahoo ComTerms Of ReferenceAudit Of The Financial StatementsofPublic CorporationsBackground And Objective Oof WorkOfThe Government Of Sao Tome And Principe Gostp Is Currently Implementing A Set Of Mea Tablishing The Operating Capacity And Financial Sustainability Of Publicly Owned Corporations In Thisregard In 2018 It Commission And The Pre Audits Of The Financial Statements For The Year Ending December 31 2016 For The Followingpublic Corporations Enasa Airport Management Corporation Emae Public Powercompany Enaport Public Port Management Corporation AndMail Mail Servicecompany As A Result Of The Pre Audits The Financial Statements Of Such Corporations Were Revised To Comply With A Financial Report Framework Frf That Is Aligned With The International Financial Report Standard Ifrs These Provisions Were A Result Of The Findings Of The Pre Audit Exercise Including Relevant Errors Or Material Abnormalities In The Financial Statements Of The Public Corporations AndSignificant Bottlene Cks In The Policies Procedures And Internal Controls Of Corporations Concerning The Preparation Of The Financial Statements The Pre Audit Report Led To Improvements In The Quality Of The Respective Financial Statements Of Such Corporations For The Year Ended December 31 2017 Based On This The Government Intends With The Technical And Financial Assistant Body Of The World Bank Provided Through Strengthening Institutional Capacity Project Sicp To Commission The Audit Of The Finance Statements Of The Above Mentioned Public Corporations For The Years Ending In 2017 And2018 Audit Ob JectiveThe Objective Of The Audit Of The Financialstatements Will Be To Enable The Auditor To Express A Professional Opinion On Whether The Financial Statements Present Fairly In All Material Respects The Financial Position Of The Enterprise And The Results Of Its Operations And Related Cashflows Scope Of Work P The Auditor Shall Undertake The Inaccuracy Assignment With The International Standards On Auditing Isa As Defined By The International Federation Of Accountants Andcomply With The Code Of Ethics For Professional Accountants Set Out By The International Ethics Standards Board Foraccountants Auditors ResponsibilityThe Responsibility Of The Auditor Is To Express An Opinion On The Financial Statements Of The Public Corporations Based On The Audits These Should Be Conducted In Accordance With International Standards On Auditing The Auditors Should Plan And Perform The Audit To Obtain Reasonable Assurance About Whether The Financial Statements Are Free Of Matte Thial Misstatement The Auditor Will Also Ensure That The Audit Evidence Obtained Is Sufficient And Appropriate To Provide Areas On The Basis For The Audit Opinion The Auditor Will Ensure The Following Perform Procedures Toobtain Aud It Evidence About The Amounts And Disclosures In The Financial Statements Ensure That The Selection Of These Procedures Is Based On Adequate Judgment Including The Assessment Of The Risks Of Material Misstatement Of The Financialstatements Wheth Due To Fraud Or Error Design Audit Procedures After Taking Into Consideration Internal Controlprocedures Relevant To The Preparation And Fair Presentation Of The Public Corporations Financial Statements That Areappropriate In The Circumstances But Not For The Purpose Of Expressing An Opinion On The Effectiveness Of The Entitysinternal Control Evaluate The Appropriateness Of Accounting Policies Used And The Reasonableness Of Significant Estimates Made By Management Consider The Overall Presentation Of The Financialstatements Responsibilities Of The Management Of The PubliccorporationsThe Management Of The Public Corporations Shall Ensure Adequate Access By The Auditor Of The Corporations In Addition Management Will Ensure Access To All Staff Of The Public Corporations By Providing The Audit And Will Facilitate The Physical Inspection Of All Corporations Fixed Assets Audit ReportThe Auditor Shall Issue An Audit Report On The Financial Statements Of Eachpublic Corporation Containing The Audit Opinion The Report Will Include At Least The