National Backward Classes Finance & Development Corporation, Kranti Marg, New Delhi
October, 17th 2019
EOI for Appointment of Audit firms for conducting Internal Audit of
NBCFDC for the Financial Year 2019-20
No. NBCFDC/IA/2019-20 Dated: 11.10.2019
National Backward Classes Finance & Development Corporation
(A Govt. of India Undertaking under the Ministry of SJ&E, GOI)
5th Floor, NCUI Building, 3 Siri Institutional Area,
August Kranti Marg, New Delhi-110016
TEL:011-45854400 Fax: 011-26850086
Description of task, qualification required, EoI submission format
and procedure is available on NBCFDC website (www.nbcfdc.gov.in)
GM (Fin) & CS
[This Document is meant for the exclusive purpose of Audit against this EoI and
shall not be transferred, reproduced or otherwise used for the purpose other
than that for which it is specially issued.]
NATIONAL BACKWARD CLASSES FINANCE & DEVELOPMENT CORPORATION
SL. Particulars Page no.
1 SECTION-I EOI INFORMATION 3
2 SECTION-II PREFACE 4
3 SECTION-III SCOPE OF WORK 5
4 SECTION-IV INSTRUCTIONS 6
5 SECTION V EOI FORMATS 8
SECTION-I EOI INFORMATION
Name of the assignment: Tender for Appointment of Audit Firms for conducting Internal Audit of
NBCFDC for the Financial Year 2019-20
Sl.No. Event Information to the agencies
1 Date of Release 11.10.2019
2 Last date of submission 04.11.2019.at 1100 hours
3 Date of Opening 04.11.2019 at 1500 hours
4 Eol document The details can be downloaded free of
cost from the websites
NBCFDC¸5th Floor, NCUI Building, 3, Siri
Institutional Area, August Kranti Marg, New
5 Address for communication Delhi-110016.
Contact : 011-45854400
6 Contact Person A. K. Samal, GM(Fin) & CS
National Backward Classes Finance and Development Corporation (NBCFDC), is a Govt. of India Undertaking
under the aegis of Ministry of Social Justice and Empowerment. The Corporation was incorporated on 13th
January, 1992 as a Company not for profit under Section 25 of the Companies Act, 1956 (now under Section 8
of the Companies Act, 2013), with an objective to promote economic and developmental activities for the
benefit of members of Backward Classes living below double the poverty line through State Channelising
Agencies (SCAs) nominated by the respective State Governments / Union Territories. The Corporation has
registered a profit of surplus of Rs 27.70 Crore in the Financial Year 2018-19 and the net worth of the
company as on 31.03.2019 is Rs 1791.23 Crore. The corporation is having its Registered / Corporate office at
5th Floor, NCUI Building, 3, Siri Institutional Area, August Kranti Marg, New Delhi-110016.
The company intends to appoint an Audit Firm for conducting internal audit for the Financial Year
2019-20. The Firms are therefore requested to send their Proposal as per the Terms of Reference described
SECTION-III SCOPE OF WORK
The audit firm would be required to conduct the internal audit of NBCFDC in accordance with the standards /
procedure on internal audit. The detailed scope of work for Internal Audit for the financial year 2019-20 is at
Annexure - A.:
Initial engagement period of appointment will be for one year for the FY 2019-20. Based on the satisfactory
performance, the tenure may be further extended year on year basis for a maximum period of three more
The company invites sealed tenders super scribing the name of the work for consideration.
Schedule For the period Remarks
1st Half Yearly Audit 1st April, 2019 to 30th Audit to be commenced immediately
Sep, 2019 after award of work order.
2nd Half Yearly Audit 1st Oct, 2019 to 31st Should be completed by 30th April,
The internal audit of the accounts should be carried out on half yearly basis without any over lapping. Half
yearly reports need to be submitted to the MD, NBCFDC after completion of each half year and the audit
period should be minimum of 10 days for each phase of audit covering the entire scope.
Audit firm is required to visit NBCFDC office as and when required as per scope of work.
