Appointment of Audit Firm for IFRS-17 Implementation and Work Order Review

Pakistan Reinsurance Company Limited (PRCL) Karachi office invites qualified audit firms for the appointment of an audit firm to conduct IFRS-17 implementation and review of work orders for the year 2026. The procurement is specifically for the audit and verification of the IFRS-17 implementation framework and work order review under the Pakistan Electronic Auction and Procurement System (EPADS) version 2.0. Items being procured: - Appointment of audit firm for IFRS-17 implementation - Work order review and audit services The scope includes compliance with the Public Procurement Rules 2004, ensuring all audit and verification work is conducted in accordance with the prescribed procedures and guidelines. The audit firm must be registered with the relevant authorities and have experience in handling insurance and reinsurance audit assignments. The work will be carried out at PRCL Karachi office, requiring detailed technical and financial proposals submitted through EPADS 2.0. Eligibility criteria include valid PEC registration, FBR Active Taxpayer List (ATL) status, and proven experience in audit services related to insurance companies. Firms must submit a bid security of PKR 50,000 along with their technical and financial bids. The procurement process will follow the single stage one envelope method as per PPRA rules. The deadline for submission is 21st July 2026 by 11:00 AM Pakistan Standard Time via EPADS 2.0. Bids will be opened publicly at 11:30 AM the same day. Interested firms should ensure their bids are complete and comply with all terms and conditions to avoid disqualification. A practical tip for bidders: Carefully review the EPADS 2.0 submission guidelines and ensure all required documents, including bid security and technical details, are uploaded correctly before the deadline to avoid technical rejection.