EXPRESSION OF INTEREST FOR EMPANELMENT OF COST
ACCOUNTANT FIRMS FOR CONDUCTING INTERNAL AUDIT
    AT EASTERN INDIA REGIONAL COUNCIL OF THE
              INSTITUTE FOR 2019-20




                      1
                                    CONTENTS


NO                        PARTICULAR                  PAGE NO.

A    MINIMUM ELIGIBILITY CRTTERIA                        3

B    SELECTION CRITERIA                                  3

C    OTHER TERMS AND CONDITIONS                          4

D    SCOPE OF WORK & PERIOD OF AUDIT                     5

E    AUDIT TEAM                                          5

F    TIME PERIOD OF COMPLETION OF AUDIT                  5

G    FEES STUCTURE                                       5

H    APPLICATION PROCEDURE                               6

I    ANNEXURE 1                                         7-13

J    ANNEXURE 2                                          14

K    ANNEXYRE 3                                          15

L    CERTIFICATE ­ 1                                     16

M    CERTIFICATE ­ 2                                     17

     NAME OF THE REGIONAL COUNCILS AND CHAPTERS FOR
N                                                        18
     WHICH APPLICATION IS SOLICITED




                                      2
(A)   Minimum Eligibility Criteria
1.    The firm should be a partnership firm registered with the Institute of Cost
      Accountants of India (ICAI) on the date of application.

2.    The firms should be in existence for at least three years and must possess
      previous experience in conducting Internal Audit.

3.    The Firm must have PAN and Service Tax Registration number.

4.    A firm will not be eligible for empanelment if any of its partners or staff (as a
      related party defined in Company's Act 2013) is/was associated as an office
      bearer in any Managing Committee of Chapter/Regional Council/Central
      Council of the Institute for the last 8 years. A declaration confirming such
      non association should be given by the managing partner along with the
      application for empanelment.

5.    Firm has to apply for local chapter according to address of the firm for Internal
      Audit (given below). However, the selection criteria will be as per (B) below.

      Eastern India Regional Council
      CMA Bhawan, 84 Harish Mukherjee Road
      Kolkata ­ 700025


(B)    Selection Criterion
1.     The norms for selection of firms for Internal Audit will be as follows

      Sl.                     Particulars                    Points Fixed    Maximum
      No.                                                                     Point

      1     Number of Partners                                                  25

            (a) Equal to 2 partners                                5

            (b) More than 2 partners                               10

            Additional 2 points for every Fellow member            10
            Partner

      2     Number of Qualified Assistants (Cost              2 points per      20
            Accountants only) employed with the Firm            qualified
                                                               assistant

      3     Age of the Firm                                   2 points for      20
                                                              every year

                                            3
    4    Experience in conducting Internal Audit:                                25

         (i) Experience in Educational lnstitution /PSU /         15
         Autonomous & Statutory Bodies

         (ii) Experience in other organizations                   10

    5    No. of years of experience in Internal Audit                            10

         3 ­ 5 years                                               3

         > 5 years                                                 7

         Total Points                                                           100

Note :

1. Documentary evidence of all the information as stated above is to be
   furnished along with the offer.

2. Where a Cost Accountant is a partner / owner of more than one firm, in such case,
   only one firm carrying the highest marks shall be allowed to take part in the EOI
   process.

3. Each selected firm can be appointed for a maximum period of two years as
   mentioned in Clause D below. Thereafter there will be a cooling period of
   two years.

4. If there is a tie, a firm with a higher number of Fellow Member of the Institute
   of Cost Accountants will be considered.







(C) Other Terms & Conditions
The appointment of the firm is subject to the following:

i) The firm should not subcontract the work.

ii) The team will work in strict confidence and will ensure that the information in
    respect of the operation of the area/unit is dealt in strict confidence and
    secrecy. A certificate towards maintaining confidentiality to be provided by the
    Auditor before commencement of audit.

iii) No relative / auditee / partner or any related party of the Management Committee of
     any chapter can be auditor / staff of the audit firm.

iv) The firm will be debarred from getting Internal Audit in future in ICAI in the
    following cases:
                                           4
 a. If the firm obtains the appointment on the basis of false information I false
    statement.

 b. If the firm does not take up the job in terms of appointment letter.

 c. If the firm does not submit the report, complete in all respects in terms of
    appointment letter.

 d. If the firm violates any of the stipulation from (i) to (iii).

 e. If the performance of job is found to be unsatisfactory.

 vi) All applications received after the due date and closing time of submission of
    applications shall be ignored.

 vii) If the work of Internal Audit of the Eastern India Regional Council, HQ and Delhi office
      entrusted to one firm, the work for all the three locations should have been conducted
      simultaneously.

 viii) Disclaimer: ICAI reserves the right to accept or reject any or all responses and to
       request additional submission or clarifications from one or more Appointment(s) at
       any stage or to cancel the process entirely without assigning any reason.


 (D) Scope of Work & Period of Audit

 The scope of work regarding Internal Audit is given in Annexure-1. The scope of
 work may increase depending upon the requirement. The initial period of
 engagement for internal audit shall be for one year which may be extended for
 further one year depending on the performance and on the mutual consent of both
 parties on the same terms and conditions.


 (E) Audit Team

 In case of internal audit, the team should be led by a senior partner of the firm and
 should comprise of one qualified/ semi qualified assistant.


 (F) Time period for completion of Audit

The Internal Audit shall be conducted half yearly basis and will commence w.e.f. April
1, 2019. However all reports & Executive summary report subsequently need to be
submitted positively within one month from the completion of close of the financial year.




                                              5
(G) Fees Structure

The detailed fee structure is enclosed at Annexure -3.




(H) Application Procedure

Eligible and interested firms are requested to submit their applications in sealed
envelope super scribing "APPLICATION FOR EMPANELMENT AS INTERNAL
AUDIT OF THE EASTERN INDIA REGIONAL COUNCIL OF THE INSTITUTE
OF COST ACCOUNTANTS OF INDIA" to the HoD ­Internal Control along with
Annexure 2, Certificate 1, Certificate 2 and all supporting documents in the following
address through Speed Post/Courier only so as to reach us by 3 p.m. November
30th, 2019 days from the date of publication accompanied by all necessary
documents duly signed by the authorized partner of the firm.

A valid communication address along with contact number and e-mail address should
be mentioned on the top of the envelop to enable the Institute to contact the
participant at the time of opening the EOI, if required.




HOD ­ Internal Control
The Institute of Cost Accountants of India
CMA Bhawan, 12, Sudder Street
Kolkata-700016.




                                          6
                                   Annexure ­ 2


                           Format of the Application
1. Full Name of the Audit Firm :

2. Address :
   i) Permanent Address                                   :
   ii) Correspondence Address with PIN code               :
   iii) Landline / Mobile No.                     :
   iv) Fax Number                                 :
   v) Email ID                                    :
   vi) PAN                                        :
   vii) Service Tax Regd. No.                     :

3. Specify the location (Region / Chapter) which applied
  Sl.
                                    Particulars
  No.
   1.                        Year of Establishment
         Annual Turnover of the firm in the preceding 3 Financial Years
   2.                      as per Income Tax Return
           Number of partners in the firm along with their membership
   3.                                number
          Number of qualified assistants (Cost Accountants) in the Firm
   4.                   along with membership number
          Number of semi qualified assistant (Inter Cost Accountant) in
   5.                                the firm
   6.    Address of the Branch offices, if any along with contact number

   7.          Date of Partnership deed with Registration Number

   8.              Previous Audit assignment acceptance letter

   9.             Bank details for paying the fees through NEFT

Note 1 : Documentary evidence of all the information as stated above is to be furnished
         along with the offer.
Note 2. : All the pages of the terms and conditions and documents submitted are to be
        signed with the seal of the firm




                                                  (Signature & Seal of the Partner of the Firm)
                                        Annexure ­ 3



                                        Fees Structure









Fees payable to the Internal Auditors are as follows

1. For Regional Council : Rs. 75,000/- per year.


2. GST shall be paid extra as applicable on furnishing the registration number along with the
   bill.


3. The payments shall be released by Head Quarter Finance Directorate after receipt of
   clearance from the Internal Control Directorate and will be generally paid within 30 days of
   the receipt of the bill.


Bill should be raised yearly basis on submission of Internal Audit report for the year 2019-20.

In addition to the fees, auditors shall be entitled to out of pocket expenses, if any.


No TA/DA, transportation charges will be payable.
                                      CERTIFICATE ­ 1



I / We ______________________________________________ (the name of the firm) having office at


_____________________________________________ (address of the firm hereby accept all the terms


and conditions of the appointment of Internal Auditor as published / uploaded in the web site dated


________________.


Signature of the Member       :



Name of the Member            :



Name of the Firm              :



Date                          :
                                           CERTIFICATE ­ 2




This    is   to     certify   that     any    partner   or    partners    or    staff   of    the    firm


___________________________________________ (Name of the firm with complete address) do not


have any relation (as a related party as defined in the Company's Act, 2013), directly or indirectly, with


any office bearer / member of the managing committee of the Central Council / Regional Council /


Chapters of the Institute for the last 8 years.



Signature of the Member           :



Name of the Member                :



Name of the Firm                  :



Date                              :