The audit should be executed by a competent team of professionals, comprising of at least 1 qualified
Chartered Accountant / Cost Accountant with at least 10 years of experience and 1 semi-qualified staff
(CA/CMA, Inter CA/CMA, M.Com) who have strong exposure & experience and should be closely supervised
by a partner level person who will oversee the audit and attend all meetings with the Top Management /
Audit Committee, when required.
PRICE BASIS AND PAYMENTS
The proposal should include price all-inclusive lump sum (including TA/DA and other out of pocket
expenses, etc.) in Indian Rupees only, for the entire scope of work covered under the Terms of Reference on a
firm price basis (with no escalation provision for whatever reason) valid till the complete execution of the
assignment as per the format at Annexure B in a separate envelope sealed properly. The Contract price
and the scope of work also include any services, etc. which is not specifically identified but are required for
completion of the assignment. GST if any, will be paid extra at the applicable rates and is not to be quoted in
TERMS OF PAYMENT
All payments would be claimed by the Firm from NBCFDC on being due, and would be accepted for payment
by Competent Authority of NBCFDC based on the satisfactory completion of the work in sole discretion of
NBCFDC. The payment to the Auditing Firm under the contract shall be released after achieving the
milestones as per the following terms:
100% Payment After Successful Completion of 2nd Half Yearly Audit
The audit firm shall raise invoice after successful completion of audit and as per the work order. NBCFDC
shall make payment on receipt of such invoice in duplicate.
TAXES AND DUTIES
NBCFDC shall be entitled to deduct applicable tax (if any) at source as per Indian Laws from all payments due
to the Auditing Firm under the contract.
As regards the Indian Income Tax, surcharges on Income Tax and any other Statutory tax, NBCFDC shall not
bear any tax liability, whatsoever, irrespective of the mode of contracting. The Auditing Firm shall be liable
and responsible for payment of all such taxes, if attracted under the provisions of the law. In this connection,
attention of Audit Firm is invited to the provisions of Indian Income Tax Act and the circulars issued by the
Central Board of Direct Taxes, Government of India.
OWNER'S RIGHT TO ACCEPT/ REJECT THE PROPOSAL
NBCFDC reserves the right to accept or reject the proposal at any time prior to award of Contract, without
thereby incurring any liability to the Auditing Firm concerned or any obligation to inform the Auditing Firm
concerned of the grounds for the Owner's action.
The Audit firm shall not disclose the documented management systems to any third party including their
Audit firm to whom work is awarded is not allowed to sub contract the work to any other parties either in
part or full.
The tender documents will consist of two envelopes which may be super scribed as "Technical Proposal " and
"Financial Proposal" respectively. Both the said two envelops ( Technical proposal and Financial Proposal)
should be kept inside a third envelop, super scribed as "Quotation for Engagement of Audit firm for
conducting internal audit of NBCFDC for the Financial Year 2019-20"
(i) Form-1 (Technical Proposal)
(ii)Form-2 (Financial Proposal)
Interested Audit firm may send the bid latest by 04.11.2019 at 1100 hrs. Technical Proposal shall be opened
on 04.11.2019 at 1500 hrs. Financial bid of technically qualified bidders only (as per eligibility criteria) shall
be opened on a later date with prior information to concerned bidders.
The price bid of only those bidders who have technically qualified will be opened. It is to be explicitly
understood that non submission of bids in the above manner will deem the bidder ineligible.
In case of any further information in this regard, undersigned may please be contacted as per details
Address : NBCFDC 5th Floor, NCUI Building, 3, Siri Institutional Area, August Kranti Marg, New Delhi-110016
E-Mailfirstname.lastname@example.org Contact No : +91-11-45854400 FAX : +91-11 26850086.
Note: Any corrigendum to this tender if any shall be uploaded in the website of the Corporation i.e.
