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 Comptroller and Auditor General of India, new Delhi

Indian Institute Of Management, Uttarakhand
January, 31st 2019
                                                                            IIMKPV/OTE/01/Internal Audit 18-19




                                                                                     ANNEXURE `B'



                           TENDER DOCUMENT


                                            for

     ENGAGEMENT OF CHARTERED ACCOUNTANT/
     COST ACCOUNTANT FIRM FOR INTERNAL AUDIT

                                             AT

     INDIAN INSTITUTE OF MANAGEMENT KASHIPUR,
           KUNDESHWARI, KASHIPUR-244713,
                    UTTARAKHAND


              Tender : IIMKPV/OTE/01/Internal Audit 18-19
        Last date of submission of the filled Tender document: 20.02.2019 up to 3 p.m.

(Tender document is to be submitted duly signed in ink on each page and official seal stamped)


                        Date of opening the Technical Bid document:

         20 Feb 2019 after 3 pm, changes if any will be updated on institute's website.



              INDIAN INSTITUTE OF MANAGEMENT KASHIPUR

                     Kundeshwari, Kashipur, (Uttarakhand)

                                 Phone: 7900444093
                                                                                              Page 1 of 21
                                                          IIMKPV/OTE/01/Internal Audit 18-19




                                    TABLE OF CONTENTS



S. No.   Description                                    Page No.

1.       Brief description of Proposal                  03

2.       Covering Letter                                04-05

3.       Particulars of Tender                          06

4.       General Particulars of Tenderer                07

5.       Experience                                     08

6.       Submission of Tender                           09

7.       General Terms and Conditions                   10-11

8.       Tender opening                                 13

9.       Award of Contract                              13

10.      Technical Bid ­ Part A                         14-17

11.      Technical Bid ­ Part B                         18

12.      Financial Bid                                  19

13.      Letter of consent/undertaking                  20

14.      Pledge of Compliance                           21




                                                                            Page 2 of 21
                                                                               IIMKPV/OTE/01/Internal Audit 18-19




 1. BRIEF DESCRIPTION OF PROPOSAL


   Indian Institute of Management Kashipur, an autonomous institution, funded by the MHRD,
 Govt. of India, is dedicated offering world class programme in Management education.

   The Institute invites Technical and Financial proposals from eligible reputed Chartered
 Accountants/Cost Accountants firms which are registered and have been providing similar
 services in the last five financial years , Preference will be given to the firms who have
 experience to audit of Educational Institutions/Centrally funded Technical Institutes .
ELIGIBILITY CRITERIA:






    Bidders should be a Chartered Accountant/Cost Accountant Firm.
    Firm should have based in or have branch office in Uttarakhand/Uttar Pradesh/Delhi NCR.
    Firm should have continuous standing of at least 5 (Five) years
    Firm should have experience in rendering Internal Audit/Statutory audit/Tax audit services.
    Firm should have PAN and GST Registration.
 This is a two bid system, comprising of Technical Bid and Financial Bid. Technical and Financial Bids
 should be sealed in separate envelopes and, then, both sealed covers should be placed in one
 separate envelope (which is to be sealed) clearly super-scribing on the envelope, "Tender for
 Engagement of Chartered Accountant/ Cost Accountant Firm for Internal Audit at IIM Kashipur" .

 The important dates & details of the Tender process are:-
  Sl.   Description                           Important Information
  No.
  1     Commencement date for
        uploading of tenders in website of 29/01/2019
        IIM Kashipur
  2.     Last date of submission of the      20/02/2019 up to 3 pm
         filled Tender document

  3.     Date of Opening of Technical Bid    20/02/2019 after 3 pm
                                             Rupees 590/-(Rupees five hundred
  4.     Tender Processing Charge
                                             ninety only) , only through Demand
                                             Draft in favour of IIM Kashipur, payable
                                             at Kashipur
                                             Rupees 5000/-(Rupees five thousand
  5      Earnest Money Deposit(EMD)
                                             only) , only through Demand Draft in
                                             favour of IIM Kashipur, payable at
                                             Kashipur




                                                                                                 Page 3 of 21
                                                                                IIMKPV/OTE/01/Internal Audit 18-19




2. COVERING LETTER:


Format of letter to be given for applying for Engagement of Chartered Accountant/Cost Accountant
Firm for Internal Audit at Indian Institute of Management Kashipur Kundeshwari, Kashipur ­ 244713
(Uttarakhand).

