Statutory Financial Reporting Full Scope Review Services

Tender description

The statutory role of IAASA includes examining whether the annual and half- yearly financial reports (collectively referred to as ‘periodic financial reports’) of certain entities whose securities have been admitted to trading on a regulated market, situated, or operating within the EU (‘issuers’) have been drawn up in accordance with the requirements of the relevant reporting framework as laid down by the Transparency (Directive 2004/109/EC) Regulations, 2007 (as amended) (‘the Transparency Regulations’). IAASA’s examination constituency in this regard comprises issuers of equity and debt as well as closed ended funds . These issuers publish an aggregate of approximately 260 periodic financial reports per annum. IAASA selects issuers’ periodic financial reports for examination based on risk assessment criteria, supplemented by cyclical and random selections. Given the level of IAASA’s examination activity, together with the scale and nature of the examination constituency, IAASA anticipates a requirement to supplement its internal professional resources from time to time by engaging the services of suitably qualified and experienced providers of statutory financial reporting expertise. Accordingly, IAASA wishes to update its existing Panel of individuals and firms who are interested in being considered for such engagements. 2. Nature of engagements 2.1 Scope of engagements In broad terms, engagements will involve: a) full scope examination of selected issuers’ periodic financial reports for the purpose of determining whether same have been prepared in accordance with the relevant reporting framework; and b) the provision of detailed findings and conclusions in written report format in respect of each examination, with such reports to be provided within agreed timeframes.