National Insurance Company Limited
TENDER NOTICE
Appointment of External Auditors
For the Years 2012, 2013 & 2014
National Insurance Company Limited (NICL) is an unlisted public limited company set up under Insurance
Ordinance, 2000 & Companies Ordinance, 1984 as a general insurance company. The Company is 100%
owned by Government of Pakistan under the administrative control of Ministry of Commerce (MoC),
Government of Pakistan, having its registered office in Karachi and having its presence across Pakistan
through Zones and Branches. The Financial Statements of NICL are audited and reviewed as per the
provisions of Insurance Ordinance, 2000 and Companies Ordinance, 1984.
NICL intends to invite application from “A” Category Audit Firms (under Circular No.5/2014 of SECP) for
appointment as External Auditors for the Financial Years 2012, 2013 & 2014 as per Scope of Work
(Annexure-A). Interested Audit Firms are requested to submit complete information as per following
details:

Copy of registration of firm

List of existing clients in the Public and Private sectors

List of existing general insurance clients

Number of partners along with qualification and experience

Number of qualified accountants employed

A copy of the Quality Control Review (QCR) rating of the firm by the ICAP

Details of International Affiliation (if any)

Audit Fee & out of pocket expense for each year to be charged in case of appointment as per scope
of work

Presence of the Firm at different locations in Pakistan
Audit Firms are invited to participate in the tender along with relevant documents and complete firm
profile. Details about NICL and its operations can be obtained from NICL website (www.nicl.com.pk).
Sealed Quotations clearly marked as “Appointment of External Auditors for the Years 2012, 2013 &
2014” should reach this office latest by October 16, 2015, 11:00 a.m. and will be opened in presence of
firms’ authorized representatives, on the same day at 12:00 noon.
NICL reserves the right to accept or reject any or all offers / quotations in accordance with the relevant
clause of PPRA. Advertisement is also available on PPRA website (http://www.ppra.org.pk/)
General Manager (Internal Audit)
National Insurance Company Limited
3rd Floor, NIC Building
Abbasi Shaheed Road, Karachi
Phone # 99225757
Fax # 99225754
Annexure-A
NATIONAL INSURANCE COMPANY LIMITED
EXTERNAL AUDITORS APPOINTMENT FOR THE YEARS 2012, 2013 & 2014
SCOPE OF WORK
National Insurance Company Limited (NICL) requires the services of “A” Category Audit Firms (under
Circular No.5/2014 of SECP) in respect of the following services as per the provisions of Companies
Ordinance, 1984, Insurance Ordinance, 2000 and relevant rules including Public Sector Companies
(Corporate Governance) Rules, 2013:
For the years 2012, 2013 & 2014

Annual Audit of NICL

Review of Consolidated Financial Statement of NICL and its subsidiary

Review of Regulatory Returns

Half Yearly Review

Review on Company’s Compliance with the requirements of Code of Corporate
Governance.

Any other audit / review required under Companies Ordinance, 1984, Insurance
Ordinance, 2000 and Corporate Governance Rules/Code.
All firms should state lumpsum fee for each year as mentioned above in their proposal. Any other out of
pocket expenses should also be mentioned separately.
NATIONAL INSURANCE COMPANY LIMITED
SELECTION CRITERIA FOR EXTERNAL AUDIT FIRMS
S. No.
Criteria
Marks
01
Bidder Firm has been in existence since (years)
05
02
Number of State Owned Corporate clients
10
03
Number of clients in general insurance sector where
the bidder firm has provided external audit services
during the last 15 years
20
04
Firm has satisfactory Quality Control Rating (QCR)
by ICAP
10
05
Firm has international affiliation
05
06
Fee for Scope of Work (full marks for lowest fee
quoted)
50
Total Marks
100
Name of Firm
(Marks obtained)