Madhya Pradesh State Agro Industries Development Corporation Limited, Bhopal, Madhya Prades
June, 11th 2018
M.P. State Agro Industries Development Corporation Ltd.
Panchanan, 3rd Floor, Malviya Nagar, Bhopal-462 003
Phone- 0755- 2551756 E-mail : email@example.com
HO/Acct./2018/ Date : 10/05/2018
Empanelment of Internal Auditors for Financial Year 2017-18 to 2019-20
MPSAIDC invites Application from Chartered Accountant Firm who fulfills the eligibility criteria
for Empanelment as internal auditors for the financial year of 2017-18 to 2019-20 and willing to have
their firms empanelled as internal auditor in MPSAIDC for Audit of Branches/Production Units and
Head Office. Intending eligible Chartered Accountant Firm can download from website by visiting
www.mpagro.org . Last date of Receipt of Application for empanelment on above address is at 3:00 pm
on 11/6/2018 and will be opened at 04.00pm on the same day. Managing Director of the corporation
reserve the right to accept/reject any/all application without assigning any reason thereof.
General Manager (Acct.)
EMPANELMENT FOR INTERNAL AUDIT
1. M. P. State Agro Industries Development Corporation Ltd. Bhopal invites
applications on the undernoted prescribed format from practicing firms of Chartered
Accountants who fulfills the eligibility criteria as mentioned hereunder and are willing
to have their Firms empanelled as Internal Auditor in the MPSAIDC and for
conducting Internal audit of branches/HO/Production Units.
2. The Bio-data should be submitted on the undernoted format addressed to the
Managing Director, M.P. State Agro Industries Development Corporation ltd.,
Bhopal 3rd Floor Panchanan Building, Malviya Nagar, Bhopal. Pin Code 462003.
3. "Application for "Empanelment of Internal Audit" should be mentioned on the
envelope, carrying Bio-data .
4. The eligibility criteria for empanelment of Internal Audit in Company for CA Firms
is as under:
S.No Particulars* Minimum Criteria
1 Number of Full Time Fellow Partners associated 02
with the firm for not less than 3 years (As per
Certificate of ICAI as on1.1.2018) and they must
have Head Office or Branch in Madhya Pradesh.
2 Turnover of the firm per year (Last THREE financial Minimum Rs.25 Lakhs
3 No. of Years of Firm Existence 12 years
4 No. of assignments of Statutory Audit of 03
Corporate/PSUs entities and Internal audit of PSU
except Bank Branch Audit in the last 3 years.
5. Applying CA Firms must submit along with application, copy of constitution
Certificate issued by the ICAI certifying the constitution of the Firm as on
01/01/2018, their branches & date from which it is continuing as a Partnership Firm
6. Experience Certificates of Partnership Firm in the PSU/Corporate as statutory
auditor / internal auditor of PSU be enclosed. In absence of which application will
not be accepted.
7. Mere submission of application does not, in any way, constitute guarantee for
allotment of the audit job of any nature from the Company. The allocation of
branches(Branches means branch,Head office,Work shop & production units) to the
auditors will be purely the prerogative of the Company.
9 Incomplete application or application without requisite enclosures will not be
10. The CA Firm will undertake that they will not sub contract/sub assign the audit
11. If empanelled, the detailed terms & conditions of offer, Audit fee (including all
expenses) payable will be intimated at the time of allotment of audit work. Service
tax will be paid extra as per prevailing rate.
14. The last date for receipt of Application at M P State Agro Industries Development
Corporation, Ltd 3rd Floor, Panchanan Building, Bhopal (M P) is11th June 2018 upto
APPLICATION FORMAT: EMPANELMENT FOR INTERNAL AUDIT
Sr. Particulars Detail
1. Name of the CA Firm
2. Address of its Head Office
(with STD Code)
5. Fax No/s.
5. E-mail address
6. Date of Establishment
Registration No. of
Firm with ICAI
8. Name & Mobile No. of the
nominated FCA partner of the
CA Firm to whom Company
may contact, in connection
with the assignment applied
9. Name of full time Partner AS ON 01/01/2018
Name of Address FCA/ACA Landline No. Mobile E-mail Address
(with STD No.
10. Turnover of the Firm
* Proof to be enclosed.
11. Name of Assignment Statuary Particular
Audit of Corporate/ PSUs /
Internal Auditor of PSU Entities
* *Appointment letter to be enclosed.
12. Other Details : PAN No., Service Tax Registration No. & CAG Empanelment.Proof to
a) We also confirm that the details/information furnished above are / is true and correct. In
case, any detail furnished above is found incorrect later on, the Company has right to
terminate the assignment given any, without giving any notice.
b) We shall also be abide by the rules and regulations of the Company in force from time
to time and will always keep the company's interest foremost in our mind.