Following 1 The Titlle Pu Addressees And An Opening Or Introductory Paragraph ContainingIdentification Of The Financial Information Audite Including The Period Covered AndStatement Of The Responsibility Of The Management Of The Corporation And Theresponsibility Of The Auditor 2 A Scope And Methodology Paragraph Describing The Nature Of Theaudit Including The Accounting Standards That Have Been Applied And Indicate The Effect Of Any Deviations Fromthose Standards The Audit Standards That Have Been Applied Intosai Standards Isas Or National Standards That Comply With One Of These In All Material Respects AndThe Work The Auditor Performed 3 An Opinionparagraph Disclosing W Hether The Financial Statements The Financial Position Of The Public Corporation And The Results Of Its Operations And Its Cash Flow S Management LetterIn Addition To Theaudit Reports The Auditor Will Prepare A Management Letter In Which The Auditor Will Give Comments And Observations On The Accounting Records S Ystems And Controls That Were Examined During The Course Of Theaudit Identify Specific Deficiencies And Areas Of Weakne Ss In Systems And Controls And Make Recommendations For Theirimprovement Report On Compliance With Relevant Le Gislation Where Necessary Communicate Mattersthat Have Come To Attention During The Audit Which Might Have A Significant Impact On Operations And Financial Position Of The Corporation Bring Attention Any Other Matters That The Auditors Consider Pertinent AndIncludemanagements Comments In The Final Management LetterSimilar Engagementsundertaken The Auditor Shall Provide A List Of Similar Engagements Provided In Relation To Other Entities And Enterprises In Stp For Each Of The References The Auditor Will Indicate Custom Ersname And Address Activity Sector Time Project Implementation Start End Date Descriptionof Worksprovided Auditors QualificationsThe Auditor Will Bea Firmof Auditors With Adequate Expertise In Financial Audit The Auditor Must Contribute To A Team Who Should Have Relevant Professional And Educational Qualifications And License Registration Sufficient In Depth Experience Unconditional Audits Of The Financial Statements Of Publicly Owned Corporations Experience In Auditing In The Region And Have The Conductinevant Portuguese Language Skills AndNo Conflict Of Interests In Relation To The Public Corporations And Their A TimingThe Audit Of The Financial Statements Will Begin In June 2019 And Will Be Conducted For A Period Of Not More Than Sixty Days From The Date Of Signature Of The Contract At The End Of This Period The Auditor Will Be Expected To Submit The First Draft Of The Audit Report All Information And Documentationshall Be Provided In Portuguese Language Annex IEmaesinstitutional BackgroundThe Water And Power Company Of Sao Tome And Principe Emae Hashistorically Had A Problematic Handling Which Has Threatened The Sustainability Of Power Supply The Emae Is A Thermal Energyproducer About 93 5 Although Its Target Is To Attain 40 Of Renewable Energy In Near Future The Emae S Dependence On Fuelimport Due To Its Poor Storage Capacity Subject The Company To Oil Prices Instability Fuel Is Purchased From The National Fuel And Oil Company Enco The Nationaloil And Fuel Company The Country S Sole Fuelsupplier Which Is 75 Held By The Angolan Oil Corporation Sonangol And 16 By The Government Of Stp For Paymentof Imported Fuel The Emae Is Subject To An Administrative Pric And Set Out By The Government In Order To Manage Price Instability Andit Also Benefits From A Tax Exemption Over Fuel Import Another Form Of Governmental Support Is Through Governmental Issuanceof State Bonds For Payment Of Imported Fuel The Emae Has Not Been Able To Pay For Most Of Imported Fuel In The Last Decade Resulting In Estimated Accrual Of Debts In The Amount Of 3 7 Million Euros By2016 About One Seventh Of The Country S Gnpdischarge Such High Level Of Accrued Debt The Emae Has Been Working Und An Existing Arrangement Between Enco And Thestate Table1 Key Indicators Of PerformanceColor Black Vertical Align Top Width 176 4En Number Of Customers