Co-sourcing support for review of IDC and group annual financial statements – RFP (national)

Closing date: 18 November 2026 at 11:00

Enquiry deadline: 11 November 2026 at 16:00

Bid validity period: 120 days from closing date

Contract completion: by 31 May 2027 (for option 1, one financial cycle)

Enquiries:

• Name: Joseph Phiri
• Email: [email protected]
• Enquiries must be in writing; no enquiries after 16:00 on 11 November 2026.
• Consolidated responses will be posted on the IDC website (www.idc.co.za) under tenders within two days after the enquiry deadline.

Submission portal: https://idcza-my.sharepoint.com/:f:/g/personal/moitlisim_idc_co_za/IgCZQTpcsltJRov8wnx4j631AZ2ANavR31jwWLR6kvSxZms

Submission method: electronic only, via the IDC dedicated portal at https://idcza-my.sharepoint.com/:f:/g/personal/moitlisim_idc_co_za/IgCZQTpcsltJRov8wnx4j631AZ2ANavR31jwWLR6kvSxZms

• Bids sent to any other platform will be disqualified.
• Closing time: 18 November 2026 at 11:00 (before midday). Late bids will not be considered.
• Submit at least 30 minutes before the deadline to avoid technical issues. Portal accepts files up to 50MB.
• All documents must be in English and in standard electronic formats (Microsoft suite or PDF). Non-standard formats may be disqualified.
• Amended bids must be sent to the same portal, marked "Amendment to bid", and received before the closing time.
• The bid must be complete with all returnable schedules by the closing time; incomplete or late bids will be disqualified.

Returnable schedules (each clearly marked):

• Cover page: RFP reference number, bid description, bidder's name.
• Schedule 1: Executive summary and Annexure 2 (Acceptance of Bid Conditions and Bidder's Details) duly completed and signed.
• Schedule 2: Certified copy of Board Resolution; originally certified copy of ID document of the Company Representative; Annexure 2; Annexure 3 (Tax Compliance Requirements); Annexure 4 (Bidder's Disclosure); Annexure 6 (BEE Commitment Plan); B-BBEE verification certificate or sworn affidavit (for EMEs under R10m revenue and QSEs between R10m and R50m); Annexure 7 (Disclosure Statement); Annexure 8 (POPIA Requirements, if applicable); latest audited or independently reviewed financial statements, or cashflow budget for new entities; copy of JV/Consortium/Subcontracting Agreement if applicable.
• Schedule 3: Response to Section 2 (Functional Requirements) and Annexure 1 (Response Format for Section 2).
• Schedule 4: Price Proposal (response to Section 3) as a separate file.

For consortia, joint ventures, or prime contractor with subcontractors, the above documents must be submitted for each member/party.

Disqualification risks:

• Non-compliant tax status after notification.
• Incomplete information or documentation.
• Fraudulent, untrue, or inaccurate information.
• Obtaining information not available to other bidders through fraudulent means.
• Non-compliance with any mandatory requirement.
• Failure to comply with POPIA requirements.
• Prime contractor holding a lower percentage of contract value than any subcontractor.

Evaluation process:

• Phase 1: Initial screening – compliance with RFP requirements, including CSD registration, tax compliance, B-BBEE certification, and completion of all standard bidding documents. Failure may lead to disqualification.
• Phase 2: Technical/Functionality evaluation – scored out of 100 points:
• Bidder's relevant experience: 30
• Bidder's proposed methodology: 30
• Qualifications and skills of proposed team: 25
• Knowledge transfer: 15
• Minimum qualifying score: 70 out of 100. Bids scoring below 70% are not considered further.
• Phase 3: Preference point system (80/20):
• Price: 80 points
• Specific goals: 20 points
• Specific goals breakdown:
• Black ownership: 10 points (100% black-owned scores full 10; 51%-99.99% scores 4)
• 30% Black women ownership: 5 points
• Any % ownership by Black Designated Groups: 2 points
• Promotion of SMMEs (EME or QSE): 3 points
• Only enterprises with direct Black shareholding and exercisable voting rights in the hands of Black people, Black women, Black Designated Groups, or ESOPs qualify for specific goal points.
• Phase 4: Objective criteria – contract awarded to highest scoring bidder unless an objective criterion justifies otherwise. Risk assessed on reputational risk, concentration risk, financial capability, and past performance in IDC contracts.

