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Jammu & Kashmir Project Construction Corporation Limited, Srinagar, J&K
May, 07th 2021

APPOINTMENT
OF

CHARTERED ACCOUNTANT / COST ACCOUNTANT
FIRM FOR THE ASSIGNMENT
OF

INTERNAL AUDIT & FINANCIAL COMPLIANCE
IN

JAMMU AND KASHMIR PROJECTS CONSTRUCTION
LIMITED
NOTICE INVITING TENDER

E-NIT No. 01/FC of 2021-2022 Dated: 05-05-2021.

For and on behalf of the Managing Director JKPCC Ltd., e-tenders in double cover system are
invited from the interested eligible Chartered Accountant / Cost Accountant firm (s) having their
head or branch office in the UT of Jammu & Kashmir for the Internal Audit and Financial
Compliance in Jammu & Kashmir Project Construction Corporation Limited (JKPCC Ltd) for a
period of two (2) years i.e F.Y 2019-20 & 2020-21. The bids, accompanied with the scanned
copies of the EMD and the cost of tender in the shape of deposit receipt should be uploaded on
the website www.jktenders.gov.in by or before 05-03-2021 up to 1600Hrs.

The Gist of Work is as under:- Earnest Money Tender Cost Last Date of submission
20-05-2021
S. Description of work Rs. 0.05 Lacs Rs. 500/-
No.

Internal Audit and
1. Financial Compliance

in JKPCC Ltd.

The detailed NIT can be downloaded from JKPCC Ltd website: www.jkpcc.com or from
www.jktenders.gov.in and bids shall be submitted online on www.jktenders.gov.in.

Critical Dates:

1. The bidding documents can be 06-05-2021 time 1100 Hrs to 20-05-2021

downloaded from the website upto 1600 Hrs.

http://jktenders.gov.in

2. The bids shall be deposited in 06-05-2021 time 1100 Hrs to 20-05-2021

electronic format on the website upto 1600 Hrs.

http://jktenders.gov.in

3. Technical Bid opening 21-05-2021 time 1300 Hrs

4. Finance Bid To be communicated later on

Sd/-
Financial Controller,

JKPCC Ltd.

No: FC/2226-30
Dt: 05-05-2021

Copy to the:-
1. Managing Director, JKPCC ltd., Jammu for information.
2. Executive Director, JKPCC ltd., Jammu for information.
3. Dy. Director, Information Department Jammu for publishing it in two leading local dailies.
4. Accounts Officer Jammu/ Kashmir for information.
5. Assistant Financial Advisor, JKPCC Ltd., Srinagar for information.
JAMMU AND KASHMIR PROJECT CONSTRUCTION
CORPORATION LTD

(A Govt. of J&K Enterprise)
Head Office: Haft Chinar ( Near Sher Gali Police Station )

Srinagar, J&K-190009, Jammu and Kashmir
Jammu Office: Panama Chowk, Rail Head Complex,

Jammu-180001, Jammu and Kashmir

IMPORTANT INFORMATION

Table A: - Important Information about the NIT No:

Item Description Notice inviting e-tenders (NIT) for the Appointment of
Chartered Accountant / Cost Accountant firm (s) for the
Date of Issue of Tender Document assignment of Internal Audit and Financial Compliance in
Availability of Tender Document JKPCC Ltd.
Tender System 05-05-2021.
e-NIT is available at www.jktenders.gov.in. However, the e-
Cost of Tender Document NIT is also available on JKPCC Ltd official portal
www.jkpcc.com.
Sealed Tenders are invited in two cover i.e Cover “A” Technical
bid & Cover “B” Financial Bid. The technical and financial bid
shall be uploaded in electronic format on the website
www.jktenders.gov.in
Rs. 500 (Rs. Five Hundred Only) in the form of deposit receipt

i) Name of the Bank = J&K Bank Ltd.
Financial Controller JKPCC
ii) Account title = Ltd., (Current Account)
0084010100002408
iii) Account No. = New Secretariat Road
Srinagar.
iv) Branch = JAKA0PROMPT
JAKABBINRSGR – Optional
v) IFSC Code =

vi) Swift Code =

Earnest Money Deposit Rs. 5,000 (Rs. Five Thousand Only) in the form of the FDR
Period of Assignment shall be submitted to the office of Financial Controller, JKPCC
Ltd., Ambedkar Chowk, Rail Head Complex, Jammu – 180012
by or before the last date of bids submission. EMD should be
pledged to the Financial Controller, JKPCC Ltd.
F/Y 2019-20 & 2020-21