For PowersupplySupply Capacity26 MwWidth 176 4En T D Average Loss40 Debt Water Electric Power And Basic Sanitation ParameterAmountPower Enrol Width 248 35Pt Amountment Fee59 51 527Power Matrix93 4 Thermal Remaining HidropowerPrivate Sector Contribution To Power Generation0 0 Average Cost Of Service 0 32 KwhAverage Tariif 0 21 KwhPower Account Charge Fee 85 But Only 50 5 Of Production Is Charged 38 6MillionsDespite Its Possession Of One Of The Largest Tariffs In The Region With An Average Tariff Of 0 21 Per Kwh MillionsAnnex IiEnaports Institutional BackgroundThe Enaport Is A Collective Entityof Public Right Created By Decree Law Nr 03 89 Dated March 21 And Published On The Official Gazette Nr 3 Fifteen Years Later Its Bby Oflaws Was Approved By The Decree Law Nr 15 04 Dated December 30 Published On The Official Gazette Nr 13 On The Terms Of Nr 1 Of He Article 1 Of The Above Referred By Laws The Enaport Was Granted Responsibilities And Autonomous Legal Power As Well As Active Administration Financial And Patrimonial Autonomy Likewise The Nr1 Of The Article 2 States That The Objective Of This Corporate Port And Custom Management In Stp Seeking Its Economic Exploitation Preservation And Development By Undertaking Competences And The Prerogatives Of Port Authority Which Are Or Shall Be Bestowed To It Aiming At Port Exploration Management And Development Instp Provision Of Services To Ships The Enaport Directorate Is Governed By A Director General Entrusted With Power To Carryout Activities Related To Services Planning Restructuring And Management To Ensure Reinforcement Of The Existinglaws The Enaport Is Currentlyconstituted As Follows General DirectorateFiscalcouncilManaging Board Nbsp The Last Five Years Map Of Corporatefeatures In Millions Align Bottom Width 70 15En 1 Equity Pt Vertical Align Bottom Width 192 55En Number Of Existing Shares Or Ht 15 0En Vertical Align Bottom Width 55 0En N Bottom Width 70 15En Height 15 0Pt Vertical Align Bottom Width 55 0En 70 765 102 009 86592 80Average Salary During The Activities Tdstyle Height 15 75En Vertical Align Bottom Width 55 0En 127Title20142015Width 55 0En 2016Ht 15 75Pt Vertical Align Bottom Width 61 0En 20172018Ve Share Capital50 0050 0050 0050 0050 002 Activities Operationoutcomes Business Bulk87 179 0292 669 48104 206 13Incomec Before Tax546 66913 743 002 72 Operationnet Income335 211 380 752 259 543 Income Per ShareD Dividends Per Share4 PersonnelVertical Align Bottom Width 55 0En 148156151 00156Ce Sheet And Accounts 2017 And2018Annex IiiEnasas InstitutionalbackgroundThe National Air Security And Airport Corporation Was Created In December 1987 With The Objective Of Implementin Background N The State Policy In The Airport Field The Enasa Hashistorically Had A Problematic Management Sp Bird Largely Impacted On The Sustainability Of The Corporate The Enasa Is Incharge For Maintenance And Security Operation Of The Airport Premises With Focus On Airport And Airdrome Management Aiming Ateconomic Exploitation Provision Of Services To Air Rafts And Passengers And Storage Of Goods As Well As Flight Information Advisory Traffic Control And Air Security Activities Withi In The Sao Tomean Air Space A Relevant Contribution Of The Airport Tothe Local Economy Is Touristic Visits From Abroad Such As Europe America And Africa As Well As Other Regions Of The Globe Connection Between The Two Islands Is Guaranteed By The Stp Airwa Ys And Africa Connection Comprising Thirteen Flights In A Weeklybasis Relatively To International Connection Flights Are Mostly Ed By Foreigner Airways Which Provide Sixteen Weeklyflights From And To Europe And Africa Lack Of Investments Through The Years Has Negatively Impacted On The Corporate S Operation Status In Response To This The Government Has Recently Been A Set Of Contacts With Development Partners Searching For Funds To Modernize The Airport As The Short Term Solution Such Interventions Will Largely Contribute To The Enhancement Of Tourism And Other Airport Services The Enasa Is Most Of Times Referred To As A Company Technically In Bankruptcy