Request for Proposal for Appointment of External / Statutory Auditors for Hazara Electric Supply Company

Hazara Electric Supply Company (HAZECO) invites qualified firms to submit proposals for the appointment of External / Statutory Auditors for the financial year ending 30 June 2027. This procurement is conducted under the Public Procurement Rules, 2004, using a Single Stage-Two Envelope procedure with Quality and Cost Based Selection (QCBS) technique. The scope includes auditing annual financial statements prepared according to applicable Pakistani accounting standards and laws, reviewing corporate governance compliance, issuing certificates and special purpose reports as required by regulatory bodies, and attending key board meetings. The successful bidder must deploy a dedicated engagement team headed by a qualified engagement partner and quality control reviewer. Eligibility criteria include valid ICAP registration, satisfactory QCR rating, Audit Oversight Board registration, placement in Category A of the State Bank of Pakistan panel, at least ten years of statutory audit experience including audits of power sector entities, and offices in Pakistan including Islamabad. The contract is a lump sum fixed fee arrangement with a performance guarantee of 10% of the contract price. Payments will be made in two installments: 50% upon completion of fieldwork and draft report submission, and 50% upon issuance of the signed audit report and final management letter. Bids must be submitted electronically via EPADS v2.0 by Monday, September 21, 2026 at 10:30 AM, with bid opening at 11:00 AM the same day. Manual submissions are not accepted. Bid security in the form of Call at Deposit or Bank Guarantee is required. The procuring agency reserves the right to reject all bids. Items being procured: - Appointment of External / Statutory Auditors for Hazara Electric Supply Company for FY ending 30 June 2027 The assignment includes audit planning, interim and final audits, management letter issuance, and special purpose reports. The firm must maintain independence and confidentiality throughout the engagement. The contract duration is for the financial year 2026-27, extendable for two additional years subject to satisfactory performance. Bidders are advised to carefully review all bidding documents and submit complete proposals including all required forms and certificates. One practical tip: Ensure timely submission of original bid security to avoid disqualification, as only electronic bids are accepted but original bid security must be physically submitted to HAZECO HQ, Abbottabad.