tender · indexed from World Bank Procurement Notices

Consultancy Services to Undertake Audit of the OECS Skills and Innovation Project

World Bank

Published

07 Oct 2026

Deadline

07 Oct 2026

Stage

Tender

Status

Closed

Buyer

World Bank

Notice type

Request for Expression of Interest

Procurement method

Least Cost Selection

Reference

LC-OECS COMMISSION-575350-CS-LCS

Buyer: World Bank — see their procurement performance.

ORGANISATION OF EASTERN CARIBBEAN STATESREQUEST FOR EXPRESSIONS OF INTERESTNAME OF PROJECT - OECS SKILLS AND INNOVATION PROJECT (SKIP)GRANT NO.: E286Assignment Title: Consultancy Services to Undertake the Audit of the OECS Skills and Innovation Project (SKIP)Reference No. LC-OECS COMMISSION-575350-CS-LCSThe Organisation of Eastern Caribbean States (OECS) has received financing from the World Bank toward the cost of the OECS Skills and Innovation Project (SKIP), and intends to apply part of the proceeds for Consultancy Services to Undertake the Audit of the OECS Skills and Innovation Project (SKIP).The objectives of the consulting services (“the Services”) is to allow the auditor to express a professional opinion on the project financial statement as to whether they are free from material misstatements and are prepared in accordance with stipulated accounting standards, the eligibility of expenditures, compliance with applicable laws, regulations and financial clauses of the trust fund agreement and to report on the adequacy and adherence of the internal controls.The engagement will include an audit of resources provided by the Bank and an assessment of the internal controls of the Organisation of Eastern Caribbean States Commission. The disbursement from the World Bank (WB) disclosed in the Project financial statements should be reconciled with the WB records.The OECS now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services. The minimum required qualifications and experience are listed in section X111 of the TOR below. The Qualifications and Experience of Key Experts shall not be included in the shortlisting criteria. Key Experts will not be evaluated at the shortlisting stage.The attention of interested Consultants is drawn to Section III, paragraphs, 3.14, 3.16, and 3.17 of the World Bank’s “Procurement Regulations for IPF Borrowers” September 2023 and (‘Procurement Regulations’), setting forth the World Bank’s policy on conflict of interest.To obtain the maximum degree of comparison among Expressions of Interests (EOIs) and facilitate the evaluation process, the EOI should be a maximum of 20 pages (including annexes) with the following information included below. Any pages exceeding this limit will not be considered for evaluation or shortlisting.• Title page with name of firm submitting the EOI: should contain name of firm (or joint venture and/or a sub-consultancy, if applicable), address, email, telephone, name of contact person and date of submission.• Expression of Interest: including the firm’s general and specific experience, pool of experts etc.Consultants may associate with other firms to enhance their qualifications, but should indicate clearly whether the association is in the form of a joint venture and/or a sub-consultancy. In the case of a joint venture, all the partners in the joint venture shall be jointly and severally liable for the entire contract, if selected.A Consultant will be selected in accordance with the Least Cost Based Selection (LCS) method set out in the Procurement Regulations.Further information can be obtained at the address below during office hours 08:30 a.m. – 4:30 p.m. (0830 to 1630 hours).Organisation of Eastern Caribbean StatesOECS Skills and Innovation ProjectP.O. Box 179Morne FortuneCastriesSaint LuciaTEL: +1 758-455-6349/68E-mail: procurement@oecs.intAn electronic copy of the Expressions of Interest must be sent by October 19, 2026 to:Yasmine Anatole, Procurement OfficerAt the following email address: procurementbids@oecs.intcopied to: skip@oecs.intThe email submissions should include the name and address of the Firm and shall be clearly marked in the subject line as “Expression of Interest – “Consultancy Services to Undertake the Audit of the OECS Skills and Innovation Project (SKIP)”.The Terms of Reference for the submission of expressions of interest for this consultancy is provided below.Auditor Terms of ReferenceFOR THE AUDIT OF:REGIONAL OECS SKILLS AND INNOVATION PROJECTFINANCED BY WORLD BANK LOAN IDA E2860IMPLEMENTED BY THE ORGANISATION OF EASTERN CARIBBEAN STATESDURING THE PERIOD MARCH 9, 2024 – JUNE 30, 2028I. Basic Considerations for Audits of Projects Financed by the World BankThese Terms of Reference provide the basic information needed by the auditor to obtain an understanding of the engagement, in order to prepare a proposal and to plan and perform the audit of the project. To deepen understanding of the assignment, the audit firm must also read the following documents relating to the project: Project Appraisal Document, Project Grant/Financing Agreement, World Bank Disbursement Guidelines for