Subject: Request for proposal of provisions of professional auditing service
Ubuzima Bwiza Foundation (UBF) under the name of “Ubuzima Bwiza Mutual Insurance Foundation” was established by ADEPR Church with one of main purpose to provide health insurance to the staff of ADEPR Church, those of its institutions and their respective eligible family members. The Foundation is also providing funeral and saving services.
The establishment of the Foundation followed the Law governing the foundations in Rwanda (Law n°059/2021 OF 14/10/2021 in the Official Gazette n°41 Bis of 01/11/2021).
The conception of Ubuzima Bwiza Mutual Insurance Foundation came from the idea of the current ADEPR Church Executive Committee to promote equal medical treatment to all staff of ADEPR Church in terms of health insurance rendered to its employees.
The insurance officially started its operations on 29th June 2023 after its approval from ADEPR High Pastoral Council on 26th June 2023.
UBF is now granted legal personality No:25/RGB/FDN/LP/06/2023 as registered under the Rwanda Governance Board (RGB) to operate its activities in Rwanda since 29th June 2023. To be operational in Rwanda, the license from the regulator BNR (National Bank of Rwanda) has been acquired on 30th October 2023 under the BNR Insurance License N°: I 01/2023.
Vision, Mission, Values and Objectives of UBF
Vision
The Vision of Ubuzima Bwiza Mutual Insurance Foundation is “To create a better everyday life for our members and their dependents”.
Mission
Ubuzima Bwiza Mutual Insurance Foundation is determined to provide high-quality health insurance services for a better life of its beneficiaries.
Values
Christ-centeredness, Love, Stewardship; Accountability; Transparency, and Integrity.
Objectives
The objectives of Ubuzima Bwiza Mutual Insurance Foundation are outlined in the following:
- To guarantee health insurance services rendered to the beneficiaries.
- To reduce unaffordable health insurance costs through calculable and regularly paid premiums.
- To collect and manage contributions as provided by laws.
- To mobilize, receive, and manage related grants.
- To improve and monitor insurance services provided by the foundation.
- To register beneficiaries of the foundation.
- To engage in investments upon the authorization of the Foundation Council and the founder.
- To have agreements with Public and Private health service providers.
- To establish relations and collaborate with other institutions with similar missions.
Purpose of the audit
The auditors will be contracted to:
- To provide an independent opinion if financial statements overviewfrom the books of accounts gives a “true and fair view” of the financial status of the UBF in accordance with international financial reporting standards
- To assess the effectiveness of the internal control systems, particularly those related to financial reporting, claims processing, and premium collection.
Scope of Work
The audit firm is expected to carry out the following tasks:
- Review the statement of financial position, financial performance, Statement of Change in Equity, Statement of cash flow and note to financial statement starting from 1stJune 2023 up to 31st December 2024)
- Review all Policies to enable full understanding and Disclosure the risks facing to the UBF
- Assess compliance with local and international insurance regulations, tax laws, and anti-money laundering (AML) policies.
- Assess of UBF claims management, underwriting and customer service
Deliverables
The audit firm will be required to deliver the following:
- A detailed audit plan outlining the approach, methodology, and timeline for the audit.
- Management Letter on the following:
- Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit.
- Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement.
- Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the foundation.
- Bring to the Executive Secretary attention any other matters that the auditors consider pertinent
Audit Timeline
The audit firm is expected to adhere to the following timeline:
- Interim Report Submissionbefore closing financial year 2024 (31st December 2024)
- Final Report Submission before 31st January 2025
Auditor’s Qualifications and Experience
The audit firm should have:
- A valid audit license and registration with relevant professional bodies (Institute of Certified Public Accountants of Rwanda)
- Demonstrated experience in auditing insurance companies or financial institutions.
- A team of qualified professionals with expertise in accounting, insurance, and regulatory compliance.
- Strong knowledge of local and international financial reporting standards, insurance regulations, and AML requirements.
Confidentiality
The audit firm must maintain the confidentiality of all information obtained during the audit process. The firm shall not disclose any confidential information without the prior written consent of Ubuzima Bwiza Foundation.
Reporting and Communication
The audit firm will report to the foundation council of Ubuzima Bwiza Foundation and Management. Regular communication and updates should be provided throughout the audit process.
Fees and Payment Terms
The audit fees will be agreed upon based on the scope of work and the complexity of the audit. Payment will be made according to the following schedule:
- 10% upon submission of the audit plan and signed contract
- 40 % upon submission of the draft audit report and management letter
- 50 % upon submission of the final management letter and final audit report
Proposal Submission
Interested audit firms should submit a detailed proposal including:
- Company profile and experience in auditing insurance companies.
- accredited external auditors by National bank of Rwanda in tier 1 are eligible for submission of proposal
- Proposed audit methodology and timeline.
- Team composition and qualifications.
- References from similar audit engagements.
- Fee structure.
Selection Criteria
Proposals will be evaluated based on the following criteria:
- Experience and qualifications of the audit firm.
- Understanding of the insurance industry and relevant regulations.
- Proposed methodology and approach.
- Cost-effectiveness of the proposal.
- References from past clients.
The proposals addressed to the Executive Secretary of Ubuzima Bwiza Foundation shall be submitted at the head officer of Ubuzima Bwiza Foundation located in the building ofDove Hotel Gisozi, or to info@ubf.rw no 08th November 2024 at 5h:00PM (Local Time).
Done at Kigali 08th October 2024
Rurangangabo André
Executive Secretary