No.F.14 (64)/TSECL/FIN/2019                                                                                                            Dated 8th May’2021

Notice inviting Expression of Interest (EOI) by Chartered Accountants’/Cost
Accountants’ firms for selection and appointment as Internal Auditors for the

Financial Years 2021-22 through 2023-24

EXPRESSION OF INTEREST (EOI)

Tripura State Electricity Corporation Ltd. invites Expression of Interest (EOI) from experienced
Chartered Accountants’ Firms/Cost Accountants’ Firms having specialization in Internal Audit &
Controls for selection/empanelment and appointment as Internal Auditors for the Financial
Years 2021-22 through 2023-24.

The format of application along with information on selection criteria, areas of coverage,
reporting requirements, terms of reference, etc are enclosed herewith. The EOI document will
be hosted on the TSECL’s website www.tsecl.in. Any updates to the EOI Documents shall be
hosted on website. Interested firms are requested to ensure that all updates are considered
while submitting the EOI.

Interested Firms may send their applications in the prescribed format along with Annexures
under sealed cover addressed to the Director (Finance), Tripura State Electricity Corporation
Ltd. by 28th May’2021, 14:00 hours.

Sd/-(S.S. Dogra)
Director (Finance)
Tripura State Electricity Corporation Ltd.

Dated : 8th May’2021

Agartala

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A. SCOPE OF WORK

1. The Scope of work of the Expression of Interest (EOI) consists of Internal Audit in respect of all
the following Divisions and Circle Offices spread across in the State of Tripura and Corporate
Office at Agartala.

Sl No Name of O ffice Lo ca ti o n
Agartala
1 Electrical Division No. I,Agartala. Dharmanagar.
Agartala,Bardawali
2 Electrical Division, Dharmanagar. Udaipur.
Kumarghat.
3 Electrical Division No. II.Agartala S antirbazar.
Ambassa.
4 Electrical Division, Udaipur. Bishalgarh.
Khowai.
5 Electrical Division, Kumarghat. S onamura.
Manu.
6 Electrical Division, S antirbazar. Kanchanpur.
Amarpur.
7 ElectricalDivision, Ambassa. Agartala, Capital Complex
Mohanpur.
8 Electrical Division, Bishalgarh. Jirania.
Kamalpur.
9 Electrical Division, Khowai. Kailashahar.
Belonia
10 Electrical Divisionn, S onamura. S abroom.
Teliamura.
11 Electrical Division, Manu. Jampuijala
79 Tilla ,Agartala
12 Electrical Division, Kanchanpur. Udaipur.
Kumarghat
13 Electrical Division, Amarpur. Rokhia.
Baramura.
14 Electrical Division, Capital Complex. Jatanbari.
79 Tilla ,Agartala
15 Electrical Division, Mohanpur. 79 Tilla ,Agartala
Udaipur.
16 Electrical Division, Jirania. Corporate Office premises
Corporate Office premises
17 Electrical Division, Kamalpur. Kumarghat
Corporate Office premises
18 Electrical Division, Kailashahar. Ambassa
Belonia.
19 Electrical Division, Belonia Corporate Office building
Corporate Office building
20 Electrical Division, S abroom. 79 Tilla ,Agartala

21 Electrical Division, Teliamura.

22 Electrical Division, Jampuijala

23 Transmission Divn. 79 Tilla ,Agt.

24 Transmission Division, Udaipur.

25 Transmission Division, Kumarghat

26 Gas Thermal Electrical Division, Rokhia.

27 Gas Thermal Electrical Division,

28 BGaurmamti uErlaectrical Division, Jatanbari.

29 Central Civil Divn,79Tilla,Agt.

30 S ystem Operation, Agartala.

31 Electrical Circle, Gomati.

32 Electrical Circle- I, Agt.

33 Generation Circle, Agt.

34 Electrical Circle, Unakoti.

35 Electrical Circle -II, Agartala.

36 Electrical Circle, Dhalai.

37 Electrical Circle, Belonia.

38 Commercial & Tariff Division

39 Materials Management Division

40 Testing & Communication Division, Agt.

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2. All Internal Audit assignments would be carried out as per Internal Audit Programme for the
year, to be circulated separately. The Management reserves the right to add any other area to
the Audit Programme within the scope of work or increase the number of audit assignments.

B. DETAILS ABOUT THE COMPANY

The Tripura State Electricity Corporation Ltd is a Government of Tripura Enterprise engaged in
the business of purchasing, selling, generation, transmission and distribution of electricity.
Further details are available on the Company’s website www.tsecl.in

C. ELIGIBILITY CRITERIA

1. The Chartered Accountants’ Firms/ Cost Accountants’ Firms should preferably be based in
eastern part of country including Kolkata.

