National Insurance Company Limited, Kolkata, West Bengal
November, 29th 2021
It is proposed to select a Chartered Accountants’ Firm (‘Audit Firm’) for conducting Concurrent Audit of Investment Operations of National Insurance Company Limited (NIC). The eligibility criteria for selection are given hereunder:
1. The Audit firm shall be a firm registered with the Institute of Chartered Accountants of India (‘ICAI’)
2. It should have experience, for at least 4 years, in conducting reviews of Risk Management Systems and Processes of Insurance Companies /Banks / Mutual Funds or have, on behalf of IRDAI, conducted investment inspection of Insurance Companies.
3. On the date of appointment as a Concurrent Auditor, the Auditor must not hold more than two audits of Internal, Concurrent and Risk Management Systems Audit, all taken together. Hence, the Audit firm, can at the maximum hold not more than three Audits (i.e., Investment Risk Management Systems and Process Audit, Internal Audit, Concurrent Audit – all taken together) apart from Statutory Audits at any point of time. For this purpose a declaration shall be submitted by the Audit Firm at the time of appointment in this regard