Projects (2017), World Bank Procurement Regulations, the Project Disbursement and Financial Information Letter and the Project Operating Manual. These documents can be obtained from the OECS Commission via email upon the award of the contract. Furthermore, these documents are specifically considered an integral part of the TORs. The project financial period covers the period from July 1 to June 30.II. Relationships and ResponsibilitiesThe client for this audit is the Implementing Entity (IE), and the Bank is an interested party. A Bank representative may participate in the entrance and exit meetings; supervise the work performed by the auditors to ensure that it complies with the terms of reference and the applicable auditing standards, and to provide comments on the draft audit report.The implementing entity of this project is the OECS Commission. The IE is responsible for preparing all the financial statements and reports required, and for ensuring that all the necessary records are available for the audit, that all the accounting entries and adjustments are made, and that all the necessary actions have been taken to allow the auditors to issue the final report before the submission deadline. The auditors should maintain on file adequate working papers for a period of three years after the end of the audit.III. Project BackgroundThe OECS Commission, and the Governments of Grenada and Saint Lucia, with support from the World Bank, are currently implementing this project to enhance youth transversal and advanced technical skills, strengthen regional collaboration in post-secondary education, and foster collaborative innovation in the Participating Eastern Caribbean Countries.This project consists of four (4) components which are financed by World Bank Grant Number IDA E2860, in the amount of US$ 36 million, with US$ 6 million being assigned to the OECS Commission. Component 1 will be implemented by the OECS Commission. Component 2 and 4 will be managed by the Governments of Grenada and Saint Lucia respectively, while Component 3 will be jointly managed by the OECSC, and the Governments of Grenada and Saint Lucia. However, each implementing agency is charged with procuring its own auditors. For the purposes of the audit referred to in these Terms of Reference (TOR), only Component 1 and part of Component 3, implemented by the OECS Commission (Grant amount US$ 6 million), shall be considered.• Component 1: Fostering regional collaboration for skills and innovation in the post-secondary space (US$4.8 million) will support the development of an overarching regional strategic framework for post-secondary education and of mechanisms to enhance collaboration among OECS Member States on post-secondary education, the improvement of post-secondary data at the regional level, and the development of a regional innovation ecosystem with strong participation of post-secondary institutions. The component will be implemented by the OECSC through an IDA grant.• Component 2: Strengthening post-secondary institutions and collaborative innovation (US$27 million; US$600,000 unguaranteed commercial financing) will provide direct support to National Colleges and other selected post-secondary institutions in participating countries to implement Regional Enhancement Plans (REPs), develop new or enhance existing programs for priority skills, and support collaborative innovation projects, with the objective of promoting improved learning environments and fostering better skills and innovation in the OECS to respond to increasing private sector demand for skills. The component will be implemented by Project Implementation Units (PIUs) in Saint Lucia and Grenada.• Component 3: Project Management and Technical Assistance (US$4.2 million; US$1.2 million is allocated to the OECS Commission) will provide technical assistance to support the implementation of Project activities and finance the establishment and functioning of three PIUs.• Component 4: Contingent Emergency Response Component (CERC) (US$0 million). Because of the OECS’ high vulnerability to natural disasters, including those exacerbated by climate change, and its vulnerability to global shocks, as exposed by the COVID-19 crisis, the Project includes a CERC. This Component will facilitate the use of critical resources in the event of an eligible national emergency. It will have an initial zero budget allocation but would allow for rapid reallocation of project funds in the event of an eligible natural disaster or crisis that has caused or is likely to imminently cause major adverse economic and/or social impactsIV. Audit BackgroundThe Regional OECS Skills and Innovation Project was approved on January 11, 2024, and signed by the OECS on March 9, 2024, and became effective on May 10, 2024. The project closure date is January 8, 2030, with an application deadline date of May 8, 2030. The Grant Agreement requires the project’s accounts to be audited annually.These terms of reference relate to conducting the project audit from:March 9, 2024 to June 30, 2026July 1, 2026 to June 30, 2027July 1, 2027 to June 30, 2028V. Title of the AuditAll proposals, audit working papers, and audit reports for the three periods should use the following names:“Audit of the Resources Managed during the period from March 9, 2024 to June 30, 2026 by the Organisation of Eastern Caribbean States under the OECS- Skills and Innovation Project E2860.”