Last Date & Time for tender 1600 Hrs on 20-05-2021
submission
Venue of Tender Opening Financial Controller, JKPCC Ltd., Ambedkar Chowk, Rail Head
Complex, Jammu.
Contact Officer for correspondence Financial Controller, JKPCC Ltd., Ambedkar Chowk, Rail Head
& clarifications Complex, Jammu.
1. Introduction
The Jammu & Kashmir Project Construction Corporation Limited, a public sector enterprise of
Government of Jammu & Kashmir, is a company established in 1965 vide Govt. order No: E-65-WIP of
1965 dated 09.02.1965 & incorporated under J&K Companies Act 1977, governed by Cabinet Decision
No: 214 dated 09.05.1985. It has an authorized share capital of Rs. 10.00 Crores with paid up capital of
Rs. 01.52 Crores.


The Corporation is Construction Service Provider which has completed several prestigious
Infrastructural Projects including bridges, hospitals, colleges, etc while several others are in progress
across the state.

2. Scope of Work
The Internal Audit and Financial Compliance work would cover the following operational activities of
JKPCC Ltd:

2.1. Audit of transactions which involves examination of supporting documents, concurrence
and approval from the competent authority.

2.2. Checking of Trial Balance, scrutiny of General Ledger and reconciliation of each head of
Accounts thereof, wherever necessary.

2.3. Checking of expenditures incurred with reference to the laid down procedures, delegation
of powers and budgetary provisions.

2.4. Checking of calculations and payments of statutory dues and all tax related matters as
applicable to JKPCC Ltd.

2.5. Insurance of all assets / stores.
2.6. To check whether physical verification of assets /stocks has been carried out at the close

of financial year and variations, if any, have been accounted for and recorded properly.
2.7. To check the bank reconciliation statements.
2.8. To check whether the surplus funds of JKPCC Ltd are judiciously invested to get the

maximum possible return.
2.9. To check the cash book to ascertain whether cash in hand has been authenticated by the

competent authority at regular intervals.
2.10. Checking of subsidiary ledgers.
2.11. To check the calculations of salary and reimbursement bills of staff to ascertain the

legitimacy of payments and deductions thereof.
2.12. Checking whether all liabilities against the accepted claims have been provided for in the

books of accounts for the full accounting year and verifying compliance with statutory
obligations of employer towards the employees: viz. Gratuity, Leave Encashment'
Provident Fund etc. Similar checks to be done in respect of TA / DA and claims for
reimbursements.
2.13. To review compliance with laid down policies and procedures in respect of calling of
tenders, related approvals, budgetary provisions made and Letter of Award (LOA) issued
for work contracts.
2.14. Check whether the tender documents / contract documents are vetted by the legal and
finance section of JKPCC Ltd.
2.15. To check whether the committees for tender opening and evaluation/negotiations are
constituted as per the prescribed norms of JKPCC Ltd / J&K Government and whether the
tenders have been awarded by the competent authorities.
2.16. To verify whether the advance for works such as initial advance, interim advance,
mobilization advance etc. are paid as per the terms of the contract / provisions of LOA and
2.17. is being adjusted from the running bills properly and regularly. Also to check whether the
2.18. escalation bills are being paid as per the terms and formulae given in the LoA and whether
2.19. provisions of penalty / damages / compensation /LD clauses are being invoked as per the
2.20. LOA.
2.21. To verify the validity of BGs obtained from parties to whom the work is awarded. To
2.22. verify whether BGs are kept in safe custody of competent authority and whether related
2.23. records are properly maintained.
2.24. To verify whether the procurements have been made after completion of all formalities
2.25. prescribed by JKPCC Ltd / J&K Government and whether approvals of competent
authorities have been obtained.
2.26. To check whether the stationery & stocks have duly been accounted for as per accounting
2.27. standards and whether records have been properly maintained to ensure safeguard of such
2.28. stocks of JKPCC Ltd.
To verify whether the funds have been unnecessarily blocked due to excess procurements.
The agency shall also scrutinize and duly authenticates Utilization Certificate’s to be
submitted by Project Authorities when ever required by the agency.
To ensure that TDS as per Income Tax Act, 1961 has been deducted at applicable rates.
To verify whether TDS has been properly deducted and deposited with the applicable
Authorities within the prescribed periods.
To verify whether TDS returns have been submitted in time to the Income Tax Authorities
in the past and to timely file TDS returns in the prospection.
To verify whether Goods & Service Tax has been properly charged, wherever applicable,
and whether proper returns have been filed with the Authorities. To verify whether the
Income Tax as well as Goods & Services Tax at applicable rate, has been deducted from
the bills of the contractors and timely deposited with the Tax Authorities. To verify
whether proper returns have been filed under the Goods & Services Tax Act, 2017 in the
past and to timely file GST returns in prospection.
To check whether the Central Vigilance commission (CVC) guidelines have been duly
met.
To verify the compliance of the observation(s) reported in the previous audit report. To
observe the discrepancies of persisting nature and suggesting suitable corrective action(s).
To a point out whether all orders passed by Head Office are being implemented.