 To

 The Director,
 Indian Institute of Management Kashipur
 Kundeshwari, Kashipur
 U.S Nagar,
 PIN ­ 244713, (Uttarakhand)


         Sub: Engagement of Chartered Accountant/Cost Accountant Firm for Internal Audit at Indian
              Institute of Management Kashipur, Kundeshwari, Kashipur ­ 244713 (Uttarakhand).

 Dear Sir,
1.    This is with reference to your Tender number IIMKPV/OTE/01/Internal Audit 18-19, dated
      2 9 / 0 1 / 2 0 1 9 I have examined the Tender document and understood its contents. I hereby
      submit my Bid for Engagement of Chartered Accountant/Cost Accountant Firm for Internal
      Audit at Indian Institute of Management Kashipur, Kundeshwari, Kashipur ­ 244713
      (Uttarakhand).
2.    The Bid is unconditional for the said Tender.

3.    It is acknowledged that the Authority will be relying on the information provided in the Tender
      and the documents accompanying such Tender for qualification of the Bidders for the above
      subject Engagement, and we certify that all information provided in the Tender and in Annexures
      is true and correct; nothing has been misrepresented and omitted which renders such information
      misleading; and all documents accompanying the Bid are true copies of their respective originals.

4.    We shall make available to the Authority any additional information it may find necessary or
      require to supplement or authenticate the Qualification statement.
5.    We acknowledge the right of the Authority to reject our Bid without assigning any reason or
      otherwise and hereby relinquish, to the fullest extent permitted by applicable law, our right to
      challenge the same on any account whatsoever.
6.    It is declared that:
    (a)      We have examined the Tender document and have no reservations to the Tender
document.
    (b)      We have not directly or indirectly or through an agent engaged or indulged in any corrupt
    practice, fraudulent practice, coercive practice, undesirable practice or restrictive practice in
    respect of any Bid or request for proposal issued by or any Agreement entered into with the
    Authority or any other public sector enterprise or any government, Central or State.



                                                                                                  Page 4 of 21
                                                                                       IIMKPV/OTE/01/Internal Audit 18-19




7.    It is understood that the Institute may cancel the Bidding Process at any time without incurring
      any liability to the Institute and that you are neither bound to invite the applicants to Bid for the
      services nor to accept any Bid that you may receive.
8. It is understood that the Institute can use any evaluation scheme/evaluation metrics/weightage
      or take the help of any consultant, as required in selecting the successful agency/agencies and we
      agree to abide by it.
9.    It is certified that we have not been indicted or convicted by a Court of Law or no adverse
      orders have been passed against us by a regulatory authority which could cast a doubt on our
      ability to undertake the services or which relates to an offence that outrages the moral sense of
      the community.
10. It is further certified that no investigation by any regulatory agency is pending against us.
11. It is hereby affirmed that we are in compliance of/ shall comply with the statutory requirements of
      the Govt. of India, as applicable.
12. We hereby irrevocably relinquish any right or remedy which we may have at any stage at law
      or howsoever otherwise arising to challenge or question any decision taken by the Authority in
      connection with the selection of Bidders, selection of the Tenderer, or in connection with the
      selection/Bidding Process itself, in respect of the above mentioned services and the terms and
      implementation thereof.
13. We agree to undertake to abide by all the terms and conditions of                             the     TENDER
      document.
14. We agree to undertake to be liable for all the obligations of the Tenderer under the Agreement.


In witness thereof, we submit this application under and in accordance with the terms of the
TENDER document.


Place:- ...............................                                Yours faithfully,

Date :................................                 (Signature, name and designation of the
                                                       Tenderer/Authorized Signatory)


                                                                       Official Seal




                                                                                                         Page 5 of 21
                                                                                              IIMKPV/OTE/01/Internal Audit 18-19




3. PARTICULARS OF TENDER


1. TENDER No.                   : IIM KPV/OTE /01/Internal Audit 18-19
2. Particulars of the work      : Engagement of Chartered Accountant/ Cost Accountant Firm for Internal `
                                  Audit at Indian Institute of Management Kashipur, Kundeshwari, ­ 244713
                                  (Uttarakhand)
3. Processing charges           : Rs. 590/-(Rupees five hundred ninety only),
                                Only through Demand Draft in favour of IIM Kashipur, payable at Kashipur
4. EMD                          : Rs. 5000/- (Rupees five thousand only),
                                 Only through Demand Draft in favour of IIM Kashipur, payable at Kashipur


5. Last date and time of
  submission of TENDER
  (By hand in drop box/post):


6. Period of validity of
   TENDER                       :


7. Date and time of
   Opening of TENDER


8. Place of opening
   of TENDER                    : Indian Institute of Management Kashipur, Kundeshwari, Kashipur


9. Name & address of
   agency to whom
   TENDER document
   belongs                      : -----------------------------------------------------------------------------------




                                                                                     (Signature of Tenderer)

                                                                                     Official Seal




                                                                                                                Page 6 of 21
                                                                                IIMKPV/OTE/01/Internal Audit 18-19




 4. GENERAL PARTICULARS OF TENDERER
Part ­ I

   1. Name of the Chartered/Cost Accountant Firm ­
   2. Full Address with contact numbers, website, e-mail etc.
   3. Constitution of the Firm(attach copy)
     a.    Indian Companies Act 1956/2013.
     b. Indian Partnership Act 1932. (Please give names of partners)
     c. Any other Act, if not the Owners.
  4. If Partnership Firm registered under the Indian Partnership Act, 1932, please state further
     whether the partnership Agreement/deed has been conferred on the partner who has
     signed the Tender.
       I. If No, whether there is any general power of attorney executed by all the partners of
           the Firm authorizing the partner who has signed the Tender.
       II. If Yes, please furnish a copy of either partnership Agreement or the general power of
           Attorney, as the case may be. The p o w e r of attorney should be a d m i t t e d    on
           appropriate stamp paper by all the partners and dully attested by a Notary public.
   5. PAN no. of the Firm and GST registration certificate (Attested photo copy to be attached)


Part ­ II

          1. Name and address of Firm's representative who would be present at the time of
             opening of Tenders, if any.
          2. Name of the authorized representative of the Tenderer to sign the contract documents.
                He must be in possession of the valid Power of Attorney.
          3.    Firm Registration - Registration No. and other details.
          4.    Certified copies of Income Tax Return for financial years 2015-16, 2016-17 and 2017-18.
          5.    Details of previous experience of services provided by the Tenderer.
          6.    The name of the Chartered /Cost Accountant, designation and membership number to
                whom the audit will be assigned.
          7. Details of annual turnover of the audit firm in last three financial years.


 Date: ........................
 Place: .......................
                                                                          Authorized Signatory
                                                                     (Signature of Tenderer)
                                                                     Official seal




                                                                                                       Page | 7
                                                                       IIMKPV/OTE/01/Internal Audit 18-19




  5. EXPERIENCE:
      Details of relevant experience in last 5 year in similar services provided by the Audit
      Firm



  Sl.     Name and address of the                   Period             Name of the Chartered / C o s t
  No.     organisation, contact person and      From         To        Accountant in charge of the
          contact number. (Attach certified                            assignment, designation in the
          copies of the Letter of                                      Firm & his/her Membership no.
          Award/Agreement)




     Instructions:

     1.     Tenderers are expected to provide information with respect to
            o rganizations where similar services have been provided.
     2.     Information provided in this section is intended to serve as a
            back-up for information provided in the TENDER.