“Audit of the Resources Managed during the period from July 1, 2026 to June 30, 2027 by the Organisation of Eastern Caribbean States under the OECS- Skills and Innovation Project E2860.”“Audit of the Resources Managed during the period from July 1, 2027 to June 30, 2028 by the Organisation of Eastern Caribbean States under the OECS- Skills and Innovation Project E2860.”VI. Audit ObjectivesThe overall objective of this engagement is to allow the auditor to express a professional opinion on the project financial statements as to whether they are free from material misstatements and are prepared in accordance with stipulated accounting standards, the eligibility of expenditures, compliance with applicable laws, regulations, and financial clauses of the trust fund agreement, and to report on the adequacy and adherence of the internal controls.The engagement will include an audit of resources provided by the Bank and an assessment of the internal controls of the Organisation of Eastern Caribbean States Commission. The disbursement from the World Bank (WB) disclosed in the Project financial statements should be reconciled with the WB records.The audit must be performed in accordance with the International Standards on Auditing (ISA or ISSAIs) or other national standards which do not significantly depart from the international standards and therefore must include the tests of the accounting records that the auditors consider necessary under the circumstances. The specific objectives of the audit are to:• Issue an opinion as to whether the Project financial statements present fairly, in all material respects, the financial position of the project, the funds received and the disbursements made during the period audited, as well as the cumulative investments at the end of the period, in accordance with financial reporting provisions outlined in the respective legal agreements with the Bank and other co-financing organizations.• Issue an opinion as to whether: (a) the expenditures reported are eligible for financing; and (b) trust funds have been used only for Project purposes.• Issue a report with respect to the adequacy of the internal control structure of the implementing institution in regard to the project.• Issue an opinion with respect to the implementing entity's compliance with the terms of the trust fund agreements and applicable laws and regulations (with regard to the financial aspects).• Issue an opinion as to whether the Statement of the Designated Account and Project Accounts used for managing the funds provided by the Bank present fairly the availability of funds at the end of the period audited, as well as the transactions made during the same period, in accordance with financial reporting provisions outlined in the project’s legal agreements.VII. Scope of the AuditThe audit will cover the parts of the regional OECS Skills and Innovation Project that are implemented by the OECS (Component 1 and part of Component 3). The audit must include adequate planning, the evaluation and testing of the internal control structure and systems, and obtaining sufficient objective evidence to allow the auditors to reach reasonable conclusions on which to base their opinions. In conducting their work, the auditors should pay special attention to the following requirements:• All project funds should be used in accordance with the conditions of the financing agreement, with due attention to economy and efficiency, and only for the purposes for which the financing was provided.• Goods, Works and Services financed should be procured in accordance with the relevant financing agreement.• The Implementing Entity (IE) should keep all necessary supporting documents, records, and accounts for all project ventures, including expenditures reported via interim unaudited financial reports (IFRs) or Designated Accounts. Clear linkages should exist between the books of account and reports presented to the Bank.• Where Designated Accounts have been used, they should be maintained in accordance with the provisions of the relevant financing agreement.• The project accounts should be prepared in accordance with the financial reporting provisions outlined in the project legal agreements, applied consistently, and should give a true and fair view of the project’s financial situation at the end of the period and of the resources and expenditures for the year ended on that date.• National laws (regarding the remittance of statutory obligations etc.) and regulations have been complied with, and the financial and accounting procedures approved for the project (e.g. operational manual, financial procedures manual, etc.) were followed and applied.