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Institute Of Chartered Accountants Of India, Ajmer, Rajasthan
June, 08th 2018
       Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for
       Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI)
                            [Announcement No. EOI/SA/2018-19 Dated 01/05/2018]
  ICAI invites applications from eligible Chartered Accountants firms for appointment as Statutory
  Auditors for its units i.e. Branches, Decentralized Offices and Regional Councils (Details whereof
  are given at Annexure ­ "A" hereto) for the financial year 2018-19.

  A. Eligibility Criteria:
  1. Basic Criteria:

S. No.             Categories                                      Basic Criteria

  1.      Regional          Councils,  Firm with a minimum of 5 partners of which at least 2 partners
          Decentralized         Offices      should be FCAs.
          and Branches located at  Firm's standing should be of at least 10 years.
          Decentralized Offices            The firm should have minimum Statutory Audit experience of
                                             5 years in public sector undertakings / banks branches.
                                           At least two partners should have a continued association of 5
                                             years or more with the firm.
                                           Head Office of firm should be located at the concerned
  2.      Branches

          having        membership  Firm with a minimum of 3 partners of which at least 1 partner
          strength more than 1000            should be FCA.
          (other     than   branches  Firm's standing should be of at least 7 years.
          located at Decentralized  The firm should have minimum Statutory Audit experience of
          Offices)                           5 years in public sector undertakings / banks branches.
                                           Head Office of firm should be located at the concerned
          having        membership  Firm with a minimum of 2 partners of which at least 1 partner
          strength from 500 to               should be FCA.
          1000                             Firm's standing should be of at least 5 years.
                                           The firm should have minimum Statutory Audit experience of
                                             3 years in public sector undertakings / bank branches.
                                                                                              Page 1 of 7
S. No.              Categories                                      Basic Criteria
                                           Head Office of firm should be located at the concerned district
                                              / city.
           having          membership  Either proprietorship or partnership Firm.
           strength less than 500  Firm's standing should be of at least 3 years.
           members                         The firm should have minimum Statutory Audit experience of
                                              1 year in public sector undertakings / bank branches.
                                           Head Office of firm should be located at the concerned

  2. The firm must have GST Registration Number and should submit the copy thereof along with
         audit fee bill.
  3. Statutory Auditor of the Regional Councils shall be subject to peer review and peer review
         certificate be obtained before the appointment.
  4. Disqualifications: The Chartered Accountants Firm shall not be eligible to apply if:
         The Chartered Accountants Firm or any of its partners has been declared guilty of any
         professional and/or other misconduct under the provisions of the Chartered Accountants Act,
         1949 during the current year and immediate past five years.
         The firm or any of its partners has any pecuniary or other interest in the ICAI such as faculty,
         examiner, observer etc.
         Any of the partners of the firm or their relative is / was a member of Central Council/ Regional
         Council, Branch Managing Committee of ICAI during the current year and immediate past
         four years i.e. from 1st April, 2014 to till date.
         The audit firm is having association with foreign audit firms.

         The Chartered Accountants Firm while expressing their interest shall be required to submit a
         declaration that they do not suffer from any of the above disqualifications and the details
         furnished in this regard are true and correct. Any incorrect information furnished by the
         Applicant shall lead to rejection of the Application.

  B. Scope of Work:
         The auditors shall make a report to the Council of ICAI on the accounts examined by them, on
         each balance sheet and income and expenditure account or on other document annexed thereto,
                                                                                               Page 2 of 7
   taking into consideration the relevant sections of The Chartered Accountants Act, 1949 and
   The Chartered Accountants Regulations, 1988. The audit report shall be in prescribed format.
   The audit report shall be on half yearly basis in addition to the report on annual accounts for
   the year ended 31.03.19.The half yearly and yearly report shall be submitted within 30 days
   from the end of respective period.

C. Audit Fee: The payment for the said assignment shall be as specified in Annexure ­ "A"
   hereto. The fees shall be inclusive of out of pocket expenses. No TA/ DA or out of pocket
   expenses shall be paid. However, the fees shall be exclusive of GST and shall be paid on
   submission of final audit report.

D. Other Terms & Conditions:
   1. Interested firms of Chartered Accountants which meet the pre-qualification criteria may
      furnish their Expression of Interest at the following link:
   2. There shall be no fee for the application.
   3. The application for the said assignment shall be accepted only through the above
      link and should be submitted latest by 10/05/2018 up to 1600 hours.
   4. Queries, if any, in this regard may be sent to Any communication other
      than email will not be entertained. The last date for receipt of queries regarding submission
      of expression of interest is 08/05/2018 up to 1600 hours.
   5. Any amendment / corrigendum / clarification to the EOI will be posted on the website of
      the Institute of Chartered Accountants of India, i.e.
   6. The ICAI shall not be liable for non receipt/Late receipt of any of the EOIs.
   7. The ICAI reserves the right to reject any of the applications or whole process without
      assigning any reason at any time and may call for any other details or additional
      information from any of the applicants/members at its own discretion. Non submission of
      details sought for will render the firm ineligible for the assignment. In this regard, the
      decision of ICAI shall be final and binding on all the applicants.
   8. The decision of the Audit Committee of ICAI shall be final as regards to the criteria to
      finalize the firm out of the applications so received and selection of auditors.
   9. Incomplete applications shall be summarily rejected.
                                                                                         Page 3 of 7
10. The assignment, for which the firm is appointed, shall be completed by the firm only and
   shall not be allowed to sublet the audit assignment.
11. The auditor shall maintain confidentiality of information obtained during the course of
12. The engagement of the auditor shall terminate on acceptance of the final Audit Report by
   ICAI. However, ICAI may terminate the engagement of the auditor, at any time, without
   assigning any reason. In such cases, the firm shall not be eligible for any remuneration.
13. In case of any dispute or difference arising out of or in connection with any of the
   terms and condition to this Notice / Engagement, in the first instance, the parties shall
   try to resolve the same by mutual consultation, failing which the same shall be referred to
   the sole arbitrator to be appointed mutually by the parties. The Arbitration and Conciliation
   Act, 1996 and any statutory modification or re-enactment thereof, shall apply to these
   arbitration proceedings. Arbitration proceedings shall be held at Delhi and the language of
   the arbitration proceeding shall be in English. The arbitral award shall be final and binding
   upon both the parties. All arbitral awards shall be in writing and shall state the reasons
   therefor. The cost of the arbitration shall be borne by both the parties.
14. Subject to the arbitration clause as mentioned above, the Courts at Delhi/New Delhi shall
   have the exclusive jurisdiction to try any suit in the matter.
15. Detailed profile of the firm giving details of experience as statutory auditors of public
   sector undertakings / bank branches be mailed at
16. Declaration with respect to para 4 of Eligibility Criteria to be mailed at

