In a recent development, SNG Grant Thornton has been earmarked to provide external audit services for the Sincephetelo Motor Vehicle Accident Fund (SMVAF). The intention to award tender, as published by the Eswatini Public Procurement Regulatory Agency (ESPPRA), indicates a proposed contract price of E2,487,982.11 for the audit services.
Competitive Tendering Victory
SNG Grant Thornton emerged as the best-evaluated tenderer in a competitive process, outshining PriceWaterhouseCooper (PwC). The scoring revealed a significant lead for SNG Grant Thornton with 93.44 points, surpassing PwC, which scored 84 points.
Service Scope and Duration
Once the contract is finalized and awarded, SNG Grant Thornton is expected to provide external audit services for a three-year duration. The designated service provider will undertake the audit of the financial statements of the SMVAF and its subsidiaries, covering the fiscal years 2023/24, 2024/25, and 2025/26.
Audit Objective and Standards
The primary objective of the audit is to enable independent auditors to express a professional opinion on the fairness of presentation of the Fund and its subsidiary annual financial statements. This opinion aligns with International Standards on Auditing and International Financial Reporting Standards, in compliance with the Sincephetelo Motor Vehicle Accidents Act of 1991 as amended.
SMVAF’s Role and Mandate
Established by the Motor Vehicle Accidents Act of 1991 and later amended in 2011, SMVAF operates as a statutory body/entity with a mandate to disburse medical, rehabilitative, funeral, and loss of support benefits to motor vehicle accident victims. Additionally, the fund is empowered to engage in national road crash and injury prevention initiatives, contributing to enhancing the quality of life for road users.
Insights into Tender Evaluation
A detailed breakdown of evaluated tenderers reveals SNG Grant Thornton’s Swati nationality, proposing a contract price of E2,487,982.11. In comparison, PwC, also Swati, presented a bid price of E2,453,484.75. The competitive scoring positions SNG Grant Thornton as the first-best evaluated tenderer, securing the crucial external audit contract for SMVAF.
This strategic move reinforces the commitment to transparency and accountability within the governance framework of SMVAF, ensuring adherence to international audit standards and promoting the fund’s objectives in supporting accident victims and enhancing road safety.