SECTION- V EOI FORMS
On Auditing Firm's Letter Head
5th Floor, NCUI Building,
3, Siri Institutional Area,
August Kranti Marg,
Sub: Appointment of Audit Firms for conducting internal audit of NBCFDC for the Financial Year 2019-20
With reference to your Tender No: NBCFDC.............. Dated:................. for appointment of Audit
Firms for conducting internal audit of National Backward Classes Finance & Development Corporation for
the Financial Year 2019-20, I/we wish to apply for the appointment as internal auditor of NBCFDC and
the particulars are as follows:
SL Minimum Qualifying Point Criteria Maximum To be fill by Bidder Supporting documents
No. criteria Marks
1 No of years of existence of 2 point per Copy of certificate of
the firm (10 years & above) year over & 10 ...........yrs incorporation from the
above 10 Institute
2 One ISA/DISA/CISA full time 3 point per Copy of certificate in the
partner/full time employees qualified 10 name of the partner /
person over ...........Nos employee
& above 1
3 One partner having post 3 point over Copy of certificate of
qualification of experience & above 1 10 practice issued by the
of 10 years & above partners ...........Nos Institute in the name of
4 Internal Audit assignment 3 points over Work Order & copies of
(at least three) in CPSE in & above 3 the completion certificate
the last 5 years assignments 10 ...........Nos / acceptance of internal
audit reports by
management as issued by
5 Three assignment of 2 point per Work Order & copies of
Internal / concurrent audit/ assignment the completion certificate
statutory audit of any Banks over & above 10 ...........Nos from the respective CPSEs
in the last 5 years 3
6 Minimum receipt/Turnover Statement of Profit & Loss
of Rs.10.00 lakhs in duly audited.
consecutive last three years
(2016-17 to 2018-19)
7 Firm having Registered Certificate of Incorporation
Office at Delhi/NCR from Institute / Rent
Agreement / electricity Bill
/ telephone bill etc in the
name of firm
#Professional firms fulfilling minimum qualifying criteria of all above 7 points & those who obtain at least
35 marks out of 50 marks based on the technical parameters would be considered for opening financial
bids for selection of bidder based on the lowest commensurate fees quoted by the professional firm.
## CA / CMA firms are eligible for award of work of Internal Audit for NBCFDC.
1. Further, I/we hereby certify that:
I/we have read the provisions of the all clauses and confirm that notwithstanding anything stated
elsewhere to the contrary, the stipulation of all clauses of Tender are acceptable to me/us and I /we
have not taken any deviation to any clause.
2. I/we further confirm that any deviation to any clause of Tender found anywhere in the bid, shall stand
unconditionally withdrawn, without any cost implication whatsoever to the NBCFDC.
3. Further, it is to confirm that our offer shall remains valid for acceptance for a period of 60 days from
date of opening of bids.
4. I/we further confirm that all requisite documents will be provided by me/us at the time of submission
of bid and accept that NBCFDC can treat my/our bid as technically unresponsive in case of non-
submission of the documents as stipulated above, to the satisfaction of NBCFDC.
FAX & Mobile No:
a) In absence of above declaration/certification, the response is liable to be rejected and shall not be
taken into account for evaluation.
b) Bidders are requested to tick the respective checklist of documents being submitted.
c) Bidders not submitting the required supporting documents for fulfilling the criteria will be
summarily rejected without any further clarification.
National Backward Classes Finance and Development Corporation.
INTERNAL AUDIT : SCOPE OF WORK
1. Routine Checking of all accounting and financial transactions i.e. verification of vouchers,
checking of banking transactions with particular emphasis on disbursements of loan
repayments and utilization, interest receipts, loan agreements, loan documentation,
checking of State Block Govt. Guarantees (BGG) / Bank Guarantee / GO and other loan
documents with regard to their validity for the purpose of future loan;
2. Verification of various financial accounting and investment planning and transaction with
specific reference to various rules and regulation and guidelines as prevalent from time to
time, their interpretation and applications in National Backward Classes Finance &
Development Corporation leave accounts, TA, LTC and other staff advances in line with
such rules etc.
