FEDERAL GOVERNMENT EMPLOYEES HOUSING FOUNDATION, ISLAMABAD
In continuation to the Expression of Interest (EOI) for “Audit of Accounts” published
in the Press on 18th Sep 2014 and the distributed pursuant thereto, the following TOR,
Information Requirements and other Terms & Conditions are brought out for the information of
the Chartered Accountant Firms interested in submitting Proposals in response to the said EOI.
I.
BRIEF OF ORGANIZATION
Federal Government Employees Housing Foundation, Public Limited Company
registered under section 42 sub section (I) of the Companies Ordinance, 1984 on 18 October
1989 formed as non-profit organization to initiate, launch, sponsor and implement Housing
Schemes for Federal Government Employees whose head office is situated in Islamabad and a
project office in Karachi. The Housing Foundation has launched its 06 phases so far including
Housing Projects in Karachi. Separate Accounts of Karachi Office and Islamabad Office are
prepared which are, finally, consolidated. Besides, a Welfare Trust for the employees of Housing
Foundation was established in July 2008 for the welfare of the employees of Housing
Foundation.
II.
TERMS OF REFERENCE (TOR)
SCOPE OF WORK
The scope of work shall include, but not be limited to, the following broad areas:
i.
ii.
iii.
iv.
v.
vi.
vii.
Audit of Accounts of FGE Housing Foundation, Islamabad and Karachi Offices for
the years 2011-12, 2012-13 and 2013-14 (03 years) and Audit of the Accounts of
Welfare Trust of Housing Foundation for the years from 2008-09 to 2013-14 (06
years).
In accordance with the Generally Accepted Auditing Principles and standards as
prescribed by the Institute of Chartered Accountants of Pakistan.
In accordance with the requirements of approved International Accounting &
Auditing Standards, the Companies ordinance 1984 and other statutory and regulatory
practices as applicable in Pakistan.
To Express an independent opinion on the Financial Statements and to conduct audit
using a systematic approach including thorough review of systems and implement
audit plan and procedure designed to ensure that audit is conducted in accordance
with ISAs, IASs, the Companies ordinance, 1984 or relevant national standards or
practices.
To comply with the ethical requirements and plan and perform the audit to obtain
reasonable assurances whether the Financial Statements are free from material
misstatements.
To perform procedures to obtain audit evidence about the amounts and disclosures in
the Financial Statements.
Separate audit reports of Islamabad and Karachi Offices are to be prepared along with
a consolidated audit report of F.G.E Housing Foundation.
NOTE:
1. The interested firms are requested to carefully examine these
Terms of Reference (TOR) and the work involved in the
assignment. They may make any additional inquiries necessary to
become fully informed of the conditions that may affect
performance of the services under this TOR. Please note that the
Terms of Reference remain indicative and the successful firm is
expected to carry out the assignment in accordance with
international best practices.
2. The Contractor will have the opportunity to review and analyze the
record, reports and information produced by staff or others to
facilitate the review of the existing organizational setup and
accounting system.
III.
THE PROPOSAL.
1. CONDITIONS FOR SUBMISSION OF PROPOSAL.
 The Proposal must be signed in ink by an individual authorized to legally bind the firm
submitting it.
 Proposals should be comprehensive yet simple and economical, thereby providing
straightforward, concise description of the Proposer’s ability to meet the requirements of
the Proposal Invitation.
 The Proposer must be an independent service provider and not an agent of such a service
provider.
 The Director (Finance) shall not receive any proposal later than the specified time and
date. Proposals may be mailed or delivered by hand, but in either case a duly stamped
receipt issued by the specified date must be obtained.
 Proposals submitted after the specified time shall not be entertained.
 The Foundation reserves the right to request additional information from any or all
Proposers after Proposal submission.
 Two (02) copies of the Proposal (One (01) hard copy on A4 paper and the other soft copy
on Compact Disc) must be submitted.
 The hard copy of the Proposal must bear original signatures of an official authorized to
legally bind the Proposer to its provisions. Additionally the signatures of the authorized
official should also appear on the firm letterhead.
 Responses must be provided in the sequence contained in the TOR read in conjunction
with this paper.
 Alterations or erasures are discouraged, but if required, must be initiated in ink adjacent
thereto by the person signing the Proposal.
2.
PROPOSAL COSTS
The Foundation is not liable for any costs or expenses incurred by any Proposer in the
preparation of the proposal, attendance of any conference or meeting related to the Proposal. The
successful Proposer shall be entitled to receive payment under the terms and for the services
performed pursuant to the Contract, when concluded.
DISCLOSURE – OWNERSHIP
CONFIDENTIALITY
3.



4.
PROPOSAL
CONTENTS
AND
Technical and price information provided in Proposals will be kept confidential and will
not be disclosed, revealed or discussed with competitors or a third party unless required
to do so by law.
The Proposal of the selected Proposer and the TOR will become the basis for any
contract entered into and will become subject to the Foundation’s provisions on public
access to records and information.
Proposers must agree not to make any other distribution of their Proposal beyond that
made to this Foundation.
DEBARMENT.
i.
ii.
5.
OF
The Proposer shall certify that it is not at present debarred, suspended, proposed
to be debarred or suspended, declared or proposed to be declared ineligible or
voluntarily excluded from participation in this transaction (contract) by any
governmental department or agency.
In case of debarment, Proposer cannot certify as above, they should attach a
written explanation with the proposal for consideration of the Foundation.
LIST OF DOCUMENTS.
Following list of documents will be required:i.
ii.
iii.
iv.
No. of Staff / Resources.
Work Plan / Methodology.
List of non-profit clients / companies already audited.
List of offices along with addresses and contact numbers.
6.
Evaluation Criteria-Points
Sr.
1
2
3
4
5
Subject
Financial Bid amount
Number of Staff/Resources
Qualification of Staff
Work Plan/Methodology
Years of Experience of
Non-Profit Organization
TOTAL
Points Value
20
25
20
20
15
100
Note:- Audit Firms should have offices in Islamabad and in Karachi.
7.
REVIEW AND EVALUATION OF PROPOSAL.
 The Proposal shall be evaluated by an Evaluation Committee who shall give its
recommendations for selection of one of them that best responds to the TOR and meets
needs of the Foundation.
 The Foundation is under no obligation to award the contract to the Proposer submitting
the lowest prices, yet due consideration shall be given to the prices quoted.
 Recommendations of the Evaluation committee as to selection of proposal shall be final.
 The Foundation may award the contract with or without further discussions.
8.
THE CONTRACT
 Assignment, Transfer of Contract. The Contract to be awarded in response to this
invitation shall not be assigned, transferred, conveyed or otherwise disposed off by the
Proposer in any manner, except through written consent of the Foundation.
 Award of Contract. The decision to award the contract will be made on the basis of
the Proposer’s overall ability to perform and respond to the TOR requirements to
prove a high level of competence vis-à-vis the price quoted by them.
 Ownership of Records. The Foundation shall retain ownership of all interim and final
strategic plan documents, surveys, analysis and related reports either produced or
developed in conjunction with the contract. The Proposer shall be prohibited from
copying or distributing any of these documents or other reports developed in
association with the Foundation without written permission from the Foundation.