• Assets procured using project funds exist, are recorded in the fixed asset register, and are verifiably owned by the implementing agency or beneficiaries in line with the financing agreement.• Ineligible expenditures included in withdrawal applications are identified and reimbursed to the Designated Accounts. The audit report should note these separately.The audit should be performed in accordance with International Auditing Standards, and therefore should include tests of the accounting records that the auditors consider necessary under the circumstances. The auditors should be able to detect situations or transactions that may indicate fraudulent, wasteful, or illegal acts and expenditures. If such evidence exists, the auditors must communicate the situation simultaneously to a duly authorized representative of the Bank and to the Project management, and exercise caution and due professional care in expanding their audit steps and procedures related to illegal acts.In complying with the International Standards on Auditing, the auditor is expected to pay particular attention to the following matters:a) Fraud and Corruption: Consider the risks of material misstatements in the project financial statements due to fraud as required by ISA 240: The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements. The auditor is required to identify and assess these risks (of material misstatement of the financial statements) due to fraud, obtain sufficient appropriate audit evidence about the assessed risks; and respond appropriately to identified or suspected fraud.b) Laws and Regulations: In designing and performing audit procedures, evaluating and reporting the results, consider that noncompliance by the implementing agency with laws and regulations may materially affect the financial statements as required by ISA 250: Consideration of Laws and Regulations in an Audit of Financial Statements.c) Governance: Communicate audit matters of governance interest arising from the audit of financial statements with those charged with governance of an entity as required by International Standard on Auditing 260: Communication of Audit Matters with Those Charged with Governance.d) Risks: In order to reduce audit risk to an acceptably low level, determine the overall responses to assessed risks at the financial statement level, and design and perform further audit procedures to respond to assessed risks at the assertion level as required by Internal Standard on Auditing 330: The Auditor’s Procedures in Response to Assessed Risks.VIII. Other Responsibilities of the AuditorThe auditor should comply with the following requirements:• Conduct entrance and exit meetings with the implementing entity.• Plan the audit work so that preliminary reviews can be conducted during the period under review (including the first few months), with the purpose of evaluating the systems of internal control and communicating to the implementing unit in a timely manner any situations that merit the attention of management before the issuance of the final audit report.• Independently reference the audit report before issuing it.• Obtain a Management Representation Letter in accordance with Section 580 of the International Standards on Auditing, signed by the management of the Project IE.IX. Audit ReportsThe auditors shall issue their report containing the required opinions and conclusions noted below. All the reports resulting from the audit of the project should be incorporated into one document except the management letter, which should be issued separately. This report should be addressed and delivered to the implementing entity as follows:March 9, 2024 to June 30, 2026 – April 30, 2027July 1, 2026 to June 30, 2027 – November 30, 2027July 1, 2027 to June 30, 2028 – November 30, 2028The report[s] shall be issued in English, duly signed and bound, in original and 3 (three) copies.The report for the Project should contain at least:• A title page, table of contents, a transmittal letter to the IE, and a summary containing the information required in the Guidelines.2. The audit report and opinion for the Project financial statements (included in the appendix), their corresponding notes and supplementary information. Also, an opinion on the eligibility of the expenditures reported and the correct use of the trust fund funds. Any costs that are not supported by adequate records or that are not eligible under the terms of the trust fund agreement (questioned costs) should be identified.3. The audit report on the internal control structure for the Project. The report should disclose, among other information discussed in this TOR, the reportable conditions (those that have an impact on the financial statements), including the identification of material weaknesses in the internal control structure of the implementing unit, as well as the IE’s comments.4. The audit report and opinion on the implementing entity’s compliance with the terms of the trust fund/credit and legal agreements and applicable laws and regulations related to the Project's financial activities.5. An