3. Sectional audit including verification and checking of all records and registers in legal,
stores and administrative sections like leave accounts, leave encashment, LTC encashment
/ availment etc. relating to financial transaction;
4. Verification of compliances of all purchase records i.e. receipts and issue etc;
5. Checking of 100% interest calculation on loans/advances.
6. Checking of Interest calculations and procedure for short term investment/FDs of surplus
7. Checking of overdues statement, NPA Statement etc.,
8. Verification of various taxation liabilities of NBCFDC (TDS, Advance Tax, Self Assessed Tax
and GST etc,).
9. Internal Auditors should review the existence, reliability and integrity of financial and
operating information/reporting system and the means used to identify measures, classify
and report such information.
10. Internal Auditors should review the systems established to ensure compliance with those
policies, plans, procedures, laws and regulation which could have a significant impact on
operations and reports and should determine whether the organization in compliance
thereof or not;
11. Internal Auditors should review the means of safeguarding assets and as appropriate and
carry out physical verification of assets to verify the existence of such assets;
12. Internal Auditors may make suggestion for control of unproductive expenditure to ensure
maximization of return on investment and should check that there is no leakage of
13. Internal Auditors should appraise the economy and efficiency with which resources are
14. Valuable suggestion to make coverage with Indian Accounting Standard [IAS]/IND AS/Indian
Financial Rules Regulation Act [IFRRA] issued by Ministry of Corporate Affairs, Govt.of India.
15. Internal Auditors should review the operations or programes to ascertain whether results
are consistent with established objectives and goals and whether the operations or
programmes are being carried out as planned.
16. Internal Auditor will also check the half yearly/yearly balance sheet along with Profit & Loss
Accounts etc. and shall give suggestion regarding compliance of Indian Accounting
Standard and Ind As Accounting practices.
17. To attend the Audit Committee/ Board meetings of the Corporation as and when required
by the Corporation.
18. Internal Auditors should report proper checks and balance exist in the policy & operations
for disbursement of loan and disbursement of training grant.
19. Internal Auditors should also report on statuary internal compliance/control.
i. The Internal Auditors shall complete the internal audit on continuous basis. The
observations brought out in the report shall be initially discussed with the
concerned officers and based on satisfactory explanation/feedback provided,
observations, if any, of the report shall be dropped. The final audit on half yearly
basis shall be submitted to NBCFDC positively within stipulated time.
ii. The Internal Audits should take into consideration the comments of Statutory
Auditors and may discuss the same with Statutory Auditors as and when required
to minimize the comments;
iii. The Internal Auditor shall verify the action take/compliance of the observations of
the Internal, Statuary & Govt. Auditors.
List of deliverables
To check the half yearly/yearly balance sheet along with Profit & Loss Accounts etc. and
shall give suggestion regarding compliance of Indian Accounting Standard and Ind-AS
To verify various statutory compliances
To verify/check Interest calculations and procedure for short term investment/FDs of
Verification of various taxation liabilities of NBCFDC (TDS, Advance Tax, Self Assessed
Tax and GST etc,).
To check Skill Development Training Proposal as per SDTP scheme of NBCFDC
To check CSR expenditure in accordance with CSR policy ;
On Auditing Firm's Letter Head
5th Floor, NCUI Building,
August Kranti Marg,
Sub: Appointment of Audit Firm for conducting internal audit of NBCFDC for the Financial Year
Table for Quoting Fee for the Assignment in terms of the Tender.
(To be kept in a separate Envelope sealed properly while sending the proposal)
S. Particulars Fee in INR (`)
Price bid shall be quoted
1. All-inclusive Lump sum fee (including TA/DA and In Figure In words
other out of pocket expenses, etc.) for the entire
scope of work covered under the Terms of
Reference on a Firm price basis( with no escalation
provision for whatever reason) valid till the
complete execution of the assignment.
Please Note: GST, if any, will be paid extra at the applicable rates and is not to be quoted above. In
case of any discrepancy in Fee between figures and the amount mentioned in Words, the Fee
mentioned in Words shall be taken into cognizance.
Place: Full name..............................
Designation/ Firm Name......