Place :............... Name of Firm (seal)
Date :................ (Signature)
Name of Partner & MRN
1. SCOPE OF WORK
Auditor has to vouch cash book, bank book, journal book 100%. Balance Sheet and P&L
accounts has to be drawn as per revised schedule 6. Trial Balance Audit has to stress more on
systems and processes. All gaps, lapses and departures from approved standard Operating
Practices (SOP), and Head Office guidelines are to be reported with instances of transactions and
2. GUIDELINES FOR AUDIT REVENUE ITEM
Internal Auditors is to review and report the followings:
a) That invoice for various services have been raised as per the agreement and rate list. All
invoices have been duly accounted in computer cash book.
b) That no credit allowed to private party. No cheques of private party may be accepted.
c) That material issued on challan should be billed timely.
d) That issued invoice must contain full details regarding material supplied as well as order no
and date. Also it should contain the name of subsidy scheme under material supplied.
e) That interest income and other income have been properly accounted for.
f) That all reconciliation stated in reconciliation section has been carried out and
g) Outstanding position to be kept by branch clearly i.e. party wise, bill wise and in respect of
Agriculture department it should be scheme wise.
Internal auditor has to carry out following and report on same: Review of internal check and
control procedures with an objective to assess their adequacy and strengthen, in respect of :
a) Passing and payments of establishments bills, (i) viz salary, TA Medical and local
conveyance, staff lease and office rent,
b) Payment for procurement of services and supplies like data link, telephone, printing and
stationery, vehicle maintenance, office maintenance, consultancies, travels etc,
c) Contractor / Supplier bills,
d) Consultancy fees bills,
e) Staff advances- Adjustment of Staff Advances have been completed timely. Grain Advance,
Festival Advance, Computer Advance, Vehicle Advance Installments have been deducted
f) Capital Expenditure
g) Vouching of receipts, payments and journal vouchers for proper coding/allocation,
authentication and accountal,
h) Check payroll of employee, leave record, attendance registers etc. and report deficiencies' if
i) Review the application of tendering system and examine various contracts awarded for
expenses and confirm that these are awarded as per applicable guideline of the HEAD
j) Examine and comment on the incidence of single tender awards and comment on the
reasonableness of the justification given in single tender contracts,
k) Review and confirm that all the expenses are booked as per various applicable accounting
standards issued by the institute of Chartered Accountants of India,
l) Review and confirm that no item of revenue nature has been capitalized and also that no item
of capital nature has been accounted for as revenue.
m) All expenses related with financial year 2013-14 have been duly recorded in respect of
Building rent, Godown rent, Telephone, Electricity bill.
4. MONEY RECEIPTS
a) All Money receipts have been duly recorded in computer cash book. Amount shown in
money receipts have been shown exactly in cash book.
b) All Bank Reconciliation statement have been duly prepared and all outstanding entries have
been cleared in reasonable period. No received cheque have been dishonored. Adequate steps
have been taken for obtaining fresh cheque in place of dishonored cheque.
c) Daily collection of cash have been deposited in Bank. Minimum balance have been kept in
chest. Cash denomination have been mentioned in Cash Book regularly.
d) Cash memo have been duly entered in cash book.
5. PAYMENT TO SUPPLIERS
a) Normally company follows payment procedure to suppliers on "payment after payments"
basis hence it is desired that payment to be made to suppliers only proportion of received
payment after deducting company margin. Each payment voucher contain payment basis i.e.
details of amount received and money received number against billed amount.
b) Purchase bills should contain valid TIN number and duly bifurcated in basic price and VAT
c) Purchase bills duly verified Branch Manager, Accountant and Store Keeper. Bill should be
entered in Stock Ledger and endorsement may be made of Store Ledger folio.
d) Purchase bill should contain order copy of competent authority.
e) Payment should be made by account payee cheque only and payment voucher should contain
acknowledgment of payment.
f) Income tax, Professional tax deduction to be made to concerning authorities within 07 days.
g) Head Office reconciliation to be prepared monthly and at the close of the year the balance
sheet be matched with head office.
h) Payment made to fertilizer company to be settled within 01 month and at the close of the
year there should be no balance pending with them.
6. BIOGAS REGISTER
a) Biogas register should contain list of name of beneficiaries and all columns of register should
be properly filled.
b) Biogas file may be prepared for each beneficiaries.
c) Payment of Subsidy to be made to beneficiary after obtaining completions certificate.
Completions certificate should be signed by Technical Assistant, Branch Manager and DDA.
7. STATUTORY COMPLIANCES
Internal auditor is to review and report on followings:
a) Whether tax deduction at source are being made in all cases, as applicable under the Income
tax Act at prescribed rates and that TDS deposits are being made within the prescribed time,
b) Whether Service Tax has been charged in all cases, as applicable under the Service Tax
Rules, at prescribed rates and that deposits are being made within the prescribed time
c) Whether Value Added Tax (VAT has been charged correctly, as applicable under relevant
statue, at prescribed rates and 01/7/2018 GST.
d) Whether Contribution towards Provident Fund has been properly deducted and deposited
within prescribed time,
e) Whether all statutory returns have been filed with respective authorities in time. If not report
f) Whether estimation of income and expenses and TDS has been correctly reported to
The purpose of audit of Branches is to ensure that:
a) The activities are carried out as per the processes and guidelines issued by head office.
b) All the transactions are properly accounted for.
c) There is no leakage of revenue.
d) Bank accounts are reconciled timely.
e) All statutory compliances are made in time,.
f) All contracts for projects purchases and services are awarded as per the guidelines of head
g) All expenditure is duly supported, approved by the authority as per delegation of powers and
properly accounted for.
h) Books and accounts and all statutory records are timely updated and maintained properly.