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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