The above list of scope of work is only illustrative and not exhaustive and complete. In addition to
above, the firm shall also cover in the scope of its audit the directions/instructions/guidelines and
roadmaps laid down under the "Standard on Internal Audit" issued by the Institute of Chartered
Accountants of India (ICAI).

3. Eligibility Criteria and Appointment:

3.1. The firm should have its head or branch office located in the UT of Jammu and Kashmir.
3.2. The firm should have been in existence for a minimum period of 10 years.
3.3.
3.4. The average turnover of the firm for the last 3 Financial Years should be over Rupees
Seventy lakhs (75 lakhs).
3.5.
3.6. Only firm of Chartered Accountants / Cost Accountants registered with the Institute of
3.7. Chartered Accountants of India (ICAI) or the Institute of Cost Accountants of India and
3.8. holds a valid certificate of practice shall be considered for appointment for the
3.9. assignment of internal audit & Financial Compliance JKPCC Ltd for the year 2019-20 &
3.10. 2020-21.

3.11. The firm should have at least 5 Partners who have gained experience of at least 5 years in
3.12. their profession. Firms with partners have additional professional qualifications
(Information System Audit / Forensic Audit) shall be preferred.

The Firm should have at least 3 Qualified Assistants (CA/CMA)

The Firm should have undertaken at least 5 assignments of Internal Audit / Physical
Verification Audit of PSUs/ Government Companies in the Construction Sector in the
last 5 years.

The Firm should have undertaken at least 5 assignments of Internal Audit / Physical
Verification Audit of PSUs/ Government Companies / Government Corporations other
than the Construction Sector in the last 5 years.

One (01) Firm qualifying the above criteria shall be empanelled based on the Lowest
Financial Bid.

In case of tie of Financial Bid at the L1 position, following sequence shall be adopted for
appointment of the firm:-

a. No. of assignments of Internal Audits / Physical Verification Audits of
Construction Sector Government Companies.

b. No. of assignments of Internal Audits of other PSUs / Government Companies /
Government Corporations.

In case of any empanelled firm refuses to do the assignment of audit of any year, its
EMD shall be forfeited and the next firm in the list will be considered for appointment.

Appointment shall be for a period financial year 2019-20 & 2020-21.
4. Frequency of Internal Audit:-

The Frequency of Internal Audit shall be as per table “C”:

Table C: - Frequency for the FY 2019-20 & 2020-21

Schedule For the period Remarks

Year Complete 01.04.2019 – 31.03.2020 Audit to be commenced immediately upon

award of LoA or from the date mentioned on the

Letter of Award (LoA)

Year Complete 01.04.2020 – 31.03.2021 Audit to be commenced immediately upon

award of LoA or from the date mentioned on the

Letter of Award.

5. Reporting Format

A suitable reporting format shall have to be suggested by the successfully empanelled Chartered
Accountant firm encompassing all the areas suggested in point (2) Scope of Work.

The report should carry an Executive summary and would have to be invariably discussed with the
Managing Director by the 20th of the ensuing month.

The report should also carry any persisting or un-rectified observations of the preceding reports in
the succeeding report.

6. Reporting requirements:-

6.1. The firm shall depute a dedicated team that will report to the designated officer of the
Head office.

6.2. The audit team should consist of one partner/qualified assistant with one (01) semi-
qualified assistant.

6.3. The officer designated by the Head Office for conducting of the Internal Audit will
coordinate with the audit team for smooth functioning of the audit.

6.4. The auditor shall have a meeting with the designated officer at the beginning of the audit
and finalise the modalities and schedule of audit.

