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Indian Institute Of Technology, Indore - Madhya Pradesh
November, 22nd 2018
 To,




 Sub: Request For Proposal (RFP) from Chartered Accountants Firms for
 providing financial services to IIT Indore




 Dear Sir,

Indian Institute of Technology Indore invites RFP from the Practicing Chartered
Accountant Firms, who are willing to take up the following assignments at IIT Indore:

    a) Preparation of Annual Financial Statements
    b) Conduction of Internal Audit in compliance with the provisions applicable to
       Autonomous bodies under Government of India and Guidelines issued by
       MHRD and as amended from time to time.
    c) Tax related and other services.

 Brief scope of the work/services is available in the Chapter III.

 Last date of submission of offer:        November 26, 2018

 Sealed Proposal super-scribed as "OFFER FOR APPOINMENT OF CONSULTANTS
 FOR PROVIDING FINANCIAL SERVICES" to be submitted to Registrar, IIT Indore on
 following address on or before the last date of submission of offer. Bidders ma y
 send the proposal by hand/ Speed post /Courier services (DTDC only delivers at
 our present campus) so as to reach I IT Ind o re before the deadline.




                                                                          Yours sincerely,


                                                                       Registrar, IIT Indore
                                                                     Khandwa Road, Simrol
                                                                            Indore 453552



                                             1
INDIAN INSTITUTE OF TECHNOLOGY INDORE
                 (IIT INDORE)




          REQUEST FOR PROPOSAL FOR
         PROVIDING FINANCIAL SERVICES


        INDIAN INSTITUTE OF TECHNOLOGY
                     INDORE


      (Under the Ministry of HRD, Govt. of India)



           Indian Institute of Technology Indore
                  Khandwa Road, Simrol
                    Indore-453552 India




                             2
          INDIAN INSTITUTE OF TECHNOLOGY INDORE


                             CONTENTS




Chapter    Description                                            Page No.


  I       Detailed Notice                                           01

  II      Guidelines for Submission of proposal                     02



  III      Scope of work                                            05

 IV        Eligibility of Firms for Submission of bids              07


  V        Process of Submission of Bids                            08

  VI      Bid                                                       09
          Part I: Financial
          Part- II : other details &
          Part - III: Declaration to be submitted by Practicing
          Chartered Accountant Firm




                                         3
                                       Chapter ­ I

Detailed Notice

Applications are invited for providing financial services to IIT Indore by eligible
Practicing Chartered Accountant Firms in India.

The Scope of the Audit shall be as per Chapter III to this document and shall be as
per guidelines issued by MHRD and as applicable from time to time.

The applicants are requested to confirm their eligibility as stated in Chapter IV to this
Letter prior to submission of bids. Any bids from ineligible firms shall immediately
stand cancelled.

The terms and conditions for the Practicing Chartered Accountant Firms, the selection
procedure are stated in this Letter. The process for submission of the bids is stated in
Chapter V to this Letter.

It shall be the responsibility of the Practicing Chartered Accountant Firms to ascertain
their eligibility, completeness and accuracy of their bid documents. No modifications,
revisions, discussions or any form of communications in this respect will be
entertained, in any manner.

It is the Bidders responsibility, to ensure timely submission of the Bid within the due
date.




                                            1
                                        Chapter -II

 Guidelines for Submission of Proposal:

 1. Place and methodology of providing Services:
 The services shall be provided at the IIT Indore. The scope shall mention the
 methodology, staff deployment, and the areas where there will be 100% verification in
 the case of Internal Audit.

 2. Payment:
 2.1 The payment shall be released on satisfactory completion of the assignment and
 on submission of bill.
 2.2 No advance shall be paid for the assignment.
 2.3 No expense towards travel/ Daily allowance/boarding & lodging/ Out of pocket shall
 be paid to the firms for carrying out any of the assignment. Rates must be quoted
 inclusive of all expenses. However, GST is to be specified extra and the same shall be paid
 as applicable from time to time in addition to basic fees.
 2.4 Payment to the auditors shall be subject to deduction of tax at source at
 appropriate rates then applicable.
 2.5 The Audit fees will be fixed for the initial period of appointment.

3. Periodicity of Audit:
 The appointment of the selected Internal Audit firm shall be initially for a period of one
 year from the date of issue of service order. The appointment may be extended
 depending on the decision of the IIT Indore. The Competent Authority of IIT Indore
 may alter or revise the period of Audit at its discretion.

4. Audit Report Submission:
 The   Audit    Report  should          be       submitted   on half yearly basis to the
 Competent Authority.

5. Dispute:
 In case of any dispute arising during the execution of the contract, an amicable
 solution may be arrived at with discussion and reconciliation. However, in case of the
 dispute remaining unresolved, decision of the IIT Indore shall be final and binding on
 both parties of the contract.

