Telkom Retirement Fund RFP 2025: External Auditor Opportunity

Overview

The Telkom Retirement Fund (TRF) has officially opened its Request for Proposal (RFP No. 02/2025) for the appointment of an independent external auditor for the financial year ending 31 March 2026.

This is a competitive opportunity for experienced and reputable auditing firms with solid credentials, relevant retirement fund experience, and a strong commitment to ethical governance and transformation.

🕓 Closing Date: 31 October 2025, 16

📍 Submissions: Must be emailed to trfchairperson@telkom.co.za

🚫 Note: Late submissions will not be accepted.

About the Telkom Retirement Fund

The TRF is a registered Type B Umbrella Fund under the Pension Funds Act (1956), managing contributions, pension payouts, and investments for Telkom employees and affiliates.

The Fund’s portfolio includes local and offshore investments, equities, fixed income, and alternative assets. It also participates in securities lending to boost returns.

In keeping with South Africa’s values, the Fund supports B-BBEE principles, socially responsible investment, and transparent, fair procurement practices.

Purpose of the RFP

The goal of this RFP is to select a qualified, independent external auditor who will:

• Conduct a comprehensive audit of TRF’s financial statements.

• Assess compliance with the Pension Funds Act, FSCA regulations, and other legal frameworks.

• Evaluate internal controls and report findings to the Board of Trustees.

• Attend audit and risk committee meetings when required.

• Provide detailed reports, management letters, and audit opinions.

🧾 Key Dates to Remember

📧 All queries must be emailed to: trfchairperson@telkom.co.za

Qualification & Evaluation Criteria

Bidders must meet specific compliance and competency standards.

Prequalification Requirements:

• Registration with the Independent Regulatory Board for Auditors (IRBA)

• Registration with the Financial Sector Conduct Authority (FSCA) (if applicable)

• Minimum 5 years’ experience in auditing retirement funds or similar financial institutions

• The proposed audit partner must have at least 10 years’ post-qualification experience

• Minimum B-BBEE level 3 and 30% black ownership

Evaluation Process (100 Points Total)

What to Include in Your Proposal

Bidders should submit a comprehensive proposal pack that includes:

• Executive summary and company background

• Details of your audit team and their qualifications

• Proposed scope of services and deliverables

• Pricing structure (clearly stated in Rand, excluding VAT)

• B-BBEE certificate and proof of black ownership

• Valid tax clearance certificate (or PIN)

• FSCA & IRBA registration documents

• Three reference letters from current/recent clients

• Professional indemnity and fidelity insurance certificates

• Most recent audited financial statements

Scope of Work

The appointed auditor will be responsible for:

• Auditing the Fund’s annual financial statements per International Standards on Auditing (ISA)

• Reviewing compliance with all applicable legislation

• Assessing the internal control framework

• Testing systems and service provider controls (e.g., ISAE 3402 reports)

• Providing recommendations for risk management improvements

• Presenting reports to the Audit & Risk Committee and Board of Trustees

Commitment to Transformation

The TRF encourages participation from B-BBEE-accredited audit firms and joint ventures between large firms and emerging black-owned audit practices.

While partnering with a smaller B-BBEE firm isn’t mandatory, it’s viewed positively during evaluation and helps promote transformation in the audit profession.

Submission Rules

To avoid disqualification, please ensure that:

• All documents are submitted in English.

• The RFP submission is complete and correctly formatted.

• Your proposal is emailed to trfchairperson@telkom.co.za by 16:00 on 31 October 2025.

• Late or incomplete tenders will not be considered.

Ethics and Governance

TRF maintains a zero-tolerance policy for misrepresentation, bribery, or unethical conduct. Any bidder found to have engaged in unethical practices, such as canvassing trustees, offering gifts, or submitting false information, will be disqualified and possibly reported to authorities.

Scoring Breakdown Snapshot

📩 How to Apply

📧 Email submissions to: trfchairperson@telkom.co.za

📅 Deadline: Friday, 31 October 2025, by 16

Validity: Proposals remain valid for 150 days after closing.

Final Word

This RFP is a key opportunity for qualified auditing firms to collaborate with one of South Africa’s respected institutional funds. The Telkom Retirement Fund values transparency, transformation, and technical excellence — and is looking for an audit partner who shares those principles.