                                                                   (Signature of Tenderer)

                                                                   Official seal

Note: Please use extra page, if required.
                                                                                              Page | 8
                                                                                         IIMKPV/OTE/01/Internal Audit 18-19




  6. SUBMISSION OF TENDER
       6.1 SEALING AND MARKING OF TENDER:
       6.1.1 The Tender must b e c o m p l e t e in a l l aspect a n d s h o u l d c o n t a i n r e q u i s i t e
              c e r t i f i c a t e , informative literature etc.
       6.1.2 Tender Document can be down loaded from IIM Kashipur website (www.iimkashipur.ac.in)
       6.1.3 This is a two part Bid consisting of Technical Bid and Financial Bid. The Technical and Financial
               Bids should be sealed in separate envelopes and then to be sealed in one separate envelope
               clearly superscripting on the envelope, "Tender for Engagement of Chartered Accountant
               /Cost Accountant Firm for Internal Audit at IIM Kashipur"

         The Bid shall include:

         a) Forwarding letter by the Tenderer
         b) All required documents
         c) Processing charge (non-refundable), o n l y through Demand Draft in favour of IIM
            Kashipur, payable at Kashipur .(Should be enclosed with technical Bid)
         d) EMD , o n l y through Demand Draft in favour of IIM Kashipur, payable at
            Kashipur(Should be enclosed with Technical bid )
         d) Technical Bid
         e) Financial Bid

 6.1.4 TENDER should be addressed to:-

                            The Director,
                            Indian Institute of Management Kashipur
                            Kundeshwari, Kashipur PIN- 244713, Uttarakhand
         a. The TENDER should be submitted/dropped in the Tender box kept at the office of the CAO,
              IIM Kashipur before last date of submission.
         b. Tenders may be submitted through post /courier/by h a n d. IIM Kashipur will not                     be
responsible
              for any delay or misplace in postal receipt.
 6.2     EXPENSES OF AGREEMENT:
         All the expenses towards completing of the Agreement, including cost of Stamp Paper or any
         other expenditure incurred in the process of TENDER submission till final compliance shall be
         borne by the Tenderer.
 6.3     DEADLINE FOR SUBMISSION OF BIDS:
         TENDER must be received by the Indian Institute of Management Kashipur at the date, time and
         address specified in the TENDER notice/TENDER document.
 6.4     LATE BIDS:
         Any TENDER received after the deadline for submission of TENDER prescribed by the Indian
         Institute of Management Kashipur shall be rejected without any further correspondence to
         the Tenderer.

                                                                                                                Page | 9
                                                                      IIMKPV/OTE/01/Internal Audit 18-19




7. GENERAL TERMS AND CONDITIONS:-
1.  Financial Bid will be opened only of the selected bidders by the committee.
2.  The Institute will contact only t echnically qualified Bidders meeting the requirements
    for presentation of their case before a selection committee.
3. The decision of acceptance of the quotation will lie with the competent authority
    of IIM Kashipur, who does not bind himself to accept the lowest quotation and who
    reserves the right to himself to reject or partially accept any or all quotations
    received, without assigning any reason.
4. Bidders are advised to satisfy themselves about the quantum of work before
    submitting      their Bids; no extra charges consequent on any misunderstanding or
    otherwise shall be allowed.
5. At any stage during finalization of Tender process, the competent authority of the
    Institute is free to use any evaluation metrics/weightage or take help of any
    consultant, as required in selecting the successful agency/agencies and we agree to
    abide by it.
6. Canvassing directly or indirectly in connection with the Bid is strictly prohibited and
     Bids submitted by the Tenderer who resort to canvassing will be summarily rejected.
7. This Notice Inviting Tender will form part of the contract document including additional
     terms/additional conditions and other related papers, if any, forming the Bid as
     issued at the time of invitation of Tender and acceptance thereof together with any
     correspondence leading thereto of the contract document.
8. The successful Bidder on acceptance of his Bid by accepting authority and signing
     of the contract consisting of the notice inviting Tenders and all the other relevant
     documents including additional conditions if any forming the Bid as issued at the
     time of invitation of Tenders and acceptance thereof together with any
     correspondence leading there to, shall commence with the internal audit of 1st half of
     the F.Y. 2019-20.
9. The agency will not be allowed to sublet the assigned work or part of the work.
10. Payment for the services will be made only after successful completion of audit,
     related other work and submission of related reports etc. TDS will be deducted as per
     rules.
11. The contract can be terminated at any point of time if the services of the Firm are not
     found satisfactory, by giving 30 days' notice. In such an event, the work shall
     be got done from another agency at the risk & cost of the defaulting Firm.
                                                                                            Page | 10
                                                                              IIMKPV/OTE/01/Internal Audit 18-19



 12. The Tender document duly signed on each page shall be submitted along with the
     Technical Bid, failing which the Technical Bid shall not be considered.


13. The Bidder must quote the rates in figures as well as in words correctly in the Financial
    Bid.
14. Internal Audit Report is to be submitted to the Director or any other authority of the Institute on
half yearly basis and presentation is to be made before FC/ BoG meeting.

      Liquidated damages clause
1.   The Firm shall be responsible for the faithful compliance of the provisions of the work
     order. Any breach or failure to perform the same may result in termination of the work
     order contract as well as other legal recourse.
2.   Any misconduct/misbehavior on the part of manpower deployed by the firm will not
     be tolerated and such person will have to be replaced immediately upon instructions
     from the Institute.
3.   The Director IIM Kashipur reserves the right to reject any or all Tenders in whole
     or in part without assigning any reason thereof. The decision of the Director IIM
     Kashipur shall be final and binding on the firm in respect of any clause covered under
     the contract.




                                                                           (Signature of Tenderer)

                                                                               Official seal




                                                                                                    Page | 11
                                                                              IIMKPV/OTE/01/Internal Audit 18-19




8. TENDER OPENING


  A. OPENING OF TENDER (Financial Bid):

  Financial Bid (Tenders) of the Tenderers who technically selected shall be opened by the
  committee in the presence of tenderers who wish to be present there. The c h a n g e
  o f d a t e o f presentation and Financial Bid opening, if any will be updated on institute's
  website or intimated to the shortlisted Tenderers subsequently by phone and/or email.


  B. CLARIFICATION OF TENDER:

  To assist in the examination, evaluation and comparison of TENDER, Indian Institute of
  Management Kashipur may at its discretion ask the Tenderer for a clarification on the TENDER
  submitted by t h e m . The request for clarification and the response shall be in writing/e-mail as
  decided by the tender opening authority.


  C. EVALUATION OF TENDER:

 The entire bid process will be of two tiers as follows:

 Tier 1 (Technical and Presentation)­ The bidders will be technically evaluated by a committee
 on the basis of submitted bid documents and only selected bidders by the above process will
 be called for Presentation before the committee. The total mark for tier 1 is 80 percent.

     SL             Presentations of maximum 1 5 minutes by the representative of
     Number         the Firm on the following parameters

          1         Internal audit experience          of the firm in last five years
                    including audit of Educational Institutions, if any.
          2         Expertise and knowledge of the proposed audit team in Fund based
                    accounting system, IGAAP, Direct and Indirect taxation, General
                    Financial Rule (GFR) 2017, Fundamental Rules and Supplementary
                    Rules (FRSR), Central Civil Service Rules etc.

                                                                                                    Page | 12
                                                                                IIMKPV/OTE/01/Internal Audit 18-19



                3        Existing list of prominent clients of the firm.
                4        Any other point considered relevant by the firm to grant it an edge
                         over others




          Tier 2 (Financial)­The total mark for tier 2 is 20 percent. Scoring of financial bids for
          the selection of Internal Audit firm will be computed as below

           Normalize Financial Bid Score= (Lowest tender price*20)/ (Tender price quoted by
                                                                    Individual tenderer.

