External Audit Firm for Punjab Inclusive Cities Program Financial Statements

This is a contract award notice for the engagement of an external audit firm to conduct audits of financial statements for partner local governments participating in the Punjab Inclusive Cities Program (PICP). The Punjab Municipal Development Fund Company, implementing the World Bank-financed project P508094, has selected a qualified audit firm through Consultant Qualification Selection (CQS) procurement method to provide comprehensive external audit services. The contract is valued at PKR 39,679,416 and covers a duration of one year, with the award notification issued on 14 May 2026. The scope encompasses financial statement audits for multiple local government entities under the inclusive cities initiative across Punjab province.

Eligibility for this engagement requires firms to meet a minimum technical qualification score of 70 points, assessed on consultant-specific experience in municipal and local government auditing, proposed methodology, key personnel qualifications, and knowledge transfer mechanisms. Audit firms must be registered with the Institute of Chartered Accountants of Pakistan (ICAP) or equivalent professional body, hold valid tax registration (NTN), and demonstrate prior experience in auditing local government financial statements. The evaluation criteria emphasize technical competence over financial bid, reflecting the specialized nature of public sector financial auditing.

The winning firm, RIAZ AHMAD SAQIB GOHAR & CO. based in Lahore (registration 411932), achieved a technical score of 95.00 out of 100, scoring particularly well on key personnel qualifications (60 points) and methodology (17 points). Bidders were required to submit detailed proposals addressing their firm's experience, team composition, audit approach, and quality assurance mechanisms. For inquiries regarding contract terms, implementation, and audit scope, interested parties may contact the Punjab Municipal Development Fund Company project management office in Lahore.

This is a completed contract award for external audit services to a local government partnership program, not an open tender invitation. The World Bank project selected RIAZ AHMAD SAQIB GOHAR & CO. (Lahore) for PKR 39.68 million over one year based on consultant qualifications. The evaluation prioritized technical capacity (95/100 score) with emphasis on key personnel and methodology rather than cost competition. For future similar audits under the program or related municipal initiatives, audit firms should note the strong weighting toward local government experience and qualified personnel.

Who can bid: This is a contract award notice, not an open bidding opportunity. The selected firm demonstrated ICAP registration, prior local government audit experience, qualified personnel, and technical competence exceeding the 70-point minimum threshold. Typically, municipal audit engagements require ICAP or equivalent registration, valid NTN, and documented experience in public sector financial auditing.