Punjab Engineering College (Deemed to be University), Chandigarh
Technical Education Quality Improvement Programme (TEQIP-III)
Subject: Application for Appointment of Internal auditor for TEQIP-III Project of Punjab Engineering
College (Deemed to be University), Chandigarh.
The Project ,Third phase of Technical Education Quality Improvement Programme (referred to as TEQIP-
III) project is fully integrated with Twelfth Five Year Plan objectives for Technical Education as a key
component for improving Quality of TEQIP-III Engineering Education in existing institutions with a
special consideration for Low income states and Special Category States and support to strengthen the
few affiliated Technical Universities to improve their policy academic and management practices. The
Punjab Engineering College (Deemed to be University), Chandigarh has been selected under TEQIP-III
under sub component 1.3 twinning arrangements to build capacity and improve performance of
Participating Institutes. The MHRD has approved TEQIP-III Project at a cost of Rs.7crore and it was
initiated w. e. f July 2017.
The TEQIP-III Project is implemented through Ministry of Human Resources Development (MHRD) of the
Government of India as a "Central Sector Scheme"(CSS) wherein 100% funding is the Government of
India. TEQIP-III Project will have a span of Three years which may further divided into Quarters for
reporting as well as for monitoring purpose.
The details regarding Internal audit is attached.
The bids are called for in 2 (two) parts Expression of Interest (Annexure 1) and Financial Bid (Annexure
2) sealed in 2 (two) separate envelops clearly superscribing "Expression of Interest" and "Financial Bid"
on respective envelops. Both the envelops shall be sealed in a 3rd separate envelope with complete
tender details superscribing tender number & date name & address of the bidder and addressed to
Director, Punjab Engineering College (Deemed to be University), Chandigarh may be dropped
/submitted on /or before 03:00 P.M. on 03.12.2018 at TEQIP-III Office Punjab Engineering College
(Deemed to be University), Chandigarh. Bids received after due date and time and not confirming to
enquiry will not be considered and will be disqualified. The Technical Bid will be opened on at 4:00 P.M
on 04-12-2018. The Financial Bid of only technically qualified bidders will be opened in the presence of
their representatives, if attending bid opening on a specified communicated date and time. The date of
opening of Financial Bid will be informed later on.
All bids must be accompanied by a bid security/EMD of Rs. 5,000/- (Rupees Five thousand only) in form
of Demand Draft / Fixed Deposit Receipt / Bank Guarantee from a commercial bank in fav our of
Director, Punjab Engineering College (Deemed to be University), Chandigarh. Bids without EMD will be
considered unresponsive and will be rejected. EMD of successful bidder would be returned after
completing the process. No interest will be allowed on EMD. The Punjab Engineering College (Deemed
to be University), Chandigarh reserves the rights to accept or reject quotations without assigning any
reason. The bids shall remain valid for a period not less than 60 days after the last date of bid
submission.
Punjab Engineering College (Deemed to be University), Chandigarh
Technical Education Quality Improvement Programme (TEQIP-III)
TERMS OF REFERENCE (ToR) FOR INTERNAL AUDITOR
Position : Internal Auditor
Organization : Punjab Engineering College (Deemed to be University), Chandigarh
Duty Station : TEQIP-III OFFICE
Duration : Initially for 1 year (further extension for 2 years based on performance)
BACKGROUND:
TEQIP III is a Central Sector Scheme of the Ministry of Human Resources Development (MHRD) and is
expected to cover around 26 States and 200 institutions. The Central Government will finance 100%
cost.
PROJECT COMPONENTS:
The Third Phase of the Technical Education Quality Improvement Programme is composed of the
following components and sub-components:
Component 1: Improving quality and equity in low-income and special category state
(LIS/SCS):
Sub-component 1.1 : : Institutional Development Grants to Government and
Government-aided Institutes
Sub-component 1.2: Widening Impact through ATUs in LIS and SCS :
Component 2: System-level initiatives to strengthen sector governance and performance
Component 3: Sustaining excellence in engineering education and widening impact
through competitively-selected institutes in non-LIS/SCS
Sub-component 3.1: Incubating, Sustaining and Spreading Excellence through
Competitively-selected Government and Government-aided Institutes
Sub-component 3.2: Widening Impact through ATUs in non-LIS
IMPLEMENTATION ARRANGEMENTS:
I. Institutional and implementation Arrangements
Central Level
Overall responsibility for the project will lie with the Department of Higher Education of the
Ministry of Human Resource Development (MHRD). MHRD will constitute a National
Steering Committee assisted by a small National Project Directorate headed by the National
Project Director. MHRD will delegate day-to-day implementation to National Project
Implementation Unit (NPIU). MHRD will enter into a Memorandum of Understanding (MoU)
with each State Government.
State Level
State Governments will oversee and facilitate implementation in the institutions in their
State through the State Project Implementation Unit (SPIU) under the department
responsible for technical education. The Secretary in-charge of technical education is overall
responsible for project implementation in that State, assisted by the Director of Technical
Education and the team in the SPIUs. Each State will enter into a MoU with each
participating institution.
Institutional Level
At the institutional level, the Board of Governors (BOG) is the body responsible for
institutional project design, reform and project implementation. The day-to-day
implementation is coordinated by a TEQIP unit headed by the institutional Director and
assisted by a senior faculty member as the TEQIP coordinator.
There will be around 200 participating Project institutions, including new Centrally
Funded Institutions (CFIs). The institutes will sign MoU with State Govt. and State Govt. will
sign with MHRD. The Centrally Funded institutions/CFIs shall sign MoU with MHRD.
OBJECTIVE OF INTERNAL AUDIT:
The objectives of internal audit are as follows:
Check accuracy and authenticity of records presented by management
Ascertain that accounting policies are followed as per plans
Analyse & improve internal check system
Facilitate prevention and detection of misstatements
Examine safeguarding of asset
Conduct special investigation for management
Provide new suggestion to management
Review operation of overall internal control system
To evaluate adequacy of internal control system
To ensure compliance of laid down policies, procedures, accounting and financial
reporting documented in Financial Management Manual of the project.
Internal audit provides project management with timely information and recommendations
on financial management aspects to enable the management to take corrective actions,
wherever necessary, in due time.
STANDARDS:
The audit will be carried out in accordance with the Engagement and Quality Control
Standards promulgated by the Institution of Chartered Accountants of India (ICAI). The
auditor should accordingly consider materiality when planning and performing the audit
to reduce audit risk to an acceptable level that is consistent with the objective of the
audit. Although the responsibility for preventing irregularity, fraud, or the use of credit
proceeds for purposes other than as defined in the legal agreement remains with the
borrower, the audit should be planned to have a reasonable expectation of detecting
material misstatements in the project financial statements.
SCOPE OF AUDIT:
The overall scope of Internal Audit in TEQIP III project will include:
(i) enable the auditor to confirm compliance with Financial Management Guidelines laid down
for the project.
(ii) provide SPIU with timely and real time information on financial management aspects of the
project, including internal controls, compliance with financing agreements and
Institutions/areas in need for improvement and to enable follow-up action. This will involve
regular and frequent visits to Institutions to check adherence with internal control
requirements like bank reconciliations, timely maintenance of books/accounting software
and accuracy of reporting.
GENERAL:
The auditor should be given access to all legal documents, correspondence, financial manual,
procurement manual, NPIU/MHRD guidelines and any other information associated with the project
and deemed necessary by the auditor.
FINANCIAL TRANSACTIONS (Areas needed to be checked by Internal Auditor)
Internal audit of each implementing agency (IA) should be conducted on a semi-annual basis. It
should be carried out in accordance with the Internal Auditing Standards of Institution of Chartered
Accountants of India, and will include such substantive and control tests as the Internal Auditor
considers necessary under the circumstances.
The internal auditor will conduct an assessment of the adequacy of the project Financial
Management system, including internal controls. This would include aspects such as:-
a) Whether appropriate controls as specified by the Financial Management Manual (FMM),
Project Appraisal Document (PAD), General Financial Rules (GFRs), Project Implementation
Plan (PIP) and other relevant Central/State Government notifications are operating
satisfactorily. The auditor should suggest methods for improving weak controls or creating
them where these controls do not exist.
b) That proper books of account/operation of accounting software as laid down in the Financial
Management Manual and adequate documentation is being maintained for timely and
accurate reporting for project activities.
c) An assessment of compliance with provisions of the financing agreements (Grant
Agreement; Project Agreements, Memorandum of Understanding (MoU) between Institution
and SPIU and State and NPIU.
d) Use of PFMS while making the payments.
e) Reconciliation of PFMS expenditure amount with the books of accounts maintained at
institutes level.
f) That an adequate system is in place to ensure that goods, works and services are being
procured in accordance with the procurement procedures prescribed for the project. The
audit should report by exception any such cases found where these guidelines are not
followed.
g) That an appropriate system of accounting and financial reporting exists, on the basis of
which claims are prepared and submitted for reimbursement.
h) Adequate records are maintained regarding assets created and assets acquired by the
project, including details of cost, identification and location of assets.
i) Checking adherence to FM aspects of Disclosure Management requirement of the project by
implementing agencies.
j) Timely adjustment of the advances paid to suppliers/staff/etc.
k) Checking petty cash book in regular intervals.
l) The payment voucher are supported by proper supporting documents.
m) Weather the expenditure has been booked in proper head of account.
n) Payment of taxes to Govt. authorities to in time, such as professional tax, Income tax,
GST and TDS.
o) The expenditure should be checked as per permissible and non-permissible list issued by
NPIU.
Verifying compliance with the recommendation of the internal audit report of the previous period
(s) and provide comments thereon.
TIMING AND COVERAGE:
Internal audit will be carried out on a semi-annual basis and will include institutions and SPIUs. The
Internal Audit firm will submit an Audit Schedule in advance to SPIU/CFIs/ATUs and agree the
schedule with the SPIU/CFIs/ATUs.
The selection of the internal auditors in the project shall be as follows:
a) SPIUs in focus States will appoint internal auditor for the institutions in their State as well as
for SPIU.
b) The institutions in non-Focus States shall appoint internal auditor by themselves.
c) The CFIs will appoint internal auditor by themselves.
d) NPIU will also appoint internal auditor for its audit.
The selection of the internal auditors will be as per procurement guidelines of the World Bank.
REPORTING:
In addition to detailed internal audit report, the auditor should provide an Executive Summary
highlighting critical issues which require the attention of the Head of SPIU and Board of
Governor (BOG) of Institution and the status of action on the previous recommendations.
S. No Period No. of Audit to be Submission of Audit
Institutions conducted in Report
1 1st April 30th
September October 15th November
2
1st October 31st April 15th May
March
PERIOD OF APPOINTMENT:
The auditor would be appointed for a period of 1 year beginning April 2018 and cover the
Financial Year ending on March 31st 2019. The contract may be extended to another two years on the
basis of performance of the auditor.
Annexure to ToR
SUGGESTED FORMAT OF INTERNAL AUDIT REPORT
Part A: Brief details of the Auditee and Audit:
a. Name and address of the Auditee :
b. Names of Office bearers :
c. Name/s of Audit Team Members :
d. Days of audit :
e. Period covered in the previous audit :
f. Period covered in the current audit :
Part B: Executive Summary:
The Executive Summary should normally cover the following items:
a) Objectives of audit
b) Methodology of audit
c) Status of implementation of the financial management system
d) Status of compliance of previous audit reports, including major audit observations
pending compliance
e) Key areas of weaknesses that need improvement, classified into the following areas:
i. Disallowance of expenditure as per the World Bank rules
ii. Procedural Lapse
iii. Accounting Lapse
iv. Accounting books & records not maintained.
f) Recommendations for improvements
Executive Summary to include the following format:-
Para Observations Implications Recommendations Auditee's Agreed
No. with for improvement Comments/ Timeline
risks Agreed for
involved Action compliance
Part C: Compliance to previous Audit Reports
In this part, provide status of compliance with previous reports and detail pending audit observations.
The views of the auditee should also be mentioned. In case there is any difficulty or problem in
resolution of audit findings, these should be clearly highlighted.
Part D: Serious Observations:
In this part, provide details of serious audit observations, such as ineligible expenses, major lapses in
internal controls, systemic weaknesses, procurement procedures not followed, incorrect information
submitted for reimbursements, difference between cash drawn and expenditure reported, procedural
lapse, accounting lapse, accounting books & records not maintained etc.
Part E: Other Observations:
Observations that are not serious in nature, but nonetheless require the attention of the Project should
be detailed in this part.
Part F: Executive Summary and Suggestions/Recommendations:
Provide an Executive Summary of the observations mentioned in Part C and D along with
suggestions/recommendations. Provide specific recommendations on internal control and systemic
weaknesses. In addition to audit reports, the auditor will provide a report to Project Management
highlighting findings during the period under review. This will be in the form of a consolidated
Management Letter, which will inter-alia include:
a) Comments and observations on the financial management records, systems and controls that
were examined during the course of the review.
b) Deficiencies and areas of weaknesses in systems and controls and recommendation for their
improvement.
c) Compliance with covenants in the financing agreement and comments, if any, on internal and
external matters affecting such compliance.
d) Matters that have come to attention during the review and might have a significant impact on
the implementation of the Project.
e) Any special review procedures required of a compliance nature (for example, compliance of
procurement procedures and procedure for selection of consultants etc. recommended by the
World Bank).
f) Any other matters that the auditor considers pertinent.
GENERAL:
The auditor should be given access to all legal documents, correspondence, Books of Accounts, Finance
Management Manual of the project, Project Implementation Plan (PIP), Project Appraisal Document
(PAD), Development Credit Agreement, Memorandum of Understanding (MOU) between the State and
the Institution, Government Orders and Office Orders and any other information associated with the
Project and as deemed necessary by the Auditor.
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Annex-XXVII
SELECTION CRITERIA FOR INTERNAL AUDITOR/STATUTORY AUDIT
1. SELECTION METHOD:
Selection is made following the `Quality and Cost based Selection' [QCBS] as per paragraph
2.1 of the Guidelines: Selection and Employment of Consultants by World Bank Borrower,
January 2011. This method uses a competitive process among short-listed firms that takes
into account the quality of the proposal and the cost of the services in the selection of
the successful firm. The final ranking will be done by applying a weightage of 75 percent and
25 percent respectively to the technical financial score of each evaluated qualifying
Technical and Financial Proposal and then computing the relevant combined total score
for each bidder.
The selection process shall include the following steps:
a) Preparation of the TOR;
b) Preparation of cost estimate and the budget, and short-listing criteria;
c) Advertising;
d) Preparation of the short list of consultants;
e) Preparation and issuance of the RFP (which should include: the Letter of Invitation
(LOI), Instructions to Consultants (ITC), the TOR, and the proposed draft contract);
f) Receipt of proposals;
g) Evaluation of technical proposals: consideration of quality;
h) Public opening of financial proposals;
i) Evaluation of financial proposal;
j) Final evaluation of quality and cost; and
k) Award of the contract to the selected firm.
For this purpose of assessing the proposal, an Evaluation Committee needs to be formed
by each SPIU. Evaluation and appointment of the project auditor is done following a two
stage process i.e. the Expression of Interest (EoI) stage and the Request for Proposal (RfP)
stage. At each stage, the applicant private audit firms are evaluated on pre-
determined parameters. In response to the EoI, audit firms may indicate their interest in
one or more SPIUs. Separate shortlists will be prepared and evaluation process shall be
followed for selecting the auditor therein for each SPIU.
2. APPOINTMENT OF AUDITORSs
The auditors will be appointed in accordance with the guidelines for procurement of
consultants as contained in the Procurement Manual of the Project. The process of
appointment should be completed before the commencement of the FY for which the
audit is to be done. The auditors may be appointed initially for a period of two year and
then for another year, subject to annual performance review. This will ensure continuity
and the auditors will be able to assess the progress over time. However, in case of re-
appointment of the same auditor
ensure compliance with the Procurement Guidelines of the Manual; and
re-confirm that the audit firm continues to satisfy the eligibility criteria as
prescribed in the ToR.
8
3. ELIGIBLITY CRITERIA:
SPIU calls for EoIs from PAFs through advertisement. The EoI includes information on the
required qualifications and experience of the firm, short listing criteria, and conflict of interest
provisions. For any PAF to be considered for appointment as external auditors to audit Bank
supported projects, it shall meet the Minimum Eligibility Criteria specified below. Failure to
satisfy any of the Minimum Eligibility Criteria renders the firm not eligible for the assignment.
The mandatory criterions are:
Criterion-1: The firm must be empaneled with C&AG, without which the application of the firm
would not be considered.
Criterion-2: The applicant firm is Independent of the entity to be audited.
The audit firm is not the incumbent Internal Auditor of the project or the PIU.
No partner of the audit firm or any qualified employee of the firm is related to any
member of the Governing Body/Executive Committee/Board of Directors or the Project
Director/Managing Director/any Director or any of the senior management (as applicable)
of the PIA. Relative would mean husband, wife, brother, or sister or any lineal ascendant or
descendant.
Neither the firm nor its Partners or Associates have any interest in the business of the
PIU.
From the time of appointment and for one year after (to be counted from the date of
issue of final audit report) the Firm ceases to be Auditor, no other
assignment of any kind to the PIA/project (including consultancy) will be
accepted, either by the firm or by its partners or relatives of partners of the firm or by its
associates.
The audit will not be done by a person who was either an employee in the project
or a partner/employee of the retiring auditor, unless such person is employed with the firm
for at least one year.
Criterion 3: The audit firm is not one against which disciplinary orders have been issued by the
Public Companies Accounting Oversight Board and these orders are in force. Also, any
partner/senior manager of the audit firm is not associated with the audit in any manner if he/she
has been found guilty of professional/other misconduct by the Institute of
Chartered Accountants of India under the First or Second Schedule of the Chartered
Accountants Act, 1949; or
is one against whom disciplinary sanction orders have been passed by the Public
Companies Accounting Oversight Board.
Criterion 4: Firms must qualify following minimum criteria:
9
Sl. No. Particulars* Minimum Criteria
1. Number of Full Time Partners associated with the firm for 4
not less than 3 years with at least one being a Fellow CA
(As per Certificate of ICAI as on 1.1.2009)
2. Turnover of the firm Minimum Rs.25 Lakhs
(Average annual in last three financial yrs.)
3. No. of Years of Firm Existence 5 Yrs.
4. No. of assignments of Statutory Audit of 4
Corporate/PSUs entities except Bank Branch Audit
having a turnover of not less than Rs 25 crores in the
last 3 years.
5. No. of assignments: Experience of audit of Externally 4
Aided Projects/ Social Sector Projects (other than
Audit of Charitable Institutions & NGOs) in the last 3
years
Supporting Documents for Eligibility Criterions: Following supporting documents must be
submitted by the firm along with the technical proposal:
i. A self-attested copy of the latest empanelment intimation letter issued by the CAG
ii. A certificate from the firm to the effect that no partner of the firm has been found
guilty of professional/other misconduct by the Institute of Chartered Accountants
of India under the First or Second Schedule of the Chartered Accountants Act, 1949 or
is one against whom disciplinary sanction orders have been passed by the Public
Companies Accounting Oversight Board. In case the firm has such partners, the firm
provides details of such partners and certifies that they will not be associated with the
audit in any manner
iii. A Declaration signed by an authorized partner of the audit firm verifying that the
applicant is independent of the entity to be audited that they have no relationship with
the entity to be audited (in particular, the auditor should not be employed by, serve as
director for, or have any financial or close business relationship with the entity during
the period(s) covered by the audit or immediately thereafter for a period of two years);
iv. A self-attested copy of the latest firm constitution certificate issued by the ICAI (this
certificate shall also act as evidence for verifying the Date of Constitution of the firm).
This certificate should not be older than 30 days as on the date of the EoI.
v. A copy of the balance sheet for the last three years.
vi. A copy of the appointment letters from the auditee organizations. Branch Audit of any
Bank shall not be considered while taking into account the total number of assignments.
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Annex-XXVIII
EVALUATION CRITERIA FOR SELECTION OF AUDITOR
Evaluation Criteria: Expression of Interest (EOI)
The Evaluation Criteria for selecting the auditor are mentioned below:
S.No. Evaluation Criteria Maximum
Marks
1 Number of Partners 10
(2 marks up to 3 partners,1 for each additional partner)
2 Presence of the Firm in Project State 10
3 Number of Professionally Qualified Staff 10
Between 10-25 staff-(5 marks)
More than 25 Staff-(10 marks)
4 Turnover for the last five years 20
More than 50 lacs and up to 75 Lacs-2 marks for each year
More than 75 Lacs-4 marks for each year
5 Number of Audit and similar assignments undertaken during last 5 15
years
(5 marks for each assignment, maximum three)
6 Number of World Bank Project Audits** undertaken during the last 35
5 years
(5 marks for each assignment, maximum seven assignments)
Total Marks 100
* The audit firms must be empaneled with the C&AG and eligible for major audits
** World Bank audits means any audit conducted by the firm for World Bank clients, and includes
both external audit and internal audit.
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Criteria for Selection of Auditors Request for Proposal (RFP)
The Evaluation Criteria for selecting the auditor are mentioned below:
S. Evaluation Criteria Maximum
No. Marks
1 Number of External Audit / similar assignments undertaken during last 20
5 years (5 marks for each assignment, maximum of 4 assignment)
2 Number of World Bank project Audits*** undertaken during the last 5 30
years (5 marks for each assignment, maximum six assignments)
3 Based On Team proposed
> Partner 15
> Audit Manager 15
> Audit Staff 20
Total Marks 100
The individuals shall be rated on the following sub-criteria, as relevant to
the task:
General qualifications: general education and training, length of 20%
experience, positions held, time with the firm as staff, experience in
developing countries, and so forth;
Adequacy for the assignment: education, training, and experience in the 50%
specific sector, field, subject, and so forth, relevant to the particular
assignment; and
Experience of working on World Bank projects 15%
Experience of working with Government departments/similar projects 15%
* The audit firms must be empaneled with the C&AG and eligible for major audits.
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Annex-XXX
CRITERIO TO BE FOLLOWED BY 1.3 INSTITUTES (For Internal/Statutory Auditor)
The 1.3 Institutes may extend the extend the project Statutory and Internal audit assignments to the
Institutes Statutory and Internal auditor's respectively for that year subject to the below listed
criterions:
a) Criterion 1: The applicant PAF is empanelled with the C&AG12 in the panel of audit firms
eligible for major audits Refer to Annexures VIIA and VIIB for the list of major auditors for
FY2012-13 as empanelled by C&AG Office.
b) Criterion 2: The applicant firm is Independent of the entity to be audited.
The audit firm is not the incumbent Internal Auditor of the project or the PIA.
No partner of the audit firm or any qualified employee of the firm is related to any member
of the Governing Body/Executive Committee/Board of Directors or the Project
Director/Managing Director/any Director or any of the senior management (as applicable) of
the PIA. Relative would mean husband, wife, brother, or sister or any lineal ascendant or
descendant.
Neither the firm nor its Partners or Associates have any interest in the business of the PIA.
From the time of appointment and for one year after (to be counted from the date of issue of
final audit report) the Firm ceases to be Auditor, no other assignment of any kind to the
PIA/project (including consultancy) will be accepted, either by the firm or by its partners or
relatives of partners of the firm or by its associates.
The audit will not be done by a person who was either an employee in the project or a
partner/employee of the retiring auditor, unless such person is employed with the firm for at
least one year.
c) Criterion 3: The audit firm is not one against which disciplinary orders have been issued by the
Public Companies Accounting Oversight Board and these orders are in force. Also, any
partner/senior manager of the audit firm is not associated with the audit in any manner if
he/she -
has been found guilty of professional/other misconduct by the Institute of Chartered
Accountants of India under the First or Second Schedule of the Chartered Accountants Act,
1949; or
is one against whom disciplinary sanction orders have been passed by the Public Companies
Accounting Oversight Board.
12 For quick reference, link to the CAG list `Firms Qualifying for Major Audit' is : :
http://cagofindia.delhi.nic.in/caempanel/empstat.asp
13
Required supporting documents:
a. A self-attested copy of the latest empanelment intimation letter issued by the
CAG containing the Unique Identification Number and the score. The PAF confirms that it
is included in the panel for large audits (the panel is posted on the CAG website);
b. A certificate from the firm to the effect that no partner of the firm has been found guilty
of professional/other misconduct by the Institute of Chartered Accountants of India under
the First or Second Schedule of the Chartered Accountants Act, 1949 or is one against
whom disciplinary sanction orders have been passed by the Public Companies
Accounting Oversight Board. In case the firm has such partners, the firm provides
details of such partners and certifies that they will not be associated with the audit in any
manner;
c. A Declaration signed by an authorized partner of the audit firm verifying that the
applicant is independent of the entity to be audited that they have no relationship with the
entity to be audited (in particular, the auditor should not be employed by, serve as
director for, or have any financial or close business relationship with the entity during the
period(s) covered by the audit or immediately thereafter for a period of two years);
Reporting Requirement: The reports shall be issued following the guidelines as detailed in this
Manual.
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Annex-XXXI
CONSOLIDATION OF ANNUAL AUDIT REPORT
NPIU shall appoint the Chartered Accountant Firm empaneled with CAG and have the
experience of World Bank Audit for the purpose of Consolidation of audit reports. The auditor shall
prepare one Consolidated Report for the Audit Reports received from SPIUs (focus states)/1.3
institutions/CFIs and NPIU to be submitted to the World Bank by NPIU.
TEQIP-III Audit
Report (consolidated
by NPIU)
Audit report of Each Audit Report of CFIs
SPIU (Focus States) & Audit Report of 1.3 Audit Report of
institutions NPIU
15
Period of appointment:
Auditors will be hired for one year and their assignment may be extended to another two years
based on satisfactory performance.
Specific Instructions to the Auditor (Appointed for Consolidation):
b) The auditor is expected to provide the quality opinion on the audit reports received by
NPIU from the different entities in the project.
c) The auditor must specify the areas of lacunas observed by him in working of the
institutions in financial areas while submitting the Consolidated Audit Report.
d) The auditor shall give his observation on Key Financial Issues and Accounting policies
adopted in the project.
(Sh. Sushil Kumar ) (Dr. Sushant Samir) (Dr. Sanjeev Kumar)
AC (F&A) (Coordinator, TEQIP-III)
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