6. Terms and Conditions ­ General

 i       IIT Indore reserves the right to cancel the request partly or fully at its sole
 discretion at any stage without assigning any reason to any of the participating
 bidders.



                                             2
 ii     IIT Indore reserves the right to cancel or reject any or all the bids without
assigning any reasons thereon.

 iii   IIT Indore also reserves the right to modify the terms and conditions, and also
 to cancel the bid process at any stage without assigning any reasons.

 vi.     The firms will be evaluated on the basis of assessment of their eligibility,
 experience and the Audit Plan submitted along with the Technical Bid.

v.      The Financial Bids, of only those Bidders who qualify in the Technical
Evaluation, will be opened.

vi   IIT Indore shall not undertake any correspondence with the bidders in any way,
except to issue the RFP and modification to the RFP and clarification, if any. While
Bidders are free to submit their queries, IIT Indore will respond in the form of
modifications to the RFP, if any.

vii   The offer shall remain valid for a period of 180 days from the date of submission of
the same.

 viii. IIT Indore takes no responsibility for misplacement of bids by the Company, if
the same are not enclosed properly or not delivered to the correct address.

ix.   The bidders shall be responsible for all the costs associated with preparation,
submission and delivery of bids, including any clarifications thereon.






x.   All pages of the bid document must be sealed and signed by the Partner or an
Authorized Signatory of the Practicing Chartered Accountant Firm.

xi.   Conditional Bids will be disqualified.

xii.     Any financial quotation received in response to this RFP which is linked to
assets, turnover or revenue of IIT Indore would disqualify the bid.

xiii.   The bidders should note that they shall abide (in true intent and spirit) by the
terms and conditions of this letter. If the responses contain any conditions, put in by the
bidders, such responses will be disqualified and will not be considered for the
selection process.

xiv       IIT Indore reserves the right to amend/modify the attachments to this RFP
partly/fully at its sole discretions at any stage without assigning any reason to any
participating bidders.



                                               3
xv     Practicing Chartered Accountant Firm shall nominate a Nodal Officer of the
rank of Partner / Principal / Director, immediately on the award of the work / contract
for timely and smooth interaction.

xvi The Practicing Chartered Accountant Firm shall deploy a full-time staff / article
towards assignment of Internal Audit in the IIT Indore premises for fulfilling the said
requirements. The person engaged for the Internal Audit in IIT Indore shall have
minimum experience of 2 years.

xvii The Bids received after the specified date/ time, incomplete / unsigned /in open
envelope or by fax, email etc. will not be considered and be rejected.

xviii IITI reserves the right to cancel/ or extend the date of receipt / opening of Bid or
withdraw the RFP notice without assigning any reasons. Whatsoever in such case the
bidders shall not be entitled to any form of compensation from the Institute.




                                            4
                                    Chapter - III

Scope of Work/Services:

1. The Internal Audit shall be conducted as per the provisions applicable to
   Autonomous bodies under Government of India and Guidelines issued by MHRD
   as amended and applicable from time to time.
2. The Internal Auditor shall generally be responsible for compliance of the
   Internal Audit Standards issued by the Institute of Chartered Accountants of India
3. The scope of Internal Audit will generally cover the following basic areas, so that
   during the course of Statutory Audit majority of the areas/items are covered:-

      Area                               Broad Audit Coverage
                       Reliability of the accounting record in conformity with the
                        Accounting Standards and all statutory requirements.
General                Checking and suggesting issues in respect of all Taxes
                        and other statutory matters.
                       Adequacy of internal control and internal check about
                        system of payment made to different agencies
                       Specific action to be taken on unresolved items, if any.
                       To submit Audit Reports by the end of the month of the
                        respective half year and make power point presentation
                        before BOG.
                       To suggest action plan for rectification of internal audit
                        observations and to study and review the existing MIS and
                        suggest any improvement.
Finance        &       Cash, bank & Fund management, Loans & advances.
Accounts               Scrutiny of all ledgers.
                       Tax related compliances.
                       Technical updates and advice on various taxation law,
                        finance, audit matters, etc. to be provided.
                       Method of charging depreciation.
                       To audit and certify the annual accounts at the end of the
                        financial year to be put up to the Board of Governors.
Contract & Work        Compliance with (i) Management directives e.g. delegation
order                  of power and other circulars & (ii) Statutory laws and rules.
Management             Process of Awarding of the contract
and the Estates        Adequacy of contract terms and conditions for safeguarding
Management             Institute's interest.
                       Audit of Capital Expenditure/bills
                       Review of process of recovery/waiver off of L.D charges
                       Scrutiny of Material consumption registers.
                       Scrutiny of Running bills of contractor.
                       Abstract of Measurement books.
                                          5
 Procurement            Soundness of procurement system and procedures.
 Management             Adequacy of offers/quotation/bid system.
                     Compliance with:
                        Provision of delegation of power matrix and other circulars
                         issued
                        Purchase order terms and condition. etc.
                        Review of process of selection of procurement mode viz.
                         open tender, limited tender or single tender etc.
                        Scrutiny and Audit of major purchase files on test basis
                        Review of Physical Verification report of Assets & Stores.
                        Audit of bill files against PO