D)        Selection of Firm

          After presentation by the technically selected firms, the committee could decide to
          open financial bid only for the firms to whom the committee feels best among them
          and the highest joint score of technical and financial bids of these firms will be L1,
          similarly the bidders scored second and third highest marks will be L2 and L3
          respectively.

     9. AWARD OF CONTRACT
         The Tenderer should pass in all items of "Eligibility Criteria". Eligible Tenderer shall be
         awarded the contract. If after winning the contract, the firm fails to provide the
         services within the time given, the firm will be blacklisted, in addition to recourse to
         other penal measures. No grievance shall be entertained in this regard.

      A. Indian Institute of Management Kashipur reserves the right of further discussion with
          eligible Tenderer before finalization of the TENDER and/or contract.
      B. Indian Institute of Management Kashipur reserves the right to accept any Bid and to
          reject any or all Bids or accept any TENDER in total or in parts or t o s p l i t t h e
          work among various Tenderers without assigning any reason thereof.
      C. NOTIFICATION OF AWARD
         Prior to the expiration of the period of TENDER validity, the Institute will inform the
         Tenderer by registered letter or by phone or fax or by e-mail that the Bid has been
         accepted and the work has been awarded.



                                                                           (Signature of Tenderer)

                                                                           Official seal


                                                                                                      Page | 13
                                                                           IIMKPV/OTE/01/Internal Audit 18-19




  10. TECHNICAL BID

            Engagement of Chartered Accountant Firm at Indian
        Institute of Management Kashipur, Kundeshwari, Kashipur
                           244713 Uttarkhand
                                         PART - A

Broad terms & conditions of the assignment of internal audit will be as under:
(A) General:

1.1 Internal audit will be conducted on half yearly basis with half yearly reporting for complete F.Y.
2019-20.

1.2 Audit of systems and procedures to assess their effectiveness in the manner of propriety and
    efficiency-cum      performance       audit,    apart from routine    audit   of   all    the
    transactions/activities/areas of the Institute.

1.3 All the activities & programme of the Institute including Students' activities and Research
    projects, Sponsored/Funded projects, C onsultancies, MDP etc. will be covered in the
    audit.
               The manpower of different levels will be deployed on the audit.
               The Firm will present a detailed audit programme to be conducted before
      commencing the audit of each half year.
               The fees (50%) payable for the assignment will be released at the end of the
      half year a f t e r s u b m i s s i o n o f i nternal Audit Report and for the 2 n d half
      after submission of I nternal Audit Report and it ' s acceptance by the Institute.

1.4 The out of pocket expenses for travel & incidentals will not be paid separately. Financial
    Bids may be submitted accordingly.
1.5 Audit Report is to be submitted within 4 5 days from the closure of the each half year, in a
    sealed envelope in the name of Director, IIM Kashipur.
1.6 Audit personnel and supervisors for efficient conduct of the audit will be deployed, as
    committed to the Institute. A designated partner of the Firm will be d i r e ct ly responsible for
    the audit.




                                                                                                 Page | 14
                                                                       IIMKPV/OTE/01/Internal Audit 18-19




(B) Scope of Audit:

2.1 Routine Financial scrutiny and o v e r v i e w including extracting and endorsing the Trial
     Balance up to finalization of accounts including Bank Reconciliation etc.
2.2 Analytical review of systems and procedures of all important activities/area, conduct audit
     of the nature of management audit to assess the effectiveness and efficiency in each such
     area.
2.3 Certification of accounts of sponsored projects/Consultancies of external agencies and
     other miscellaneous certification as and when required.
2.4 Conduct of audit of systems and procedure to assess its effectiveness in the manner of
     efficiency-cum-performance audit.
2.5 Physical verification of fixed assets once in a year, including scrutiny and reconciliation
     of fixed assets register with financial records, including the assessment of obsolete and
     unserviceable assets to remove from the financial records.
 2.6 Physical verification of inventory on half yearly basis.
 2.7 Review of various activities of the Institute to conduct propriety audit.
 2.8 Review of internal control systems and recommendations for additional checks and
     balances wherever required
 2.9 Verification of the reconciliation of fees and other revenues with accounts records.
2.10 Audit of all vouchers till its relevant booking in the accounts.
2.11 Other physical verification as may be required from time to time such as quarterly
     physical verification of stores, annual verification of library books etc.
2.12 Certification of accounts of the Institute at the end of each financial year.
2.13 Assistance in replying statutory audit memos and in getting the observation dropped.
2.14 Issuance of certificate as per the requirement of the Institute during the contract term.
2.15 Preparation of depreciation schedules at the end of each financial year.
2.16 Verification of Financial statements of accounts of the year and suggestions thereon.

Following areas must be covered during Internal Audit:
2.17 Review of the compliance regarding various statutory requirements like TDS, Income Tax,
     GST, Labour Laws & Societies Law and other laws applicable upon the Institute from time to
     time which has to be presented in tabulation form as a annexure to the audit report;
2.18 Review of internal control system and recommendations for additional checks;
2.19 Analytical Review of systems and procedures of all important activities/area and conduct of
     Management Audit, to assess the effectiveness and efficiency in each such areas;
2.20 Suggesting the automation of the procedures and improvements in the flow of information
     between various functional sections;
2.21 Risk Based Analysis of the weaknesses is to be done by the Internal Auditors to ensure the
     improvements thereof;




                                                                                             Page | 15
                                                                           IIMKPV/OTE/01/Internal Audit 18-19



