Request for Proposal for the Implementation of Internal Controls over Financial Reporting (ICFR) at the Central Securities Clearing System Plc (CSCS)

Posted by Future on Mon 18th Oct, 2021 -

The Central Securities Clearing System Plc (CSCS) invites interested and reputable accounting firm(s) to indicate interest by submitting RFP documents to tender for the following works:

The Central Securities Clearing System Plc (CSCS) is Nigeria’s Central Securities Depository (CSD) licensed to carry on the depository, clearing and settlement of all transactions in the Nigerian Capital Market. 

As the country’s premier Financial Market Infrastructure (FMI), CSCS processes securities in electronic book-entry form, ensuring safe and efficient transaction processing within the ecosystem whilst also pioneering innovative solutions to deepen and enhance the efficient functioning of the market.

Applications are invited for:

Title: Request for Proposal for the Implementation of Internal Controls over Financial Reporting (ICFR)

The Securities Exchange Commission of Nigeria recently approved the Guidance on the Implementation of Sections 60-63 of the Investments Securities Act 2007, which requires public companies to include in their annual reports, a certification on the effectiveness of internal controls over financial reporting (ICFR), evaluated based on a recognized internal control framework. In addition, the external auditor is required to report on the existence, adequacy, and effectiveness or otherwise of the ICFR established by the Company.

CSCS would like to procure the services of a reputable accounting firm for the implementation of Internal Control over Financial Reporting (ICFR) Framework in compliance with SEC’s approved Guidelines on the implementation of Sections 60 - 63 of the Investments and Securities Act 2007. To achieve this, we invite your firm to participate and to submit a proposal.

Scope of Work
The bidder (or the Firm) should be capable of providing the services as per the scope of work explained under this section. The said scope of work will also be included in the agreement to be executed by the Firm and would broadly cover the following:
  • Performing a GAP assessment between the CSCS’ existing controls and the recognized Internal Control Framework (COSO).
  • Identifying and documenting the Company’s Financial Reporting Risks and Controls.
  • Evaluate evidence of the operating effectiveness of the existing controls over the Company’s Financial Reports.
  • Mapping of the Company’s controls to the identified financial reporting risks and recommendation of improvement actions.
  • Identifying and documenting key Business Processes (BPs) and the control activities therein. 
  • Ensuring the Internal control framework is implemented as detailed in the SEC Guidelines.
  • Conducting a Gap Analysis on the current state of controls and together with the project team recommend and implement appropriate actions.
  • Ensure policies, procedures and other activities noted as deficiencies are adequately addressed to ensure full compliance.
  • Build capacity of the project team and transfer knowledge to key stakeholders through various training's.
Application Closing Date

5:00pm, 20th October, 2021.

Submission of Documents
All documents and proposals should be addressed and submitted to:
Peter Medunoye,
Chief Financial Officer,
Central Securities Clearing Systems Plc,
2/4 Customs Street,
Marina, Lagos Island.

Lagos State.

  • By accepting to take part in this proposal process you keep in confidence all information availed you in relation with the proposal process, not to disclose it to third parties and not to use it for any other purpose than for the proposal. 
  • You will be required to execute CSCS Plc’s standard Non-Disclosure Agreement.
  • Please note that your participation in the selection process does not create a binding agreement between you and CSCS Plc. 
  • The Company will enter into a binding agreement with the successful firm. 
  • Should you require additional information or clarification as to this RFP, please contact the undersigned.
For more clarifications on this RFP, please Click Here (PDF).