2. The Firms should be in existence for a minimum period of 5 (five) years and have experience of
carrying out minimum two audits (statutory/Internal) during any of the three preceding financial
years of the company engaged in electricity generation/transmission/distribution and having a
turnover of at least Rs.250 crore. To this effect, firm should submit copies of respective
contracts, along with documentary evidence in respect of satisfactory execution of each of those
contracts.

3. Annual Turnover of audit firm shall be at least Rupees Twenty Lakh (Rs.20,00,000/-). For the
purpose of ascertaining parameter of Turnover of the firms, average turnover for the previous
three financial years shall be considered (copies of IT returns/ other documentary evidence in
support thereof to be enclosed).

D. BID SUBMISSION.

Submission of offer in Two Bid System: The offer must be submitted in two parts, Part-I (Techno-
Commercial Bid) & part-II (Price Bid) and shall be enclosed in separate sealed envelopes super
scribing the tender no, due date and time. Both the envelopes with the respective bids shall be
enclosed in a bigger envelope super scribing the Tender No, Due date & Time and addressed to
Director (Finance), Tripura State Electricity Corporation Ltd. Bidyut Bhavan, North
Banamalipur, West Tripura, Agartala-799001 on or before tender 28th May’2021 at 14:00 hrs.
any clarifications may be sought over email acau.tsecl@gmail.com /mobile # 9007891092 or
9051772638.

Techno-Commercial Bid (Part-I): This part should contain the following: Details of the

Firm (as per Application Format provided under sl.’E’) along with self-attested copies of all

supporting documents and certificates.

Note:

i) TSECL has a right to verify / cross verification of authenticity of the documents with respect

to original submitted against this tender.

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ii) The bidder is requested to ensure that all the documents asked for submitted and are clear,

legible & duly signed (i.e. self-attested), as it would save considerable time without

necessitating the need for furnishing tender No. of the documents again by them. The

bidder is also requested not to submit unnecessary documents not asked for.

Price Bid (Part-II): In this part, bidders are requested to fill the PRICES for each of the listed items

strictly in the prescribed format provided in the Tender document.

SCORING: Further to the above eligibility criteria, firms will be shortlisted based on the scores achieved

as per parameter-score matrix provided below.

PARAMETER-SCORE MATRIX

Parameters Value Score Scoring Criteria Max

/nos. Score

1 Years of existence of Firm (Min. 10 1 point for every year over and above 10

years) 10 years (counted from the date of

constitution of the firm with one full

time FCA or date of joining of the firm

by the existing partner having the

longest association with the firm

whichever is later.

2 No. of Partners (at least 5) 1 point each for each partner 10

(including FCA/FCMA partners) from

6th partner onwards. (Eg. If there are

12 partners ,score will be 7)

3 No. of Partners with FCA/FCMA 2 point each for each partner 10

4 Full time CA/CMA/MBA Employees 1 point for each CA/CMA/MBA 10

employee

5 CISA or CIA Qualified partner/ 2 point each for each such partner/ 10

employees (dual qualification for the employee

same person will be considered as one)

6 Partners/employees possessing IFRS 2 point each for each such partner/ 10

Certification employee

7 Experience of Internal Audit of business 3 points for each such audit period 10

of electricity purchasing, selling, per company (falling within three

generation, transmission and financial years immediately preceding

distribution. 2021-22 )

8 Experience as Statutory Auditors in the 3 points for each such audit period 10

business of electricity purchasing, per company (falling within three

selling, generation, transmission and financial years immediately preceding

distribution. 2021-22)

9 Experience as Statutory Auditors of 2 point for each such audit period per 10

companies having turnover exceeding company (falling within five financial

Rs.250 crore. years immediately preceding 2021-

22)

10 Experience as Internal Auditors of listed 1 point for each such audit period per 10

companies having turnover exceeding company (falling within five financial

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Rs.250 crore. years immediately preceding 2021-
22)

1. From amongst the firms who have responded to the EOI and satisfied all pre-qualification
criteria, the firms will be allotted scores as per scoring parameter specified in above table. Based
on scores achieved, top five firms will be shortlisted and invited for technical discussion and
thereafter considered for evaluation of their price bid. Based on the evaluation results of the
presentation (points) as well as the score achieved by the firm on parameter table above, one or
more firms may be selected for appointment as Internal Auditors.

2. Tenure: the offer for carrying out assignments would initially will be given for 1(one) year i.e. for

FY 2021-22. Management keeps the right to extent the tenure for further two years i.e, FY 2022-
23 and 2023-24 depending upon the performance of the Chartered Accountants Firms/ Cost
Accountants Firms. Management also keeps the right for pre-mature termination of the
appointment for this assignment.

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E. DETAILS OF THE FIRM

The Chartered Accountant Firm/Cost Accountant Firm are to provide the following information
as per pro-forma given below-

‘APPLICATION FORMAT’

1. Name of CA/CMA Firm:

2. Firm Composition:

(Firm Composition certificate to be attached)

3. Registration No. :

4. Date of Establishment /Registration:

5. Name & Address of Principal Office & Branch Office(s)

Office type Address Year of Contact Details: In-
Establishment charge Name, Tel.,
(HO/Reg.Office/Branch) Tax, E-mail.

6. Particulars of Partners

SL, Name CA/CMA Members Date of Joining in the CISA or Other

Membership hip Status firm as partner & Equiv. qualifications

No. (Fellow/A Branch Office qualificati job/

ssoc) Attached to on. specialization

& experience

7. Particulars of qualification assistants

SL, Name CA/CMA Members Date of Joining firm CISA or Other

Membership hip Status as partner & Branch Equiv. qualifications

No. (Fellow/A Office Attached to qualifn. job/

ssoc) specialization

& experience

8. Details of semi-qualified / non-qualified assistants

SL. Name of Assistant Qualification Other qualifications
(CA/CMA inter.)
job/Specialization &

experience)

9. Income Tax PAN (please attach copy of PAN Card):
10. GST registration No. (Please attach Registration Document):

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11. Internal Audit experience (immediately three preceding financial years) in Companies in

electricity generation, transmission & distribution specifying nature of the assignment, year

of audit and name of the company (PSU).

Name of Company Unit/Plant Period of Audit Total experience
(Yrs)

(Please attach documentary evidence in support of the above)

12. Internal Audit experience (immediately five preceding financial years) of companies with

turnover exceeding Rs.250.00 Crore.

Name of Company Unit/Plant Period of Audit Total experience
(Yrs)

(Please attach documentary evidence in support of the above)

13. Statutory Audit experience (immediately three preceding financial years) in Companies in

electricity generation, transmission & distribution specifying nature of the assignment, year

of audit and name of the company (PSU).

Name of Company Unit/Plant Period of Audit Total experience

(Yrs)

14. Statutory Audit experience (immediately five preceding financial years) of companies with
turnover exceeding Rs.250.00 Crore.

Name of Company Unit/Plant Period of Audit Total experience
(Yrs)

(Please attach documentary evidence in support of the above)

15. Readiness for Audit under Ind-AS compliance Guidelines:

(Please indicate whether any partner /qualified assistant hold ‘IFRS certification’ of ICAI or

other Accounting Bodies like ACCA-UK etc.) Yes/No

16. Readiness for Audit under SAP environment and proficiency in extracting audit-data/

information from SAP system.

Please indicate proficiency in SAP Audit, usage of CAAT/data-analytic tools like ACL, IDEA,

Smartexporter.

UNDERTAKING

1. It is confirmed that all the information provided above are true and comply with
requirements the EOI.

2. We confirm that we have not made any deviation from the specified terms & conditions of
EOI documents. A copy of complete EOI document duly signed on all pages as a token of
acceptance of all terms and conditions is attached.

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Signature of Partner with Name
& Seal of Audit Firm.

F. Part II: PRICE BID
Format for Price Bid

(To be given on Firm Letterhead in separately sealed cover)

We M/S………………….., Chartered Accountants/Cost Accountants Firm, hereby quote our

professional fees at Rs…………………..(Rupees…………………………only excluding taxes )per annum for the
Internal Audit Assignment to be carried out as per Audit plan given in this tender, in respect of the
Tripura State Electricity Corporation Ltd. The above fees are all inclusive and no out of pocket expenses
will be payable to us.

Signature of Partner with Name
& Seal of Audit Firm.

G.TERMS OF REFERENCE

The terms and conditions for conducting Internal Audit are indicated hereunder: -
1. Time Frame:

Internal Audit shall be conducted for the FY 2021-22 on a quarterly basis for the
Corporate, Division, and Circle Offices. The Activity is required to commence in the early last
month of respective quarter, audit findings firmed–up and draft report submitted within
10th of the month following the quarter-end.
2. Reporting:
On completion of the Audit of the respective Unit/Division in each phase, the following
steps should be followed before finalization of the report and the partner of the firm should
meet and discuss the audit observations.

The preliminary audit observations shall first be discussed with Unit-in Charge pursuant
to which only the audit observations are to be prepared. The salient observations of the
respective audit should be discussed with the Unit/Division-in-charge so that timely
corrective action may be taken and based on the outcome a draft composite Audit Report
covering all the Audit Units within the scope shall be compiled/ prepared, including
additional information, if any, that may be provided/obtained during such discussions and

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rectifications carried out on the instance of audit. The report should also contain specific
suggestions for improvements, if any.

Internal Audit Reports would be divided into the following parts:-
A. Part I : Compliance (follow-up) Report :

This part shall cover the comments of the Auditors on the adequacy of the compliance
and action taken for rectification of errors/ discrepancies pointed out by previous
auditor pertaining to earlier phase and also phase I of the current year. It shall also
contain the confirmation regarding the implementation of policies, systems, controls etc
to avoid recurrence of such irregularities in future. It may be ensured that the
compliance report on audit observations pointer out in reports relating to earlier audits
is made and corrective actions taken on those points are furnished in the Audit Report.
B. Part II : Important observations/ Findings:
This part shall contain all such significant discrepancies observed during the current
audit and observations in which, the auditor feels immediate attention of management
specifying the financial implications, if any. In this part the Auditor shall bring the
important areas requiring improvement and their recommendation, if any. Also to
indicate the improvements made by the company based on the audit observations.
Further to report any deviations / observations from policies, systems and procedures of
the Company.

3. Audit Team:
The Firm is required to deploy suitable teams for undertaking the audit (at least 2 team
members for each division on continuous basis from commencement of audit till submission
of draft report), after a thorough evaluation of the requirements, terms and conditions
contained therein, detailed Guidelines for Internal Audit, ensuring that the size of the audit
team is commensurate with the volume of work involved in the auditee Unit/Division. It
should be endured that the audit team is led at all times by a Chartered Accountant/Cost
Accountant (Who may be a partner) and a person with technical qualification be included in
the team when such need arises for conducting any specific audit area.

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4. Extent of coverage of Internal Audit (indicative)
(I) Compliance of Rules & Procedures, Delegation of Power of the Company
(II) Review of Accounting & Internal Control System and reporting of weak areas for
improvement
(III) Verification of Sales , Debtors, Inventory Management
Review of Purchase Proposals for procurement of materials, service and works contract
(sample basis) including for single vendor and resultant single vendor, purchases,
rejection of incoming materials
(IV) Verification of Books of Accounts including Trial Balance, Ledger, Cash Book etc
(V) Capitalization of Assets procured during the Financial Year and Depreciation
thereon/ CWIP
(VI) Half yearly Review of Operation & Maintenance Expenses.
(VII) Review and compliance with SOP for scrap disposal, Condemned Capital Assets
through E-Auction transactions, and normal auction disposals
(VIII) Review of GST, IT, Electricity Duty Matters.
(IX) Transaction/compliance Audit on Travelling Expenses (TA/DA, Medical Expenses,
Transport, Payroll and other administrative expenses related area.
(X) Review of E-procurement system
(XI) Audit of procurement through GeMs.
(XII) Revenue billing and collection system.
(XIII) Physical Verification of Cash and Bank
(XIV) Review of BRS
(XV) Review of different types of advance payment (salary,festival,TA,medical etc).
(XVI) Reconciliation of deposit work fund and Central Sponsored Schemes (CSS)
(XVII) Review of stale cheque details
(XVIII) Review of EMD/security deposit/BG
(XIX) Review of party-wise receivable and payable
(XX) Any other matter which may be decided by the Management.

H.GENERAL TERMS & CONDISITONS

(i) Firms are to fill in all relevant particulars / information in appropriate places and submit

documentary evidence (attested by a partner) where specifically asked for

(ii) This EOI is only for the purpose of short-listing/empanelment of Firms and does not

carry any assurance for allotment of Internal Audit Assignments

(iii) Only successful firms will be intimated about their selection in due course.

(iv) The Company reserves its right to accept or reject any application(s) without assigning

any reasons. The decision of the Company for empanelment of the Firms will be final

and binding upon the parties participating in the short-listing/ empanelment

(v) The Internal Auditors will ensure that the information obtained in respect of the Unit is

maintained in strict confidence and secrecy. A certificate towards maintaining

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confidentiality is to be provided by the Internal Auditors at the time of acceptance of
Audit Assignment
(vi) The appointment of the Audit Firm will be initially for 2021-22 renewable every year till
2023-24 subject to satisfactory performance of the firm/s. The Company reserves the
right to extend the appointment for another year if performance of the firm is found to
be acceptable. The Company may rotate the Audit Units assigned to an Internal Auditor
from one Unit to another within the Company in subsequent years on renewal of
appointment.
(vii) If progress/ performance of audit is not found to be satisfactory, the Company reserves
the right to terminate the appointment of the Firm. In such event the respective firm(s)
will be debarred in future, from getting any assignment in TSECL in the following cases :
(a) The Audit Firm obtains the appointment on the basis of false information/

statement at the time of submission of application/ documents for the EOI
(b) The Audit Firm is found to have sub-contracted the work.
(c) If the Firm does not take up the Audit in terms of the Appointment Letter.
(d) If the Firm does not submit Audit Report, complete in all respects, in terms of

appointment and within the specified date.
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