Lone local company bid to audit Guyana’s cost oil

Lone local company bid to audit Guyana’s cost oil

Feb 25, 2022

Eclisar Financial and Professional Services, which was the only local bidder among five companies to express interest last year to provide consulting services for cost recovery audit and validation of the Government’s profit oil share is now the lone firm in running for the job.

This was revealed during the opening of tenders at the National Procurement and Tender Administration Board (NPTAB) office on Tuesday. The company submitted a financial proposal of $340,776,668 to the office to audit ExxonMobil’s 2018- 2020 costs.

Kaieteur News had reported in July last year, that Eclisar Financial and Professional Services was among international companies such as Bayphase Oil and Gas Consultants; Rosa, Correia & Associados (RCA) Inc. in partnership with Swale House Partners; Gaffney Cline and Associates in partnership with Squire Patton Boggs; Calender Law Firm that had submitted Expression of Interest (EOI) for this project that is being undertaken by the Ministry of Natural Resources.

Eclisar Financial and Professional Services which provides accounting assistance and financial advice for Guyanese businesses was established back in 2012 and is presently being managed by its founder and Managing Director, Azzar Haniff, a chartered and forensic accountant.

The Ministry in its REOI noted that the objective of the assignment is to conduct an audit of the recoverable contract costs as determined by the Petroleum Agreement (PA), taking into consideration Accounting good practices, International Accounting Standards, as well as Auditing Procedures and Standards
The expression of interest of this project relates specifically to the consultancy for Cost Audit under Sub-Component B.1 of the Guyana Petroleum Resources Governance and Management Project that is funded by a US$20M World Bank loan.

The assignment for cost audit will also require the provision of on-the-job training to the staff of the Guyana Revenue Authority (GRA), the Office of the Auditor General (OAG) and the Ministry of Natural Resources (MNR) and other agencies as directed by the Government of Guyana on the audit process.

Furthermore, the company selected would be expected to assess the impact of the audit on future Profit Oil revenues. The duration of this assignment is expected to be four months, commencing June 2021. The Consultant’s physical presence would be required, as agreed by the Client, for at least 30 days of the four months and as set out in the Implementation arrangements.