INVITATION FOR PROPOSAL (IFP) Provision of External Audit Services

Timbali Technology Incubator NPC
Date of Issue: 23 January 2026

1. OBJECTIVE
Timbali Technology Incubator NPC invites qualified and accredited audit firms to submit proposals for the provision of External Audit Services.
The selected firm will be responsible for auditing the company’s annual financial statements for the financial year ending 31 March 2026, in accordance with:
* The International Standards on Auditing (ISA),
* The Companies Act No. 71 of 2008, and
* Any other applicable laws and regulations of the Republic of South Africa.

The appointed auditor will be expected to provide an independent opinion on the financial statements and offer recommendations to strengthen internal controls and governance.

2. SCOPE OF WORK
The external auditor will be required to:
* Conduct an independent audit of the annual financial statements for the year ending 31 March 2026;
* Express an audit opinion in accordance with ISA;
* Prepare and submit a management report detailing internal control weaknesses and areas for improvement;
* Attend meetings of the Audit Committee and/or Board as required; and
* Complete the audit and submission of signed financial statements within the agreed timelines and statutory deadlines.

3. PROPOSAL REQUIREMENTS
Firms are requested to include the following information in their proposals:
* Company profile including ownership, management structure, and relevant audit experience;
* Proof of accreditation and registration with the Independent Regulatory Board for Auditors (IRBA) and the South African Institute of Chartered Accountants (SAICA);
* Proposed audit methodology, work plan, and timeline;
* Details of the audit team, including qualifications and experience of key personnel;
* Comprehensive fee proposal, indicating billing rates, estimated hours, and payment terms;
* Declaration of independence confirming the absence of any conflicts of interest; and
* At least three (3) references from similar engagements performed for not- for-profit or public benefit organizations.

4. EVALUATION CRITERIA
Proposals will be evaluated using the following weighted criteria:

Evaluation Criteria	Weight (%)
Firm qualifications, accreditation, and experience	25%
Audit approach, methodology, and work plan	25%
Fee proposal and value-added services	20%
Independence and objectivity	15%
References and past performance	15%

Only proposals that demonstrate independence, professional competence, and adherence to ethical standards will be considered.

5. SUBMISSION INSTRUCTIONS

Proposals must be submitted in PDF format via email to:

📧 busisiwe@timbali.co.za
Subject Line: Proposal – External Audit Services
Deadline for submission: 06 February 2026 (17h00 SAST)
Late submissions will not be considered.

6. LEGAL AND COMPLIANCE NOTES
* Timbali Technology Incubator NPC reserves the right to accept or reject any or all proposals, to negotiate with preferred bidders, or to withdraw this IFP at its discretion.
* All submissions will be treated as confidential.
* Firms must declare any actual or potential conflicts of interest.
* The appointed firm must comply with the Companies Act, King IV Corporate Governance principles, and the Public Finance Management Act (PFMA), where applicable.

7. TIMELINE

Activity	Date
Issue of IFP	23 January 2026
Proposal Submission Deadline	06 February 2026
Evaluation Period	9–13 February 2026
Notification of Award	27 February 2026
Expected Audit Commencement	08 May 2026

8. ENQUIRIES

All queries related to this IFP should be directed in writing to:

📩 Busisiwe Mkhize
Email: busisiwe@timbali.co.za
Subject: Query – External Audit IFP