6.5. The audit team after completing the audit for the period should discuss their
observations/findings with the designated officer before finalising the report and obtain
the signature of the designated officer or his authorised representative in confirmation of
having discussed the audit observations with him.

6.6. The internal auditor should also give their observations about the internal control system
existing in the Corporation.

6.7. The internal Audit report should be signed by the authorized representative of the firm.

6.8. The Auditor, if required may have to give a presentation on the consolidated reports of
the Corporation and may also have to attend the meetings of the Audit committee of the
JKPCC.

6.9. A statement indicating the audit personnel deployed (designation) including the visit
of the partners and the period of audit of each paying units should form part of the
report. The partner is expected to carry out the audit himself so that the entire
scope is covered in a systematic manner and to facilitate the reporting as per the
requirements.

6.10. The Auditor must hand over one copy of the report to the designated officer for
necessary compliance and send a copy of the full Report (in soft and hard both) to
the head of Internal Audit cell in the Head office (Financial Controller).

7. Professional Fee:-

7.1. The professional fee for the assignment shall be quoted in Cover “B” Financial Bid by
the Bidder for each year of audit in Format provided.

7.2. Profession fee shall be inclusive of all taxes.

7.3. Professional fee shall be inclusive of all office expenses, out of pocket expenses, cost of
producing documents, making Power Point presentations before JKPCC and other state
level forums as may be required or any other sundry charges, etc.

7.4. The Corporation will not be required to pay and / or reimburse anything over and above
the contract price except the TA and stay cost if the auditor is called outside the city of
location of office of the firm for any reason other than audit as the competent authority
may deem fit.

7.5. The offer should include all tax liabilities.

8. Payment Schedule:-

8.1. Payment for each year shall be on the basis of 80% of the contract amount of that year on
submission of report to designated officer and the balance 20% shall be paid on the
submission of Compliance report on the observations raised in the Internal audit report.

8.2. The bill shall be accompanied by the acceptance of report and the attendance certificate
by the designated officer.

8.3. The Compliance report shall also be signed by the Designated Officer.

9. Arbitration:-

In the event of any dispute or difference relating to interpretation and the application of the
provisions of the contract between the parties, same shall be settled to the extent possible amicably
between the parties. In case parties are unable to settle the dispute, Managing Director JKPCC shall
have the sole authority to appoint the arbitrator who shall adjudicate upon the matter in controversy.
The rule governing the proceedings before the Arbitrator appointed by Managing Director JKPCC
shall be in accordance with the J & K Arbitration and Conciliation Act, 1997 appointed and the rules
made there under. The venue of arbitration shall be within the state of J&K.
10. Submission of Offer:-

The list of documents to be attached in the technical bid by the firm is as under:-.
 Standard format for submission of technical details as per the Annexure A attached.
 Earnest Money Deposit (EMD) of Rs. 5,000/- in the form of FDR.
 Deposit receipt of Rs. 500/- for the cost of tender document.
 Constitution Certificate of the firm issued by the Institute of Chartered Accountants
of India / Institute of Cost Accountants of India. Information related to year of
establishment of Head office & Branch office(s), addresses, details of partners and
their membership no's. etc. as indicated in the certificate will be treated as conclusive
and final information for evaluation of bids.
 Copies of Financial Statements for the last 3 years to substantiate the turnover of the
firm.
 Copies of appointment orders for statutory audit / internal audit / physical verification
audit in evidence of experience.
 All the bids will be evaluated on the basis of the documents furnished along with
application only.
 All submitted documents should be signed by a partner with his name and under the
seal of the firm.
 The corporation reserves the right to call for any information or explanation as
required by the corporation for appointment of the Chartered Accountant Firm.

Pertinently, the bidders have to upload the technical e-bids (Comprising scanned copies of
EMD, Deposit receipt of Cost of tender document and documents mentioned in clause 10.1
above) and financial bid. The lowest bidder have to submit the hard copies of technical bid
along with the original copies of EMD and cost of Tender Documents and the financial bid in
separate envelopes.

11. Other Terms and Conditions:-

11.1. The selected firm shall not sublet or assign the awarded job or any part thereof.

11.2. The assignment shall be awarded to the bidder whose bid has been determined to be
substantially responsive to the bidding documents.

11.3. EMD of all unsuccessful bidders shall be released after determination of successful firm.
EMD of the successful firm shall be retained till the completion of the assignment.