2.22 Conducting the Functional audit to review the independent working of various activity centres
     and cost centres at the Institute;
2.23 In addition to Finance & Accounts Section, each Cost /Activity centers will be considered for
     the purpose of audit, such as PGP Section, Consultancy Section, Common Admission Test
     Activities, EPGPM and MDP Section (including Dehradun campus), Project & Works, Library
     Section, Computer Section, General Administration and others as may be established from
     time to time. Above independent Functional areas have to be studied in greater depth in any
     of the half year by the internal auditors;
2.24 Conducting the transactional audit of routine financial transactions and scrutiny of the
     subsidiary records prepared;
2.25 Assistance & Review of procedure followed for Physical verification of Stores - on half yearly
     basis.
(C) Process of Audit: 3.1 Auditor's field personnel will segregate the audit observations and discuss the same with the concerned department/section head for having an in depth understanding of the issues. 3.2 The audit observations which did not get settled through discussions with the concerned department/section head will be issued in writing to the concerned department/section head. Replies received from the concerned department/section head will be considered by the audit personnel at a senior level and if he is satisfied, the observations will be dropped and if otherwise the same will be converted into draft audit paras. 3.3 The draft audit paras will be discussed by senior level personnel of the audit Firm with the department/section head as the case may be and after such discussions, if the auditors get satisfied the para will be dropped and if otherwise the para could be considered and incorporated in the Internal Audit Report. 3.4 The Audit Report along with the written replies received from department/section heads will be considered by the Management/Director. The Management/Director will request the auditors for an in-depth discussion on each of the issues raised in their report. The Management/Director may also discuss with the department/section heads for further clarification. 3.5 The corrections/review/reorientation of system/procedures, etc. which might emerge at such discussions will be recommended for implementation by Management/Director and their implementation will also be monitored. However, the auditors will have the right of not revising the Audit report at this stage. 3.6 The Auditor will verify and report on the Department's Compliance with Management/Director Observations in a separate chapter of their next half yearly Audit report. Page | 16 IIMKPV/OTE/01/Internal Audit 18-19 3.7 Specific areas/Points relating to grave deficiencies, if any, which deserve immediate attention of the Director, will be referred to the Director by the Audit- Chief through a separate letter before the Audit Report. 3.8 As per requirements of the Institute the auditors will also be asked to give presentation on findings in the Audit Reports to the Finance or any other Committee of the Board. Place: Signature ............................ (Authorised Signatory) Date: Name ................................... Full Address............................ .......................................... IIMKPV/OTE/01/Internal Audit 18-19 (OFFICIAL SEAL) Page | 17 IIMKPV/OTE/01/Internal Audit 18-19 11. TECHNICAL BID Engagement of Chartered Accountant/ Cost Accountant Firm for Internal Audit at Indian Institute of Management Kashipur, Kundeshwari, Kashipur-244713 . PART ­ B 1 Name of the Chartered Accountant Firm 2 Name of Proprietor/Partners Official Address of the CA/ Cost Accountant Firm 3 with complete contact details 4 Power of Attorney on agency letter head (To be enclosed with Technical Bid) 5 Details of License granted by the concerned Licensing authority 6 PAN No. (Enclose a copy of the certificate) 7 Service Tax No. (Copy of the Certificate to be enclosed) 8 List of similar internal audits assignment carried out by the CA/ Cost Accountant Firm in the last 5 years (at least 2 sample copies of contract/Work Orders executed to be attached) with name and contact number for reference check. 9 Details of current contract of similar work (At least one work order) with name and contact number for reference check 10 Internal Audit Experience at least 5 years with IIMs/ IITs/ NITs/ Central Govt. funded Institute(Copy attached) 11 Impalements with CAG with No and date of validity (copy attached) Note: Please attach extra sheet in support of your information, if required. Signature ---------------------- Name of Tenderer ---------------- Official Seal Page | 18 IIMKPV/OTE/01/Internal Audit 18-19 12. FINANCIAL BID Engagement of Chartered Accountant/Cost Accountant Firm for Internal Audit of Indian Institute of Management Kashipur, Kundeshwari, Kashipur- 244713 (Uttarakhand) Sl. Description of Work Amount (Rs.) No. In figures In words A Internal Audit Fees annual (payable on half yearly basis in two instalment on submission of internal audit report and presentation to BoG) Note: The Institute will not pay any amount towards firm's traveling, local transportation and Boarding/lodging. Page | 19 IIMKPV/OTE/01/Internal Audit 18-19 LETTER OF CONSENT/UNDERTAKING a) We hereby undertake to provide all the required services, as mentioned above, and in the Technical Bid as well as other documents communicated by IIM Kashipur, during FY 2019-20, if we are appointed as internal auditors. b) We also agree to continue with our services to IIM Kashipur in the subsequent two Financial Years viz. 2020-21 and 2022-23 if IIM Kashipur extends our service to the subsequent two financial years. c) Enhancement of audit fee in the subsequent years will be based upon the performance of the Firm. d) Based upon the good performance of the firm, The Institute will increase the annual audit fee (exclusive of tax) up to 10% of the fee. Place: Signature of Tenderer. Date: Name ............................................ Full Address.................................. (Office seal) Page | 20 IIMKPV/OTE/01/Internal Audit 18-19 13. Pledge of Compliance (To be given by the legal owner/partner of the agency on the companies Letter Head) Date: .............................. Designation: .............................. DECLARATION I, .............................................................Name, ..................................................... designation, acting on behalf of..................................................................................................................................................... (agency name & address), which is an applicant for Engagement of Chartered Accountant/ Cost Accountant Firm at Indian Institute of Management Kashipur, Kundeshwari, Kashipur- 244713 (Uttarakhand), hereby undertake that we shall abide by the terms and conditions of the Work Order/Agreement signed between me/us and the IIM Kashipur. In the event of any breach of the terms and conditions of Work Order/Agreement during the entire period of contract, the full responsibilities of any loss incurred by IIM Kashipur because of our negligence including financial, time and reputation as assessed by IIM Kashipur, shall lie with my agency and my agency will fully compensate IIM Kashipur for all such losses without resort to any legal process. Signature: ............................................ Name: .................................................. Address: ................................................. Official Seal Page | 21
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