 PART B


                  Preparation of Annual Financial Statements

 PART C

 Tax related work:
   a. Filing of TDS returns:
                                 24Q - Salary
                                 26Q - Non Salary
                                 27Q - Foreign Payment
                                 Revision of returns, if any (due to IITI)
                                 Income-tax annual return, including TDS
                                 reconciliation and revision of return if required.
   b. GST:
                                     All applicable GST returns to fulfill statutory
                                     requirements e.g. monthly, quarterly, yearly.
                                     Advise on GST amendments
 c. Calculation of tax liability of all employees (approx. 250 ):
      Obtaining tax investment declaration from each employee at the beginning of
        the year or at the time of recruitment.
      Calculation of Computation of income to determine monthly TDS.
      Verification of investment proofs.
      Recalculation of tax liability based on investment proofs received.
      Issuing Form 16 after end of the year.
      Addressing queries of employees regarding calculation of TDS.
      Providing TDS amount every month.
      Updating institute time to time about recent changes in tax laws applicable to
        institute and their employees related to TDS on salaries.
Any other basic advice related to accounting, taxation matters etc. shall not be
charged separately.
However, amount to be quoted for significant advisory function based on each case.

                                           6
                                        Chapter ­ IV


 Eligibility of the Firms for submission of bids




A.       Minimum Eligibility Requirements:

      1. The Practicing Chartered Accountant Firm should be engaged in providing Audit
         and Consulting services.
      2. The firm should have a minimum of 05 years' experience in the audit and tax
         related consulting fields.
      3. The firm should have experience of handling audit and assurance related
         matters for at least one Higher Education Institute for minimum three years.
      4. The firm should have average annual gross receipt of more than Rs. 20 Lacs for
         each of the last 3 completed financial years and prior to the date of submission
         of the bid.
      5. The firm should have at least two full time Fellow Chartered Accountants as
         partners of the firm.
      6. Documentary evidences are to be enclosed w.r.t. above.




B.       Disqualifications:

 Bids and bidders which fall under the following categories will not be qualified:

 1.  Incomplete bids and bids not in attached formats.
 2.  Bids received after due date and time.
 3.   Bidder makes any misrepresentation i.e. there are any material wrong
    information or makes a wrong statement or misrepresents fact or makes a
    misleading statement in its bid in any manner whatsoever in order to create
    circumstances for IITI to accept the bid.
 4. Any bidder or firm who solicits or reaches out to I I T I or any representatives
    or employees for creating circumstances for IITI to accept the bid.
 5.   If the financial offer is enclosed in the technical bid or any indication of the
    financial bid in the technical proposal.
 6. Any conditional quotation linked with to assets, turnover or revenue of I I T I
    would disqualify the bidder.




                                             7
                                       Chapter - V


Process of submission of bids:

   Main envelope must contain two separate envelopes. One for Financial bid as
   per form PART I and Second for other eligibility documents as per PART II & III.

   Institute will open envelope containing eligibility documents first. Financial bid
   will be opened only for the eligible firms only.

   The bid must be accompanied by all the relevant documents mentioned therein.
   IITI shall not be responsible for any missing documents or information.

   Bid must be under the letter head of the Company and duly signed and stamped
   by authorized signatory.

   Non submission of eligibility documents /improper document may entitle
   disqualification.


DISCLAIMER:

This document is not an agreement or offer by Indian Institute of Technology Indore
(hereinafter referred to as IIT Indore) to the prospective bidders or any other party.
The purpose of this document is to provide interested parties with information to assist
the formulation of their bid and proposal. This document and the information
contained therein are to be used only by the person to whom it is issued. The terms
and conditions and details stated in this document are subject to change by the
Management at any time and in any manner, as it may deem fit, without any further or
prior intimation to the applicants or parties concerned in any manner. This document
does not create any obligation on IIT Indore in respect of this appointment or any
persons who reply to this advertisement in any form or manner. While this document
has been prepared in good faith, neither IIT Indore nor its employees or any person
associated makes any representation or warranty express or implied as to the
accuracy, reliability or completeness of the information contained therein. Further,
any change in the nature of requirements, criteria or timeline shall be applicable to this
document, without any further intimation.


                                                             REGISTRAR (IIT INDORE)



                                            8
                                  Chapter - VI

        PART I- FINANCIAL BID: SCHEDULE OF RATES
                                                                    Amount
Sr.                                                       Frequ       per           Tot
                        Particulars
No.                                                       ency    transactio         al
                                                                       n
                                        PART ­ A
1     Internal Audit (At least twice in a year)            1
                                        PART ­ B
1     Preparation of Annual Financial Statements            2
                                        PART - C
      TDS returns:
      24Q - Salary                                          4
1     26Q - Non Salary                                      4
      27Q - Foreign Payment                                 4
      Revision of returns, if any (due to IITI)
      Income-tax return
2     (including TDS reconciliation and revision of         1
      return, if required)
      GST:
      All applicable GST returns to fulfill statutory
3     requirements e.g. monthly, quarterly, yearly
      including     guidance/     advise    on     GST
      amendments
      Calculation of tax liability of all employees
      (approx. 250 employees):
      - Obtaining tax investment declaration from
      each employee at the beginning of the year or
      at       the      time       of      recruitment.
      - Calculation of Computation of income to
      determine               monthly             TDS.
      -    Verification    of    investment     proofs.
4     - Recalculation of tax liability based on
      investment             proofs           received.
      - Issuing Form 16 after end of the year.
      - Addressing queries of employees regarding
      calculation                 of               TDS
      -Providing TDS amount every month
      - Updating institute time to time about recent
      changes in tax laws applicable to institute and
      their employees related to TDS on salaries.
                                                                       Contd.....


                                        9
                                     PART - D
       Any other basic advice related to accounting,
       taxation matters etc. shall not be charged
 1
       separately. However, plz quote for significant
       advisory function based on each case.
GST not to be included in above rates, to be specified as extra

   1. Institute may take decision to have services based on clubbing of
      services under Part A, B & C separately based on quoted rates.

   2. No expense towards travel/ Daily allowance/boarding & lodging/ Out of
      pocket shall be paid to the firms for carrying out any of the assignment.
      Rates must be quoted inclusive of all expenses. However, GST is to be
      specified extra and the same shall be paid as applicable from time to time
      in addition to basic fees.




Signature:




Name and Designation of the Authorised Signatory:









Stamp of the Firm:




Date:


Place:




                                        10
                   PART - II

1       Name of the Practicing Chartered Accountant
        Firm:

2       Type of Entity (Partnership / LLP/ Company):

3       Whether the Partnership Firm / LLP / Company is
        a Practicing Chartered Accountant Firm or
        otherwise, Please Specify.

4       Name of the Authorized Signatory/ Lead Partner:
        Date of Commencement of Firm:
5
    6   Registration Number of the firm with Institute of
        Chartered Accountants of India
        (Please attach documentary evidence)
7       Details of Office(s):
        Address:     Telephone
        No:
        E-Mail:
        Website:
        (Please give all addresses, if more than one)
8       PAN Number
9       GSTIN
        Details of experience including for Higher
        Educational Institution with copy of appointment
        letter of last 3 Years.
10      (Please attach documentary evidence)
         Details of other Companies for which Internal/
         Statutory/ Concurrent / Tax Audit Assignment
         has been undertaken (Government) with Copy of
11       appointment letter of last 5 Years.
         (Please attach documentary evidence)
         Average Annual Gross Receipts for last 3
         Financial Years along with documentary
12       evidence (upto Financial year 2017-18 if
         available)
         Brief Profile of Partners (Name, Qualification,
13       Institute of Chartered Accountants of India
         Membership no. and Date of Certificate of
         Practice, Mobile No. with documentary evidence




                                        11
         Manpower (Nos)
         A) Qualified Professionals :
         i)          Partners ii)
 14      Others                                         `
         B) Articles :
 15      Detailed Audit Plan devised by the Internal
         Auditor (Attach document providing the details
         of the proposed audit plan)


                   DECLARATION
         All information provided by me/us herein above is correct, true and free
         from any misstatement or misinformation.
         I/We have read all the terms and conditions of this bid and the instructions
         and accept them in total on all fronts.




Signature:




Name and Designation of the Authorised Signatory:




Stamp of the Firm:




Date:


Place:




                                          12
                                       Part III

                                     Declaration

1. All the information provided by me/us herein above is correct.

2.    I/We have no objection if enquiries are made about the work listed by me/us in
     accompanying sheets/annexure.


3.    I/We have read all the terms and conditions of bid and the instructions and
     these are acceptable to me/us.




Signature:




Name and Designation of the Authorised Signatory:




Stamp of the Firm:




Date:


Place:




                                          13

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