And Financially Unsustainable The Enasa Managers Do Not Support Such Opinion As The Amount Of Corporation Non Corporeal Assets Used By The Corporate To Carry Out Its Tasks Is Largely Superior To Corpora Te Liabilities The Problemis That Such Assets Have Never Been Inscribed As Corporates Assets And Therefore Have Never Been Region Stered Into Thecorporates Account Giving Room To Reports Even From The World Bank Stating That The Corporate Has A Negative Balance Thus Graded As Financially Unsustainable And Technically In Bankruptcy Millions Std Title20122013201420152016I End Of ActivitiesequityShare Capital495 28495 28495 28495 495 28495 28Of Existing Shares And Quotes495 28All Ie Snumber Of Operation OutcomesE Width 100 Width 100 Vbusinessbulk60 181 7455 047 9537 3655 Style Width 100 R 74 311 43 Tablestyle Width 100 Incomes Before Tax 5 885 45 12 716 95 9 05 Style Width 100 6 608 59Operation Net Income 5 885 45 12 716 95 9 053 Style Width 100 6 608 59Iii Income Per ShareDividend Per Share Iv PeersonnelAverage Salary Duringactivities 189 00Last Five Years Map Of The Corporates Features Inmillions Annex Millions Institutionalbackground OfileThe National Mail Service Company Is A Public Entity Based In Sao Tome With Administrative Financial And PatrimonialautonomyThe Body Was Legally Established In The Framework Of The State Corporatecreation And Organization Process Under Line A Of The Artic Le Nr 1 Of The Decree Law Nr 2 82 Dated December 31 1981 Resultingfrom The Extinction Of The Former Directorate Of Telecommunication Tions And Mail Services This Corporates Asset Is Exclusively Public And Covers Lands Buildings Equipments Including Furniture As Well As Office And It Equipments Vehicles And Other Support Materials Used To Carry Out Commercial Technology Activities The Mail Service Corporate Is Apostolic Sector Whose Main Activity Is The Traditional Mail Service With I Ts Traditional Business Portfolio Of Correspondence Package Order Followed By Its Postal Production Line Printing Finishing Retrieval Treatment Transportation Distribution And Delivery Lack Of Products And Mostly Services Has Consequently Beengenerating A Strong Deficit In Terms Ofrevenues This Corporate Holds Among Its Patrimonial Structures Premises Al Over The National And Regional Territory Which Might Contribute To Service Provision Rather Than Some Of Them Being Rented And Are Inoperative Thecorporates Financial And Economic Status Is Totally Deflationary It Has Not Received Any Relevant Fu Nding Source To Undertake The Rubrics Of The Economic Yearsprovisional Budget The Successive Country Governments Have Not Been Able Yet To Turn This Situation Around Showing Therefore A Complete Commitment On The Development Of The Country S Singlepostalsector Nowadays The Mail Service Corporate Continues In A Critical Obsolete Status The Debts Of Services Pravided By The Upu Universal Postal Union Above All Regarding Quotes Are Very High Owing To Non Compliance And Payments By The State Contrary To Its By Laws The Corporate Has Benefitted From Workshops And Seminars On The Establishment Of Services And Trade Including Financial Service And Postal Area Operation System But The Corporate Shall Not Practice Itwithin The Country Because Of The High Amounts Of Such Debts It Is Necessary For The Government To Have A New Vision About The Business Sector About The Corporate For Several Existing Investments From Domestic Resources Do Not Satisfy The Current Expenditures Therefore This Corporate Is Completely Bankrupted Outcomes2017Service ProvisionCorporates Self Production0Diverse Profits Gains5 0Interests And Incomes ObtainedProfits Andgains2016VariationSale Production Made40 343 500436 648 55091 2 377 784 475 1 55421 805 58 00Styl1 469 931 0981 554 881 110Contribution To Exploration00Off Production Related Profits2 585 577 041844 696 486 206 0Style Vertical Align Top 0Overall6 473 636 1144 328 847 954 50 Disclaimer The Above Text Is Machine Translated For Accurate Information Kindly Refer The Original Document

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