Appointment of External Auditors for Pakistan Reinsurance Company Limited 2026

This tender invites qualified firms to provide external audit services for Pakistan Reinsurance Company Limited (PRCL) based in Karachi, Sindh. The appointment covers auditing of condensed interim financial statements for the first half of 2026 and the full year ending December 31, 2026. The scope includes compliance with Companies Act 2017, Insurance Rules 2017, Corporate Governance 2013, and SECP regulations. The auditor must follow International Standards on Auditing and submit reports on internal controls and corporate governance compliance. The assignment requires a firm with at least 10 years of professional standing, registered with ICAP and SECP, and enlisted in Category-A of SECP's approved auditors list. The firm must have a minimum of three full-time partners based in Pakistan and experience auditing at least 10 financial services clients, including insurance or reinsurance sectors. Registration with FBR and Audit Oversight Board is mandatory. The audit will be conducted at PRCL's head office in Karachi, with strict confidentiality and timely submission of reports. Bidders should ensure compliance with PEC Category-A requirements, maintain active FBR NTN and ATL status, and provide a bid security of PKR 100,000 or a bid securing declaration. The contract duration is 12 months, extendable for two years subject to mutual consent. Submission deadline is 23rd February 2026 at 11:00 AM PKT, with technical bids opening at 11:30 AM on the same day via the E-PADS portal. The submission must be electronic through the E-PADS portal with registration. The bid evaluation follows Least Cost Based Selection (LCBS) with technical compliance mandatory before financial evaluation. The contract includes a 5% performance security and liquidated damages for delays. Pro-Tip: Ensure all technical documents, including SECP registration and affidavit of non-blacklisting, are complete and valid to avoid disqualification. Also, carefully review the bid security requirements and submission format on the E-PADS portal to prevent rejection.