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The Mauritius Investment Corporation Ltd (‘MIC’) is inviting proposals from eligible and qualified bidders for the Provision of Internal Audit Services to undertake the list of activities as described in Annex 1, the Terms of Reference.

The proposal must be valid for at least ninety (90) business days from the due date for the submission of all bids.

Each bid participant must provide two (2) printed copies of their proposal as well as a soft copy value together with documents listed in Annex 2. All submitted proposals will become the property of MIC and proposals will be recorded in a register at the point of receipt. One copy of the proposal must be signed and dated in ink by the bidder or authorized representative of the bidder and initialed on each page.

Mode of Application

Proposals should be deposited in sealed envelope marked Provision of Internal Audit Services at the Registered Office of the Mauritius Investment Corporation Ltd, Level 3 Bank of Mauritius, Old Building Sir William Newton Street, Port Louis, at latest by 11 July 2022. Proposals received after the closing date shall be rejected.

Requests for clarification or any additional information can be addressed to by 1 July 2022. Responses thereof will be posted on MIC website ( by 6 July 2022.

MIC reserves the right to accept or reject all proposals, without incurring any liability towards any Bidder or any obligation to inform any Bidder of the grounds for its decisions. The MIC also reserves the right to cancel this exercise.                                                                     

 24 June 2022



2.1 Background

The MIC seeks to appoint external consultants to provide assurance to the Board of Directors that a system of internal control has been adequately implemented and is operating effectively. The review must be carried out in accordance with the performance standards established by the Institute of Internal Auditors. The contract may be extended, after assessment of performance, and at the sole discretion of the MIC.

2.2 Services required

The internal audit service provider is required to provide independent, objective assurance and consulting services to the MIC. The services include but not limited to the following:

(a) Perform an entity-wide review of the operations and internal controls in place at the MIC. Such review shall include in-person interviews with relevant management personnel and members of the Board (including representatives of senior staff and the Board), and the review of available documentation including previous audit reports.

(b) Conduct and prepare a risk assessment of the Company’s operations based on the review described in (a) above, that lists, describes and prioritises the areas for internal audit work to be performed (“Risk Assessment”).

  • The Risk Assessment must identify key processes within the Company and identify potential risks associated with each process.
  • The Risk Assessment will be submitted to the Company for approval prior to being finalised.

(c) Develop and submit to the Company for approval a three-year strategic internal audit plan (“Three-Year Plan”) that identifies the anticipated timing of internal audits to be conducted based on the Risk Assessment. Each major function (or process) within the Company as identified should be scheduled to be reviewed at least once during the three-year cycle, with the highest risk areas (as identified in the Risk Assessment) to be reviewed more frequently.

(d) Develop, annually, a detailed internal audit plan (“Internal Audit Plan”) that identifies specific audits that will be conducted within the twelve-month period. The Internal Audit Plan will include, for each audit, the anticipated date of commencement, completion, and any additional relevant milestone dates.

(e) Perform internal audits (“Internal Audits”) of several units regularly according to the Internal Audit Plan. Analyse the data obtained in order to identify deficiencies in controls, duplicative effort, wasteful or unnecessary spending, fraud, lack of compliance with federal, state or local laws or failure to follow management policies/practices.

(f) Setting up an Internal Audit Unit within the MIC and the recruitment of an internal audit team.

At the conclusion of the engagement, the required deliverable will be a final audit report that addresses, at a minimum, the following:

  1. A conclusion on whether:
    • The Company’s activities are achieving the expected deliverables/targets,
    • The recommendations in prior reviews have been satisfactorily implemented by management.
  2. Specific observations regarding current conditions, potential and real risks, gaps, and opportunities for improvement identified during the review, including the relative significance of each opportunity;
  3. Specific implementation recommendations to address the root causes of weaknesses and/or improve operations and achievement of output as applicable;
  4. A separate set of recommendations for additional ways MIC can add value to its operational activities; and
  5. The Internal Audit unit is fully operational.

The internal audit service provider should add value and improve the MIC’s operations. It should make a clear contribution towards the organization accomplishing its objectives by bringing a systematic, disciplined approach to the evaluation and improvement of the effectiveness of risk management, control, and governance processes.

2.3 Delivery of Services

The bidder will be required to take note of current MIC operations, as well as the operations proposed in its corporate and/or strategic plan, and its risk management approach. The successful bid participant will then be required to draw up a detailed audit plan for the period, before the start of the assignment. The plan should have clearly defined monthly targets. Each component and target of the plan should be clearly prioritized, in terms of the impact on the organization.

2.4 Methodology

Bid participants should indicate the details of their approach to the identifications and assessment of internal audit requirements, including the key stages of the process and details of the team members who will be assigned to the assessment work. Bid participants should also indicate their approach to audit fieldwork.

2.5 Reporting

The successful bid participant will be required to report at least quarterly, in writing and in person, to the Chairman of Audit Committee on progress made in achieving the targets established in the internal audit plan, general risk management issues and other relevant matters as required. The MIC may require additional reasonable reporting requirements and the successful bid participant will be required to comply with these.

2.6 Criteria and point system

The Technical and Financial criteria shall carry a weightage of 50% each for an aggregate of 100% for the overall scores.

Criteria and point system for the evaluation of the Technical section are:

Sn Criteria Points
1. Adequacy of the proposed technical approach, methodology and work plan in responding to the Terms of Reference a) Technical approach and methodology b) Work plan c) Clear deliverables 30
2. Consultant qualifications and competence for the assignment a) General qualifications b) Competency for the assignment c) Proven Experience in related field 70

Total points for evaluation of the Technical section is 100.

Criteria and point system for the evaluation of the Financial bids is 100 points assigned for the lowest bidder, prorated for the other bids received.


  1. Company’s Profile
  2. Copies of relevant licenses (E.g., BRN, Certificate of Incorporation, VAT certificate, if applicable)
  3. Profiles of the professionals involved in the Provision of the Internal Audit Services (qualifications and accreditations, years of experience and reference of similar projects)
  4. Financial cost for the services proposed
  5. The Bidder should not be involved in any legal case that may affect its solvency or existence or in any other way affect their capability to provide support (Self-declaration signed by Company Secretary or Board approval designating Signatory).
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