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Terms of Reference for External Audit

 About IHT:

Indus Heritage Trust (IHT) was registered as a Trust in 2004. IHT is a Not-for-Profit Organization” engaged in preserving and promoting Pakistan’s rich heritage of Arts and Crafts.

Invitation of Proposal:

IHT intends to hire the services of Chartered Accountancy firm for external audit of complete set of financial statements, prepared in accordance with accounting policies approved by the Government/Board, for the year ended June 30, 2020 in accordance with International Standards of Auditing (ISAs) as applicable in Pakistan

Significance of Independence

The auditor i.e. the firm of Chartered Accountants should be independent. Near relatives of the Executive Board of the Organization or their employees should not be favored for appointment as auditor. The firm rendering the services as Consultant for organization should not be appointed as External Auditor


The assignment comprises of conducting an external audit of Indus Heritage Trust (IHT) in accordance with International Auditing Standards (ISA) issued by International Federation of Accountants (IFAC) for the year ended June 30, 2020.

Objective of Audit

The objective of the audit of the Financial Statements is to enable the auditor to express an independent opinion on whether the financial statements for the year ended June 30, 2020 have been presented fairly in accordance with the requirements of International Standards.

Firms Eligibility Criterion

  • Registered with ICAP and having Valid License of Practice
  • Registered with Income and Sales Tax Departments, who are on Active tax Payer (ATL) list of FBR.
  • At least having Category-B as per latest list issued by SBP
  • Having Satisfactory QCR Rating as per latest list issued by ICAP
  • Having Office in Islamabad


Proposals will be evaluated in two parts. The technical proposal shall bear 60% of the total marks while the financial proposal shall bear 40% of the total marks.

  • Proposals should make clear about the relevant skills, experience and capacity of the participant, in respect of this particular TOR
  • Proposals must contain the details of the proposed approach to be adopted in order to deliver the service in accordance with the TOR
  • Proposals should clearly indicate whether or not bid participants have the capacity to meet the requirements of the TOR
  • As part of technical evaluation, bidders may be asked to conduct presentation /demonstration. Criteria, sub-criteria, and point system for the evaluation of Technical Proposals/Bids are;


S# Assessments/Criteria Maximum Points
1- Number of Years the firm has been in practice in Pakistan.(Certificate of registration required) 15
2- Experience of recent audits of International NGOs and Donor Funded Projects (with documentary proof/ points of contact of clients). 20
3- Number of fully qualified Chartered Accountants working full time in firm and with functional office in Islamabad. (Preference will be given to functional/ offices registered with ICAP). 10
4- Qualification and experience of the manager, supervisor & job in charge who is assigned to the said task on selection. 10
5- Quality Control Review of ICAP. (Latest QRC report is required) 10
6- IT System & Control Audits.(No. of IT audit conducted) 10
7- International affiliation / membership with high ranked firm 10
8- Methodology/approach/Scope of Audit 15

Only shortlisted audit firms will be contacted.

  1. a)     Technical Proposal

The technical proposal shall include

  • A covering letter from the head of the firm or an authorized representative of the applicant entailing the objectives and the executive summary.
  • Firm complete profile having Partners/Audit team Qualification & Experience details, client details along with all the related documents supporting the Firm’s eligibility and technical qualification for bid.
  • The Technical Proposal should specifically provide the information of Firm on the following format of evaluation criterion.
  1. b) Financial Proposal

The bidder shall submit Financial Proposals in separate envelope. Envelop shall be clearly marked with “FINANCIAL PROPOSAL.

Yearly lump sum fee quoted should be in Pak. Rupees inclusive of all applicable taxes such as GST, Income Tax, etc. If not specifically mentioned in the Quotation, it will be presumed that the price includes all taxes. WSSP will also not be responsible for any change in Tax regime subsequently.

 For Contact/Queries about bid submission:

Technical and financial proposal shall submitted to following address Indus Heritage Trust office Office ; February 02, 2021 (before COB) Address: House 07, Street 05, Bani Gala Islamabad. Tell# +92-51 2613945