Provision of Special Audit Services at Petroleum Fund




The Petroleum Fund is a public enterprise established by the Lesotho (Establishment of Petroleum Fund) Notice of 1997 and has its registered office at Lenyora House Room 9, 190 Nightingale Road New Europa Maseru. The purpose of the Fund is to finance:

  • The stabilization of petroleum product prices when necessary;
  • The stabilization of prices charged by oil companies on a short-term basis;
  • The purchase of petroleum products in times of crisis;
  • The provision of national storage facilities for petroleum products when need arises;
  • The improvement of the distribution of petroleum products throughout the country;
  • The improvement of safety at storage facilities;
  • The research and studies pertinent to the petroleum sector; and
  • any other project on a loan basis.

1.     Request for Proposals

The Fund hereby invites sealed proposals from suitably qualified, experienced and licensed audit firms based in the Kingdom of Lesotho and registered with the Lesotho Institute of Accountants to submit proposals to undertake a special audit of the three suppliers of liquified petroleum gas for the financial years ending 31st March 2016, 2017 and quarterly audits for 2018 and 2019 respectively.

  1. The Special Audit Services

The audit will be undertaken in accordance with the International Standards on Related Services (ISRS 4400) “Engagements to perform agreed-upon procedures regarding financial information”. The agreed-upon procedures shall include the following:

  • A comparison of the declared sales volumes by the suppliers with relevant supporting documents.
  • Test of the completeness and accuracy of the sales listing by comparing with the volumes reflected in the suppliers’ records.
  • Test the completeness and accuracy of the sales listings by comparing volumes reflected on a selected sample of copy invoices issued during the period of the sales listing.
  • Test the additions of the volumes recorded on the sales listing.
  • Check the arithmetic accuracy of supporting schedules.
  • Agree the rates of the petroleum fund levy to the notifications of rates provided by the Fund.
  • Test the validity of bad debts written off or recovered by the suppliers in its normal course of business.

3.    Requirements

Interested audit firms should demonstrate the following qualities in the proposals:

  • Expertise and experience in the audit of public enterprises.
  • Expertise and experience in the audit of similar sized
  • A list of similar audit projects
  • Curriculum vitae of personnel to be involved in the audit assignment.

4.    Additional Requirements

  • Certified copy of a valid practicing certificate of the engagement partner.
  • Certified copy of a valid tax clearance
  • Certified copy of a valid Professional Indemnity Insurance.

5.    Duties and responsibilities of the auditor

  • Conducting an independent audit of the Fund’s activities and operations in line with International Standards on auditing.
  • Providing a report on the factual findings.
  • Providing any other value adding services consistent with the audit of the petroleum fund levy.

6.    Submission of Proposals

Audit firms meeting the above criteria are requested to submit their proposals as follows:

  • Technical Proposal
    • Confirmation of the firm’s understanding of the requirements and its capacity to
    • The methodology, work plan and timelines for undertaking and completing each
    • Appropriate
    • The curriculum vitae of key personnel proposed to perform the
  • Financial Proposal
    • Indicating the proposed fees and expenses schedule.
    • All submissions must be inclusive of the relevant

7.    Evaluation Criteria

The evaluation criteria shall include but not limited to:

  • Fulfilment of the requirements of the proposal.
  • A record of good
  • Technical
  • Availability of skilled
  • Cost effectiveness of the

8.    Award of Contract

The Fund does not bind itself to accept the lowest or any proposal and will not be responsible or liable for any costs associated with the preparation and submission of the proposals.

9.    Submission Details

Proposals must be hand delivered at Petroleum Fund Offices, First Floor, Lenyora House, Room 9, 190 Nightingale Road New Europa Maseru  and must be addressed as follows:

“Proposal for Special Audit Services”


The Chairperson of the Tender Committee

Petroleum Fund

Lenyora House Room 9,

190 Nightingale Road

New Europa



The Closing Date for submission of proposals is: Friday, 6th April 2018 at 1500Hrs

  1. Contact Details

All queries and requests for clarifications must be emailed to: