Hiring of Audit Firm for IFEM Audit for FY 2024-25 and FY 2025-26

The Oil and Gas Regulatory Authority (OGRA) Finance Department Islamabad is procuring consultancy services for the hiring of an audit firm to conduct the Inland Freight Equalization Margin (IFEM) audit for the financial years 2024-25 and 2025-26. This procurement is specifically for audit services covering multiple Oil Marketing Companies (OMCs) and refineries across Pakistan, with the primary office located in Islamabad. The audit scope includes detailed verification of freight pool surplus/deficit, refinery IFEM, extra margin adjustments, regulatory duties, price differentials, pipeline gains/losses, and other related financial and operational aspects as per OGRA's Terms of Reference. The audit will cover extensive data analysis, physical verification, and compliance checks with OGRA's approved mechanisms and policies. The audit firm must have a minimum of twenty years of relevant experience, be QCR-rated, registered with ICAP, and have valid FBR registrations. The firm should demonstrate strong organizational structure, manpower strength, and a qualified audit team including partners and professional accountants. The tender requires submission of technical and financial proposals through the EPADS v2.0 system by July 10, 2026, 10:30 AM. Original bid security of Rs. 500,000 must be submitted to OGRA's office in Islamabad by the same deadline. The evaluation will be based on Least Cost Based Selection (LCBS) with a validity period of 180 days. Manual bids or late submissions will not be accepted. The contract duration for audit completion is 100 working days from commencement. Bidders are advised to carefully prepare their proposals including all mandatory documents such as bid security, affidavits, and detailed CVs of audit team members. A practical tip for bidders is to ensure timely registration and submission on EPADS v2.0 platform to avoid disqualification. Also, strict adherence to OGRA's audit scope and methodology will be critical for successful evaluation. The department emphasizes the importance of submitting a comprehensive bid with all required documents and performance security to avoid rejection. This procurement offers a significant opportunity for qualified audit firms to engage with a key regulatory authority in Islamabad, providing specialized audit services for the oil and gas sector under a transparent and regulated procurement framework.