audit report and opinion on the Statement of Requests for Replenishment (IFRs) for the period audited. The Auditor must issue an opinion explicitly covering: (i) the eligibility of the expenditures submitted for replenishment, (ii) the adequacy of the control procedures for preparing the IFRs, and (iii) the correct use of the trust fund and credit funds.6. An audit report and opinion on the Designated Account Statement for the period audited. The opinion should state whether the DA Statement adequately reflects the flow of funds for the DA during the period audited, and whether this activity has been only for the purposes of the project.7. A summary of the main audit procedures performed for planning the audit, evaluating the internal control structure, checking the figures included in the financial statements and other areas subject to audit, and for evaluating compliance with the terms of the applicable agreements, laws and regulations.8. A management letter including the follow-up of recommendations made in prior audits, indicating the current status of the recommendations as corrected, partially corrected, or not corrected. The deficiencies that still have not been corrected should be reported again in the current audit report, along with the corresponding management’s comments.X. Inspection and Acceptance of the Audit Work and the ReportsThe Bank is responsible for inspecting and accepting the audit reports, and may appoint individuals or firms to carry out these activities, including the review of the working papers and of the auditor’s quality control procedures. If the report is not acceptable or not fully satisfactory due to deficiencies in the audit work or because the report does not comply with the requirements stated in these TORs or the Guidelines, the auditor shall perform the necessary additional work at no additional cost to the IE, the Project or the Bank.The Bank's representative may also contact the auditors directly to request any additional information related to any aspect of the audit or the Project financial statements.If the Bank determines the audit report is not fully satisfactory, it will send a letter or e-mail to the implementing entity with suggestions to correct the identified deficiencies, and ask that the Bank be informed of any corrective actions taken. The implementing entity will also be informed of any aspects of the audit report that are not in compliance with this TOR, so that the Auditor will correct the deficiency within a specific timeframe or in the subsequent audit.XI. DELIVERABLES AND PAYMENTThe auditor will prepare and submit the following reports to the Project Management Team at the OECS Commission on or before the dates specified below:March 9, 2024 to June 30, 2026:• The draft report of the audited financial statements and management letter on or before March 31, 2027.2. The final report of the audited financial statements and management letter on or before April 30, 2027.July 1, 2026 to June 30, 2027:• The draft report of the audited financial statements and management letter on or before October 31, 2027.• The final report of the audited financial statements and management letter on or before November 30, 2027July 1, 2027 to June 30, 2028:• The draft report of the audited financial statements and management letter on or before October 31, 2028.• The final report of the audited financial statements and management letter on or before November 30, 2028The payment schedule is as follows:Deliverable | % PaymentYear 1 Audit: March 9, 2024 to June 30, 20261. Draft report of the audited financial and management letter. | 50%2.Final report of the audited financial statements and management letter. | 50%Year 2 Audit – July 1, 2026 to June 30, 20271. Draft report of the audited financial and management letter | 50%2.Final report of the audited financial statements and management letter. | 50%Year 3 Audit – July 1, 2027 to June 30, 20281. Draft report of the audited financial and management letter | 50%2.Final report of the audited financial statements and management letter. | 50%Access to InformationPublic Disclosure. The guiding principle of the World Bank’s Access to Information Policy is that all information it creates is made public, unless it contains restricted information. In line with this policy, the final audit report will be publicly disclosed. Before finalizing the document, the World Bank requests the client to identify whether the document contains any sensitive information, or information whose disclosure may adversely affect relations between the Bank and the client. The Bank, as it considers appropriate, makes adjustments to the document to address the matters of concern to the client.XII. Duration of the AssignmentThe Assignment is expected to cover three reporting periods noted below.• March 9, 2024 to June 30, 2026 – final report to be issued by April 30, 2027• July 1, 2026, to June 30, 2027 – final report to be issued by November 30, 2027• July 1, 2027, to June 30, 2028 – final report to be issued by November 30, 2028Further, the Consulting firm shall:• Take all the necessary steps to ensure that the entrusted task is executed on schedule in accordance with the established Terms of Reference;• Undertake to perform the task in accordance with the Terms of Reference and according to standards acceptable to the client.XII. Selection RequirementsThe qualifying firm should meet the following qualification requirements, experience, and skills. It shall also have the key experts stated below who possess the range of skills and qualifications to successfully undertake the assignment.The Auditing firm:• Be a legal entity with a business license granted by a competent authority, preferably in one of the OECS countries.• Be an entity acceptable to the OECS and the World Bank as being capable of conducting audits in accordance with international auditing standards.• At least three (3) years’ experience in public sector financial auditing.• At least three (3) years’ experience in auditing in the OECS region.• At least three (3) years of experience in financial auditing World Bank and/or donor-funded projects.All Auditors:• Should hold relevant professional and educational qualifications. They should hold a relevant professional auditing license/registration.• Should have in-depth experience in conducting audits of donor-funded projects and project financial statements.• Should have experience auditing in the OECS region and have the relevant language skills.• Should have no conflict of interest in relation to the project and its activities.The Audit Partner:• Should have a postgraduate-level qualification in accounting or a related discipline.• Should preferably possess a qualification in accounting or auditing.• Should have at least 10 years’ experience in financial auditing.• Should have at least 5 years’ experience in auditing public sector clients.The Audit Manager:• Should have a post-graduate level qualification in accounting or a related discipline.• Should preferably possess a qualification in accounting or auditing.• Should have at least 7 years’ experience in financial auditing.• Should have at least 3 years’ experience in auditing public sector clients.• Should have at least 3 years’ experience in a leadership role.The Senior Auditor:• Should have a post-graduate level qualification in accounting or a related discipline.• Should have at least 5 years’ experience in financial auditing and auditing of financial statements, with substantial experience in auditing public sector clients.• Should have at least 3 years’ experience in a position leading audit teams.Two (2) Field Auditors:• Should have a degree-level qualification in accounting or auditing.• Should have at least 3 years’ experience in auditing as a member of an audit team.• Experience in auditing public sector clients is an assetXIV. Reporting RequirementsThe Project Management Team of the OECS Skills and Innovation Project will provide technical guidance, advice and operational oversight in guiding the Consulting Firm towards the accomplishment of the assigned tasks.In the conduct of work, the Consulting Firm shall cooperate fully with the relevant departments and Units of the OECS Commission, inclusive of The Procurement Unit, The Finance and Accounting Unit, The Human Resource Department and The Legal Unit.All reports should be submitted in Microsoft Word and PDF formats.Payment will be remitted subject to the approval of deliverables by the Project Management Team and based on the Consultant’s price proposal and agreed payment schedule.APPENDIXThe following statements are the minimum requirement and should be incorporated in the audit report.DESIGNATED ACCOUNT RECONCILIATION STATEMENTTRUST FUND/CREDIT/PPF/COFINANCIER NUMBER ______________US$1 | TOTAL ADVANCED BY WORLD BANK (OR COFINANCIER)2 | LESS: ELIGIBLE EXPENDITURE FOR THE CURRENT YEAR ENDED ____________ DOCUMENTED BY WORLD BANKLESS: CUMULATIVE ELIGIBLE EXPENDITURE FOR THE PRIOR PERIODS ENDED ____________ DOCUMENTED BY WORLD BANK3 | PRESENT OUTSTANDING AMOUNT ADVANCED TO THE DESIGNATED ACCOUNT (1 - 2)4 | BALANCE OF USD DESIGNATED ACCOUNT PER BANK RECONCILIATION STATEMENT AS AT PERIOD END ______________________BALANCE OF PROJECT ACCOUNT PER BANK RECONCILIATION STATEMENT AS AT PERIOD END ______________________5 | PLUS: ELIGIBLE EXPENDITURE FOR THE CURRENT YEAR DOCUMENTED AFTER THE PERIOD END ________ (WA #)6 | PLUS: TOTAL AMOUNT WITHDRAWN AND NOT YET CLAIMEDREASON: _____________________________________________7 | PLUS: AMOUNTS CLAIMED IN PREVIOUS APPLICATIONS NOT YET CREDITED AT DATE OF BANK STATEMENTSAPPLICATION NO.WA # XXXWA # XXSUBTOTAL OF PREVIOUS APPLICATIONS NOT YET CREDITED8 | LESS: INTEREST EARNED9 | TOTAL ADVANCE ACCOUNTED FOR (NO. 4 THROUGH NO. 9)10 | DIFFERENCE (3 - 9)11 | EXPLANATION OF ANY DIFFERENCE SHOWN IN LINE 10_________________________________________________________________________________________________________________________________Name of ProjectStatement of Cumulative InvestmentsYear Ended XXXXXCategories | Current Year US$ | CumulativeUS$Category 1Category 2Category 3Total