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INVITATION TO TENDER FOR EXTERNAL AUDIT SERVICES
INVITATION TO TENDER FOR EXTERNAL AUDIT SERVICES
Tender Ref. Number: 02 of 2025
The British Virgin Islands Electricity Corporation (the “Corporation”) invites qualified and reputable audit firms to submit separate sealed tenders for the provision of external audit services for both the Corporation and the British Virgin Islands Electricity Corporation Pension Fund (collectively referred to as the “Entities”) for the financial years ending December 31, 2025, 2026, and 2027.
Scope of Services
The appointed external auditor shall be responsible for performing the following:
• Audit of Financial Statements
Conduct independent audits of the Entities’ annual financial statements in accordance with the International Standards on Auditing (ISA).
• Audit Opinion
Express an audit opinion as to whether the financial statements present fairly, in all material respects, the financial position, financial performance, and cash flows of the Entities in accordance with the International Financial Reporting Standards (IFRS).
• Evaluation of Internal Controls
Perform an overall assessment of the adequacy and effectiveness of the Entities’ accounting records, internal control systems (including IT controls), and compliance frameworks. Recommendations for improvements shall be communicated to management through an audit management letter or equivalent reporting.
• Communication with Those Charge with Governance
Engage with the Finance, Audit, and Risk Committee of the Corporation and Board of Trustees for the Pension Fund to discuss audit findings, material weaknesses, significant risks, or any issues impacting the Entities’ financial reporting.
Fee Structure
All fee proposals must be clearly itemized using the format below. Fees should be quoted separately for the Corporation and the Pension Fund:
| Particulars | Fee (Corporation) | Fee (Pension Fund) |
| Audit Fee | $ | $ |
| Out-of-Pocket Expenses | $ | $ |
| Other Costs (e.g., technical specialists) | $ | $ |
| Total | $ | $ |
Note: All amounts must be quoted in United States Dollars (US$).
Submission Instructions
Interested firms must submit separate sealed tenders for the Corporation and the Pension Fund. Each submission must be placed in an opaque envelope without any identifying marks or names of the Tenderer.
The envelopes should be clearly labelled as follows:
- For the Corporation:
“BVI Electricity Corporation – Tender for Audit” - For the Pension Fund:
“Pension Fund – Tender for Audit”
Submissions must be delivered no later than July 31, 2025, at 3:00 p.m. to the following address:
The Auditor General
Office of the Auditor General
3rd Floor RFG Place
P.O. Box 174
Road Town, Tortola
British Virgin Islands
With a copy to:
The General Manager
British Virgin Islands Electricity Corporation
P.O. Box 268
Road Town, Tortola
British Virgin Islands
Late submissions or those not complying with the submission format will not be considered.
Audit firms not established in the British Virgin Islands must retain a local representative to undertake the audit fieldwork.
Additional Information
Interested firms may request clarifications or additional information by contacting Mrs. Carmen Romney-Sully at carmen.sully@bvielectricity.com / 284-494-3911 ext. 2146 no later than July 18, 2025.
The tender document can be downloaded below.