                                                                                       Page 4 of 7
                                                                         Annexure ­ "A"
                  Name of the units for which applications are sought
A) Regional Councils

         S. No.   Region              Name of the unit            Audit Fees
           1      Eastern      Eastern India Reginal Council        58000
           2      Northern     Northern India Regional Council      58000
           3      Southern     Southern India Regional Council      58000

B) Decentralized Offices and Branches located at Decentralized Offices

         S. No.     Region            Name of the unit            Audit Fees
           1      Central      Jaipur DCO & Branch                      50000

           2      Northern     Chandigarh DCO & Branch                  50000

           3      Southern     Bangalore DCO & Branch                   50000
           4      Southern     Ernakulam DCO & Branch                   50000

           5      Southern     Hyderabad DCO & Branch                   50000

           6      Western      Ahmedabad DCO & Branch                   50000
           7      Western      Pune DCO & Branch                        50000

           8      Western      Western Regional Office (WRO)            75000

C) Branches having membership strength more than 1000 (other than branches located
   at Decentralized Offices)

         S. No.     Region            Name of the unit            Audit Fees
           1      Central      Agra Branch                              38000

           2      Central      Lucknow Branch                           38000

           3      Central      Noida Branch                             38000

           4      Eastern      Bhubaneswar Branch                       38000

           5      Northern     Faridabad Branch                         38000

           6      Northern     Gurgaon Branch                           38000

           7      Northern     Ludhiana Branch                          38000
           8        Western    Pimpri Chinchwad Branch                  38000

                                                                                Page 5 of 7
D) Branches having membership strength from 500 to 1000

        S. No.    Region            Name of the unit       Audit Fees
          1      Central    Dehradun Branch                     20000

          2      Central    Patna Branch                        20000

          3      Central    Ranchi Branch                       20000

          4      Central    Varanasi Branch                     20000

          5      Eastern    Siliguri Branch                     20000

          6      Southern   Madurai Branch                      20000

          7      Southern   Trichur Branch                      20000

          8      Southern   Trivandrum Branch                   20000

          9      Southern   Vijayawada Branch                   20000

          10     Western    Aurangabad Branch                   20000

E) Branches having membership strength less than 500 members

        S. No.    Region            Name of the unit       Audit Fees
          1      Central    Allahabad Branch                    10000

          2      Central    Alwar Branch                        10000

          3      Central    Bareilly Branch                     10000

          4      Central    Bharatpur Branch                    10000
          5      Central    Bhilai Branch                       10000

          6      Central    Bikaner Branch                      10000

          7      Central    Bilaspur Branch                     10000

          8      Central    Chittorgarh Branch                  10000

          9      Central    Jabalpur Branch                     10000
          10     Central    Mathura Branch                      10000

          11     Central    Moradabad Branch                    10000

          12     Central    Muzaffarnagar Branch                10000
          13     Central    Pali Branch                         10000

          14     Central    Ratlam Branch                       10000

          15     Central    Ujjain Branch                       10000
          16     Eastern    Asansol Branch                      10000

                                                                        Page 6 of 7
S. No.    Region             Name of the unit   Audit Fees
 17      Eastern     Sambalpur Branch                10000

 18      Northern    Bhathinda Branch                10000

 19      Northern    Jammu Branch                    10000

 20      Northern    Karnal Branch                   10000

 21       Northern   Rewari Branch                   10000

 22       Northern   Sirsa Branch                    10000

 23       Southern   Belgaum Branch                  10000

 24       Southern   Bellary Branch                  10000

 25       Southern   Erode Branch                    10000

 26       Southern   Hubli Branch                    10000

 27       Southern   Kakinada Branch                 10000
 28       Southern   Kannur Branch                   10000

 29       Southern   Kottayam Branch                 10000

 30       Southern   Ongole Branch                   10000
 31       Southern   Palghat Branch                  10000

 32       Southern   Pondicherry Branch              10000

 33       Southern   Salem Branch                    10000

 34       Southern   Sivakasi Branch                 10000

 35       Southern   Tiruchirapalli Branch           10000

 36       Southern   Tirunelveli Branch              10000
 37       Southern   Tuticorin Branch                10000

 38       Southern   West Godavari Branch            10000

 39       Western    Ahmednagar Branch               10000

 40       Western    Anand Branch                    10000

 41       Western    Latur Branch                    10000

 42       Western    Navsari Branch                  10000

                                                             Page 7 of 7
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