Appointment of Independent Audit Firm for Review of PRCL IFRS 17 Implementation Framework and Dry Run Results

The Pakistan Reinsurance Company Limited (Ministry of Commerce) based in Karachi, Sindh, is procuring consultancy services for the appointment of an independent audit firm to conduct a comprehensive review of PRCL's IFRS 17 Implementation Framework and Dry Run Results. This procurement is planned for the financial year 2026-27 under contract reference P52550. Items being procured: - Consultancy Service Fee for Independent Review of IFRS 17 Implementation Framework & Dry Run Results (1 job) The scope of work includes auditing the IFRS 17-based financial statements Dry Run 1 for the year ended December 31, 2024, preparation of a Long Form Report, review of governance framework, internal controls, implementation processes, decision-making documentation, materiality assessment, data quality validation, actuarial assumptions and methodologies, accounting policies, presentation requirements, quantitative disclosures, and compliance with IFRS 17 principles. The audit firm is expected to work in accordance with SECP Guidelines and Circulars related to IFRS 17 Phase 4 implementation. Eligibility criteria require the audit firm to be registered with FBR, have active taxpayer status, no conflicts of interest, no debarment or suspension, and be enlisted in Category A of SECP's approved auditors list. Experience in statutory audit, insurance sector, IFRS 17-specific assignments, and a qualified engagement team are essential. The firm must also have a satisfactory ICAP Quality Control Review status. The tender follows a National Single Stage-One Envelope procedure with Least Cost Based Selection (LCBS). Bidders must submit proposals through EPADS v2.0 by Thursday, July 23, 2026, 11:00 AM. Manual submissions are not entertained. Bid security or bid securing declaration is mandatory. The technical and financial proposals will be evaluated accordingly. The submission address for bid security hard copies is PRC Towers, Lalazar Drive, M.T. Khan Road, Karachi. Contact person is the Procurement Specialist at Pakistan Reinsurance Company Limited, reachable at +92-300-699-8576 or via email at aghafoor@pakre.org.pk. A practical tip for bidders: Ensure timely registration and submission on EPADS v2.0 platform, as manual bids are disqualified. Also, carefully prepare the technical proposal addressing all eligibility and evaluation criteria, including detailed CVs of key experts and evidence of relevant experience, to maximize technical scoring and improve chances under LCBS. This tender offers a significant opportunity for qualified audit firms to contribute to a critical phase of IFRS 17 implementation in Pakistan's insurance sector, ensuring compliance and robust financial reporting standards.