11.4. The successful bidder shall maintain confidentiality in respect of all
information/documents etc. during execution of the assignment.

11.5. The Bidder shall bear all costs associated with the preparation and submission of its bid
and JKPCC will in no case be responsible or liable for those costs regardless of the
outcome of bidding process.
11.6. JKPCC reserves the right to accept or reject any bid, and to annul the process and reject
all bids at any time prior to the award of assignment, without thereby incurring any
liability to the affected bidder or bidders.

11.7. Taxes shall be deducted at source as per applicable laws

11.8. JKPCC shall reserve the right to terminate the assignment at any point of time if it is
convinced that the appointed firm has defaulted in timely supply of the services. In that
case, the EMD of the Firm shall be forfeited.
Standard Format for submission of Technical Bid Annexure A

1. Name of the Firm: E-mail

2. Reg. No of the Firm with Institute:

3. Reg. No of the Firm with CAG:

4. Year of Establishment of the Firm:

5. Details of Head Office & Branch Office(s)

Head Office Date of Establishment Contact No(s)
Address

Branch Offices

S. No Address Date of Establishment Contact No(s) E-mail

6. Details of Partners in the Firm:-

S. Name of the Membership Fellow / CISA / DISA / Date of Joining the
Associate FAFD Firm as Partner
No Partner No.

7. Details of Qualified Assistants:- Fellow / Date of Joining the Firm as
S. Name of the Assistant Membership No. Associate Qualified Assistant
No

8. Details of Experience of Internal Audit / Physical Verification in Construction Sector: (If Any)

S. Name of the Company / Unit Year of Audit

No

9. Details of Experience of Internal Audit in other PSUs / Government Companies / Government

Corporations:

S. Name of the Company / Unit Year of Audit

No
10. Details of Turnover of the Firm:

S. No Financial Year Turnover Average Turnover for 3
Years

1 2017-18

2 2018-19

3 2019-20

11. PAN of the firm:

12. GSTIN of the firm:

13. Bank details of the firm:

1 Bank Name

2 Branch and Address

3 Account Number

4 IFSC of the branch

5 Type of Account

14. We confirm that our firm is not blacklisted by the RBI / CAG / any Government Company or
Department.

15. We confirm that the partners in the firm or their immediate relatives are not on the board of
directors / employees of JKPCC Ltd.

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

Signature of Partner with
Name & Seal of the audit firm
Annexure B

Standard Format for submission of Financial Bid

S. Particulars of the Assignment Amount (In Rs.)

No

1 Professional Fee per year for undertaking Internal Audit of Rs. ____________________

JKPCC Ltd for the F.Y 2019-20 In Words

___________________________

2. Professional Fee per year for undertaking Internal Audit of Rs. ____________________

JKPCC Ltd for the F.Y 2020-21 In Words
___________________________

Total: Rs. ____________________
In Words
___________________________

1. Fee must be quoted in Numbers as well as words. In case of variation between the two, Fee
quoted in words shall be final.

2. Professional fee shall be inclusive of all office expenses, out of pocket expenses, cost of
producing documents, making Power Point presentations before JKPCC and other state level
forums as may be required or any other sundry charges, etc.

3. The Corporation will not be required to pay and / or reimburse anything over and above the
contract price except the TA and stay cost if the auditor is called outside the city of location
of office of the firm for any reason other than audit as the competent authority may deem fit.

4. The fee should be inclusive of all Taxes.
Annexure C

Self – Declaration – No Blacklisting

(On the letter head of the Firm)

To,
Financial Controller,
J&K Projects Construction Corporation,
Jammu, J&K (180004)

In response to the Request For Proposal (RFP) for selecting Internal Auditors for the financial year 2020-
21, I/ We hereby declare that presently our Chartered Accountant (CA)…………….. is having
unblemished record and is not declared ineligible for corrupt & fraudulent practices either indefinitely or
for a particular period of time by any State / Central Government / PSU / Autonomous Body.

We further declare that presently our CA firm……………... is not blacklisted and not declared ineligible
for reasons other than corrupt & fraudulent practices by any State /Central Government / PSU /
Autonomous Body on the date of Bid Submission.

If this declaration is found to be incorrect then without prejudice to any other action that may be taken,
my / our security may be forfeited in full and the tender if any to the extent accepted may be cancelled.

Thanking you,

Yours faithfully,
Signatures _______________________

Name _________________________
Seal of the CA Firm __________________________

Place______________________
Date_______________________

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