Scope of work – co-sourcing arrangement to support the review of IDC and group annual financial statements:

• Assess design and operating effectiveness of governance, risk management, and controls supporting IFRS-compliant financial reporting.
• Review selected material financial statement account balances and disclosures, including loans and advances, investments securities, and deferred tax balances.
• Assess valuation governance frameworks, fair value measurement processes, and related controls.
• Provide assurance over Expected Credit Loss (ECL), impairment, and valuation methodologies, including model assumptions and compliance with IFRS.
• Leverage data analytics and technology-enabled audit techniques.
• Conduct comprehensive review of draft annual financial statements before submission to external auditors.
• Transfer knowledge, technical skills, and leading practices to IDC Internal Audit personnel.

Specific activities:

• Financial reporting processes and controls: evaluate financial close, account reconciliations, journal entry processing, management review controls, and supporting documentation.
• ECL and valuation review: assess valuation governance, methodologies, models, assumptions (staging, SICR, PD, LGD, EAD, forward-looking information), model governance, validation, back-testing, sensitivity analyses, IFRS 13 compliance, and related disclosures.
• Group AFS review: check IFRS compliance, accuracy, completeness, consistency, adequacy of disclosures, year-end and Period 13 journals, cross-referencing, and identification of technical accounting issues.
• Technology, data integrity, and reporting: review application controls, data interfaces, end-user computing tools, data governance, data quality, and use of data analytics.
• Tax governance and compliance: review tax governance frameworks, compliance with tax legislation, deferred tax accounting, and tax controls.
• Knowledge transfer: methodology, key IFRS/IFRS 9 topics, formal and informal activities, coaching, workshops, deliverables, and effectiveness measurement.

Project timelines:

• Commence immediately upon contract award.
• Complete all deliverables by 31 May 2027.
• Bidders must quote for two options: Option 1 (one financial cycle) and Option 2 (two financial cycles).

Methodology requirements:

• Provide detailed methodology for review of IDC's IFRS-compliant financial statements, technology and application controls, and application of IFRS 9 to loans, advances, investments, and other financial instruments.
• Demonstrate understanding of objectives, risks, technology dependencies, and accounting complexities.
• Knowledge transfer plan must include methodology, key IFRS/IFRS 9 topics, formal and informal activities, on-the-job coaching, workshops, deliverables, effectiveness measurement, and schedule aligned to project plan.

Experience and qualifications:

• Bidder must demonstrate relevant experience in review and/or assurance of IFRS-compliant group financial statements, including IFRS 9, within the financial services industry.
• Provide minimum of three (3) independent, contactable references from three different client entities for completed engagements within the last five (5) years.
• At least two (2) of the three references must relate specifically to IFRS 9 and related IFRS standards engagements.
• Proposed team must collectively demonstrate experience in IFRS financial reporting, IFRS 9 and financial instruments, review/audit of IFRS-compliant statements in financial services, IT and application controls, and data analytics.
• Minimum team roles: Engagement Partner/Director, IFRS Technical Specialist, IFRS 9 Specialist, Data Analytics Specialist, IT Auditor/Technology Specialist, Tax Specialist, and other resources as required.
• Submit team structure and composition, and CVs of key personnel showing qualifications, memberships, relevant experience, and similar assignments in last five years.

Quality requirements:

• Assess valuation governance frameworks, including policies, governance structures, approval processes, independent challenge mechanisms, valuation committees, and oversight.
• Review ECL methodologies, models, and assumptions (staging, SICR, PD, LGD, EAD, forward-looking information, post-model adjustments, write-offs).
• Evaluate model governance, validation, back-testing, sensitivity analyses, management overlays, and independent model reviews.
• Ensure compliance with IFRS 13 fair value measurement, including hierarchy classification, valuation inputs, and disclosures.
• Review adequacy of accounting disclosures and management judgements supporting impairment and valuation conclusions.

Pricing schedule:

• Prices must be VAT inclusive (where applicable) and in ZAR.
• Indicate if rates are firm for full contract period; if not, provide basis for adjustments.
• All additional costs must be included in total bid price.
• Indicate if price is linked to exchange rate; specify portion if yes.
• Payments linked to deliverables after approval, within 30 days from invoice.
• IDC may consider AGSA circular approved charge-out rates.
• Provide costing for both Option 1 (one financial cycle) and Option 2 (two financial cycles).
• Cost categories: Financial Reporting Processes and Controls; ECL and Valuation Review; Group AFS Review; Technology, Data Integrity and Reporting; Tax Governance and Compliance; Disbursements.
• Disbursements must be clearly defined; if no charge, state "No Charge / Free of Charge". Failure may result in IDC using highest bidder's cost plus 50% for comparison.
• For Option 2, provide Year 1 and Year 2 sub-totals and annual percentage escalation.

Pricing format:

• All prices must be VAT inclusive (where applicable) and quoted in South African Rand (ZAR).
• Rates may be firm for the full contract period; if not, provide basis for adjustments (e.g., CPI).
• All additional costs must be clearly specified and included in the total bid price.
• Indicate if bid price is linked to exchange rate; if yes, specify which portion.
• Payments linked to deliverables after approval, within 30 days from invoice.
• IDC may consider AGSA circular approved charge-out rates; bidders must indicate if their rates align.

Costing model:

• Provide costing for both Option 1 (one financial cycle) and Option 2 (two financial cycles).
• Cost categories: Financial Reporting Processes and Controls; ECL and Valuation Review; Group AFS Review; Technology, Data Integrity and Reporting; Tax Governance and Compliance; Disbursements.
• Disbursements must be clearly defined with assumptions; if no charge, state "No Charge / Free of Charge". Failure to do so may result in IDC using the highest bidder's cost plus 50% for price comparison.
• For Option 2, provide sub-totals for Year 1 and Year 2, and annual percentage escalation.

Bid security: None stated.

Retention: None stated.

CSD registration:

• Must be registered on the Central Supplier Database (CSD) of National Treasury; provide CSD supplier number and unique registration reference number.

Tax compliance:

• Tax affairs with SARS must be in order; provide tax compliance status PIN or printed TCS, or CSD number where no TCS is available.
• For consortia/JV/subcontractors, each party must submit separate proof.
• Foreign suppliers not resident in RSA and with no branch, permanent establishment, or source of income in RSA are not required to obtain TCS/PIN.

B-bbee:

• Submit B-BBEE verification certificate, or sworn affidavit for EMEs (annual revenue < R10m) and QSEs (annual revenue R10m-R50m) confirming annual total revenue and level of black ownership.
• Misrepresentation is a criminal offence under the B-BBEE Act.

Other:

• Certified copy of Board Resolution authorising signatory.
• Originally certified copy of ID document of Company Representative.
• Latest audited or independently reviewed financial statements, or cashflow budget for new entities.
• Compliance with POPIA requirements as listed in the RFP.
• Bids must be in English.
• Prime contractor must hold highest percentage allocation by value; lower allocation than subcontractor is disqualification.

Contract terms:

• Successful bidder must conclude a Service Level Agreement (SLA) with IDC, forming part of the supply agreement.
• SLA used to measure, monitor, and assess supplier performance.
• Successful bidder may be required to mentor SMMEs or youth-owned businesses (subject to negotiation).
• IDC may amend bid conditions, validity period, specifications, or extend closing date before closing; changes posted on IDC website.
• IDC may conduct site visits at bidder's offices or client sites.
• IDC may request additional information and conduct background checks including FICA verification.
• IDC may appoint any number of vendors to a panel if applicable.
• IDC may consider bidder's past professional conduct and experience with IDC over the last 5 years.
• Bidders must be prepared for a presentation within 5 days of notification, including practical demonstration if required.
• Bidder's offer binding for 120 days from closing date.
• Bidder accepts responsibility for correctness of prices and rates; mistakes at bidder's risk.
• Successful bidder accepts full responsibility for contract execution.
• All costs of bid preparation are for bidder's account; supporting documents become IDC property unless otherwise stated.

Additional evaluation details:

• Phase 1 screening includes CSD checks, tax compliance, B-BBEE certification, and completion of all standard bidding documents.
• Phase 2 functionality scoring: experience 30, methodology 30, team qualifications 25, knowledge transfer 15. Minimum 70/100 to proceed.
• Phase 3 preference points: price 80, specific goals 20 (black ownership 10, black women ownership 5, designated groups 2, SMME promotion 3).
• Phase 4 objective criteria: risk assessment including reputational, concentration, financial capability, and past performance.