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The National Insurance Board (NIB) Independent Audit of the National Insurance Fund’s consolidated financial statements

Contract Notice

Project Title: The National Insurance Board (NIB) Independent Audit of the National Insurance Fund’s consolidated financial statements
Agency Name: The Bahamas National Insurance Board
Notice Type: Contract Notice
Publication Date: 27/05/2021
Reference Number: 2716
Contract Type: Services
Estimated Value: Not Provided
Currency: Not Provided
Opening Date: 27/05/2021 11:00
Closing Date: 28/06/2021 17:00
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Contract Notice

1. Project Title: The National Insurance Board (NIB) Independent Audit of the National Insurance Fund’s consolidated financial statements

2. Suitable for SMEs: Yes
3. Contract Type: Services
4. Description: The National Insurance Board (NIB) invites suitably qualified accounting firms to submit a proposal to serve as independent auditors for the audit of the National Insurance Fund’s consolidated financial statements, for a three-year period commencing with the fiscal year ending December 31, 2021. The financial statements are to be completed in May, following the year-end.

The 2017 annual report can be accessed at www.nib-bahamas.com

The proposal should include, but not be limited to:

1. General information on the firm and its local and/or international affiliates.

2. The qualifications and experience of the engagement partner(s)

3. Information on the firms audit experience and expertise in financial institutions similar in size or nature of the NIB.

4. The audit approach and time-line that will be adopted for the audit and related services that the firm can provide the NIB, especially coordination with Internal Audit, procedures for high-risk areas

5. Comments with respect to the firm’s independence and policy and processes for monitoring compliance with independence policies.

6. Personnel to be assigned to the engagement and their qualifications, skills and experience

7. The firm’s use of technology on the engagement

8. Estimates of fees and billings and how fees are determined.

9. A copy of your proposed engagement letter and proposed terms and conditions for your services

10. Provide a current Tax Compliance Certificate



Proposals should be addressed to the Director and submitted on the Government of the Bahamas E-Procurement Portal by June 28th 2021


The 2017 annual report can be accessed at www.nib-bahamas.com

The proposal should include, but not be limited to:

1General information on the firm and its local and/or international affiliates.

2The qualifications and experience of the engagement partner(s)

3Information on the firms audit experience and expertise in financial institutions similar in size or nature of the NIB.

4The audit approach and time-line that will be adopted for the audit and related services that the firm can provide the NIB, especially coordination with Internal Audit, procedures for high-risk areas

5Comments with respect to the firm’s independence and policy and processes for monitoring compliance with independence policies.

6Personnel to be assigned to the engagement and their qualifications, skills and experience

7The firm’s use of technology on the engagement

8Estimates of fees and billings and how fees are determined.

9A copy of your proposed engagement letter and proposed terms and conditions for your services

10Provide a current Tax Compliance Certificate

5. Awarding Authority:
The National Insurance Board
Clifford Darling Complex, Jumbey Village, Baillou Hill Road, Nassau, N-7508, Bahamas
Tel. 242-502-1500, Email: nibtender@nib-bahamas.com


6. ISIC Code(s):
69 - Legal and accounting activities - 6920 - Accounting, bookkeeping and auditing activities); tax consultancy

7. Main place of delivery:
National Insurance Board

8. Reference Number: 2716

9. Estimated Value
Value: Not Provided
Currency: Not Provided
10. Deadline for Expression of Interests: 28/06/2021 17:00

11. Response Address:
As in section 5. Awarding Authority

12. Other Information: