Supporting Egypt’s Universal Health Insurance System ( - Тендер #67249652)

NOTICE AT-A-GLANCE

• Project ID

P172426

• Project Title

Supporting Egypt’s Universal Health Insurance System

• Country

Egypt, Arab Republic of

• Notice No

OP00379768

• Notice Type

Request for Expression of Interest

• Notice Status

Published

• Borrower Bid Reference

EG-MOF-508962-CS-LCS

• Procurement Method

Least Cost Selection

• Language of Notice

English

• Submission Deadline Date/Time

Oct 09, 2025 12:00

• Published Date

Sep 23, 2025

• CONTACT INFORMATION
• Organization/Department

Ministry of Finance

• Name

Yara Gamal

• Address

Ministry of Finance- New Administrative Capital

• City

• Province/State

Egypt, Arab Republic of

• Postal Code

• Country

Egypt, Arab Republic of

• Phone

+201141221444

• Email

yara_gamal13@hotmail.com

• Website

https://mof.gov.eg/ar

The Ministry of Finance has received a loan of $400M from the World Bank toward the cost of the Supporting Egypt’s Universal Health Insurance System Project, and intends to apply part of the proceeds for consulting services.

The consulting services (“the Services”) include consultancy aimed for provision of audit engagement is to enable the auditor to express professional opinion whether the Project Financial Statements (PFS) show true and fair presentation of the Project’s financial position as of month/day/year and funds receipts and expenditures incurred during the period then ending. In addition to an opinion on Statements of Expenditures (SOE)- see annex 3. To accomplish this objective, the auditor shall carry out whatever necessary examinations of the statements and underlying records and control systems. The Audit opinion should also state whether the Procurement Regulations of the World Bank have been properly applied and in accordance with the Project"s Loan Agreement.

The detailed Terms of Reference (TOR) for the assignment are attached to this request for expressions of interest.

Supporting Universal Health Insurance System Project

• Terms of Reference

for

Annual Audit and Quarterly Reviews

1) Project Background:

The government of the Arab Republic of Egypt obtained a loan/credit of $400,000,000 from the World Bank to finance the implementation of the “Supporting Egypt’s Universal Health Insurance System” project. The Project will be implemented between August 2021 and September 2026, and 31st January 2027 is the Loan’s/credit’s scheduled closing date. “Ministry of Finance” will be the implementing agency and will be responsible for implementing this Project.

2) Context:

According to point (1) of the institutional arrangement subsection in annex (2) of the Loan Agreement no. IBRD 9132, the Governing Body of the Project shall at all times maintain a financial management system, including records and accounts, and prepare financial statements for the project in a format acceptable to the World Bank, adequate to reflect the operations, resources and expenditures related to the Project. Also the Governing Body shall maintain records and supporting documents for all expenditures with respect to which withdrawals from the Loan Account were made on the basis of Statements of Expenditure (SOE) reflecting such expenditures. The Project Financial Statements (“PFS”) is comprised of the annual (i) sources and uses of funds, (ii) cash withdrawals, (iii) cash forecasts, and (iv) Special Account reconciliation. For procurements of goods and services to the Project, the Governing Body is committed to comply with the World Bank Procurement Regulations. The Loan Agreement requires that have the records, accounts and financial statements mentioned above and the records and accounts for the Special Account for each fiscal year audited, in accordance with International Standards on Auditing (ISA), consistently applied, by independent auditors acceptable to the Bank. Audited PFS should be submitted to the World Bank within six months after the end of the fiscal year. In fulfillment of this statutory (or Loan/Credit Agreement) requirement, the Governing Body is interested to engage a qualified audit firm according to terms of reference and scope of work acceptable to the World Bank and summarized in the below.

3) Objective:

The primary objective of the audit engagement is to enable the auditor to express professional opinion whether the Project Financial Statements (PFS) show true and fair presentation of the Project’s financial position as of month/day/year and funds receipts

and expenditures incurred during the period then ending. In addition to an opinion on Statements of Expenditures (SOE)- see annex 3. To accomplish this objective, the auditor shall carry out whatever necessary examinations of the statements and underlying records and control systems. The Audit opinion should also state whether the Procurement Regulations of the World Bank have been properly applied and in accordance with the Project"s Loan Agreement.

4) Scope:

The audit of Project accounts and funds flow is considered as special purpose contractual agreement audit which in addition to compliance with International Standard on Auditing, the auditor need to consider the World Bank reporting requirements, compliance with the World Bank Procurement Regulations. The audit scope includes:

a) The audit will be carried out in accordance with the International Standards on Auditing, having regard to relevant financing agreements and World Bank specific requirements, and should pay special attention to the following:

b) All funds provided to the Project have been used, accounted for and classified in accordance with the relevant financing agreements;

c) Goods and services financed have been procured in accordance with the relevant financing agreement;

d) All necessary copy of supporting documents, records, and accounts have been kept in respect of all project ventures. Clear linkages should exist between the books of account and reports presented to the Bank;

e) Where Special Accounts have been used, they have been maintained in accordance with the provisions of the relevant financing agreement;

f) Compliance with specific covenants of the Loan Agreement and Project Appraisal Document (e.g, compliance with the short-term and long-term borrowing conditions, cash flow covenant);

g) Determine eligibility of expenditures claimed under Statement of Expenditures submitted to the World Bank for replenishment. This is in addition to substantiation of these expenditures;

h) Review all correspondences with the World Bank in relation to the Project including copies of the Aide Memoires, Mission Reports, and assess progress on all financial issues.

5) Audit Deliverables:

There are three main deliverables of the Audit Engagement:

i) Audit Report: which includes the following:

a. An explicit professional opinion whether the project financial statements give a true and fair view of the

state of the Project"s affairs. Project Financial Statements include (i) sources and uses of funds, (ii) cash withdrawals, (iii) cash forecasts, and (iv) Special Account reconciliation

b. compliance with the World Bank procurement Regulations. The Auditors should take into account relevant statutory and other mandatory disclosures and accounting requirements stipulated in the Loan/Credit Agreement.

A model unqualified audit opinion for a Project"s financial statements is at Annex

2.

The report should be submitted to the Bank no later than six months following the closing of the fiscal year. The external audit report should encompass all project components and activities as a “whole” under the Loan Agreement.

ii) Quarterly Reviews:

In addition to the annual audits for the project, a review of the quarterly Interim Financial Reports (IFR) will be required. An explicit professional opinion (negative assurance) whether the project IFR give a true and fair view of the state of the Project"s affairs. Project quarterly IFR include (i) sources and uses of funds, (ii) cash withdrawals, (iii) cash forecasts, and (iv) Special Account reconciliation.

There will be 7 quarters for the whole project period including the 4 month of the grace period (starting 1st of April 2025 and end by 31st of January 2027)

iii) Management Letter:

The Auditors should report by way of a management letter any significant accounting and control issues arising from the annual audit or the quarterly review. The letter, with management responses, should be made available to the Project"s governing body in time, and in any event, no later than two weeks after issuing the Audit/Review Report that contains an opinion on the project financial statements. Projects must send two copies of the final management letter incorporating management responses to the governing body and the World Bank, stating whether or not this has been considered by the PMU and/or governing body.

6) Audit Process: Audit will be conducted in two phases:

Interim Phase: review internal control system for the project, review compliance with the

Bank’s procurement Regulations, and conduct preliminary audit and risk assessment. Final Phase: update the interim review and complete financial audit.

7) General Principles for Audit

The auditor should be registered as certified public accountants with the appropriate professional body in the country and have substantial experience in auditing major projects in the country. The general principles under which the audit will be conducted are according to International Standards on Auditing and are summarized in Annex 1.

8) Irregularities including fraud

The governing body is responsible for ensuring the establishment and maintenance of an adequate system of internal control. It is also responsible for ensuring compliance with statutory and other regulations, and for the prevention and detection of irregularities, including fraud. Although, the Auditors are not required to search specifically for such matters, the Audit shall be planned and conducted so that the Auditors have a reasonable expectation of detecting material misstatements in the accounts resulting from irregularities, including fraud, or breach of regulations.

The Auditors will report in writing any serious weaknesses, fraud, irregularities or accounting break-downs that they come across in the normal course of their duties to the designated office holder, governing body, and The World Bank without delay.

9) Access

The Auditors shall have rights of access the Project books, accounts, vouchers, Loan/Credit Agreement, Project Agreement and related Supplemental Letters, Project Appraisal Document, correspondence, and all other documents in relation of the Project and to such information and explanations as auditors consider necessary to perform their duties and fulfill their responsibilities. In addition, the auditors will be provided with copies of the World Bank publications that the governing body has to recognize including: (i) the World Bank “Project Financial Management “ issued in February 1998 (ii) the World Bank “Procurement Regulations”

In turn, on occasions where the World Bank representative may wish to meet with Projects" auditors, particularly in connection with a visit to the auditors office and review the audit working papers files and discuss the work performed and conclusion reached by the auditors. The Auditor should not limit access in any way and must reply to all inquiries raised by the World Bank representative. Failure to comply with this provision may disqualify the auditors from dealing with the all projects funded or administered by the World Bank. The World Bank

will have this exclusive right during performing of the audit and within 2 years after completion of the audit engagement.

10) Termination of appointment

If there are serious shortcomings on the Auditors’ part the governing body, after consulting an approval of the World Bank, may pass a resolution to remove the Auditors before the expiry of their assignment.

11) Restriction of auditor"s liability

There is no capping of the auditors" liability in respect of audit opinions given under this assignment. The Project’s governing body will not agree to any such restriction in liability.

12) Auditor’s experience and qualifications

• The auditor should be registered and have a license from a national or regional professional Accountancy Body. He should have relevant experience in accounting and auditing of development project/programs, especially donor-funded operations.
• The key audit team will comprise, at least:
• Audit Manager: Professional Accountant (CA, ACCA, CPA, Expert Compatible, etc.) with a minimum of 10 years post qualification experience of which 5 years should have been in the audit of either, World Bank or other multilateral donor-funded project/programs.
• Audit Supervisor: Professional Accountant (CA, ACCA, CPA, etc.) with a minimum of 5 years post qualification experience of which 3 years should have been in the audit of either, World Bank or other multilateral donor-funded project/programs.
• Audit Senior: Partly qualified Accountant with a minimum of 3 years working experience in an audit firm, of which 2 years should have been in the audit of either, World Bank or other multilateral donor-funded project/programs.
• Procurement Auditor: Where necessary, a certified procurement professional (CIPS or its equivalent), with a minimum of 5 years working experience in the conduct of procurement audits and/or execution of procurement activities according to the World Bank procurement regulations.

Duties

Annex 1

General Principles for Auditors

The audit of Project’s funds constitutes audit procedures additional to those required under International Standards on Auditing, since auditors are also concerned with the World Bank and other donors requirements.

Independence

Auditors should avoid the following:

a. Official, professional and personal relationships which might cause the auditor to limit the extent or character of the audit.

b. Any involvement in the executive management of the Project.

c. Any interest, financial or non-financial, direct or indirect, in the Project.

Due professional care

In exercising due professional care auditor"s should:

a. Take reasonable steps to obtain information relevant to the audit. Auditors should take into account information from the Project and the related ministry, any changes in legislation, and the results of previous audit work.

b. Keep up to date with developments in professional matters.

c. Look out for and take into account any unusual circumstances. d. Consider audit objectives and plan work to adhere to them.

e. Document the conclusions arising from the planning process, and detail a budget for staff and time.

f. Discuss the main features of the audit with the Project management and the

World Bank representative.

g. Ensure that audits are staffed with suitably qualified and experienced personnel, and that work is properly controlled and reviewed. Also co-ordinate the work of specialist staff.

h. Obtain and document sufficient and complete audit evidence, so that an experienced auditor with no previous connection with the audit can ascertain what work was done and what conclusions were reached.

i. Ensure that conclusions are adequately supported by reliable evidence. j. Maintain objectivity at all times.

k. Preserve confidentiality where appropriate.

Annex 2

The suggested form of the wording of the unqualified report should be:

TO GOVERNING BODY OF.......................................

We have audited the balance sheet of “ABC” Project as of month/day/year and the Statement of funds receipts and expenditures for the year then ended.

Respective responsibilities of the governing body and auditors

The governing body is responsible for ensuring that financial statements are prepared. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you.

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing and such other specific procedures requested by the Governing Body. An audit includes examination, on a test basis, evidence supporting amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the governing body in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Project"s (group"s) circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion

In our opinion:

The financial statements referred to above give a true and fair view of the balance sheet of the Project and the balance of the reconciled Special Account as of month/day/year and the statement of funds receipts and expenditures for the year then ended. Also, expenditures provided in statement of expenditures are properly supported and represent eligible expenditures under the Loan Agreement. Also, procurements of good and services incurred during the year were conducted in accordance with the World Bank Procurement Regulations issued in October 1995.

Note: Above is the wording of an unqualified audit report. Any subsequent qualifications will then be based on the auditor’s professional judgment in compliance with the International Standards on Auditing.

Annex 3

SOE Review Process

Bank policy requires that projects be supervised to ensure that loan/credit proceeds are used only for the purposes for which the loan/credit was granted, with due regard to economy, efficiency, and the sustainable achievement of the project’s development objectives. Under the transaction based disbursement method, loan proceeds are disbursed on the basis of Statements of Expenditures (SOEs) for the expenditures below a threshold which is established by the legal agreement for each project. The SOE review is to ensure eligibility of expenditures, adequacy and sufficiency of documentation, and proper procedures for and controls over SOE use.

The objectives of the review are to ensure that the funds disbursed under SOEs are used for the purposes intended in accordance with legal agreements, and mitigating chances of misuse. This review process includes the following:

a) Determine whether appropriate levels of review and approval within the internal control system are in place regarding SOE disbursement;

b) Determine whether SOE procedures are properly used in accordance with the project’s legal agreement(s);

c) Determine whether the project has maintained adequate supporting documentation to support claims for Bank disbursements on the basis of SOEs;

d) Verify that expenditures are eligible for financing by the World Bank and are properly accounted for in terms of the disbursement categories, and that the correct disbursement percentage has been applied;

e) Identify any ineligible, questioned and unsupported expenditures, and where identified, recommend follow up actions; and

f) Identify possible improvements in the project financial management practices in the light of deficiencies identified during the review.

The SOE review process consists of:

1) Obtain the SOE-based withdrawal applications from the Country disbursement team, and identify and select a sample of SOE withdrawal applications and transactions for field review. A random sample of SOEs shall be selected from the list of SOE disbursement applications available within the Bank. ICS – the disbursement information system is another way to obtain information about withdrawal applications. The selection shall be based on (i) the nature, size and expected number of contracts below the SOE threshold; (ii) the Bank’s previous experience with the particular borrower; and (iii) reasonable available time for review and cost-effective consideration. Normally 40% of SOE-based expenditures should be selected for review. The number of transactions and the amount of expenditures should be taken into account1.

1) Review of the control procedures regarding SOE disbursement. The reviewer should consider the effectiveness of the following controls and document any instances where controls are lacking or are considered in need of strengthening:

2) Documentation review. The documentation of a sample of withdrawal applications is reviewed. The documents that normally support payments are (a) evidence of receipt, invoice or performance, (b) evidence of payment, and (c) proper procurement documents.

3) Verify eligibility of expenditures. The review determines whether the expenditures are properly supported and are eligible for Bank disbursement in accordance with legal agreements.

At the completion of the Annual Audit, the external auditors will present a final report to the PMU including the attached tables regarding their SOE review:

SOE Review

Summary of Results

Project number: Loan No:

The covered period of expenditures: Review date:

Part 1 Selection of SOEs

Part II Summary of questioned and unsupported expenditures

Working Paper for Review of Individual Transactions

Date: Reviewed by:

Part A: SOE reference information

Part B: Checklist and Results of the review for each transaction

Conclusion:

1) Whether the expenditures are eligible for the Bank financing (Y/N):

2) Whether the expenditures are properly supported and accounted for(Y/N):

3) Comments and recommendation:

………………………………………………………………………………………………

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