Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
Open DEMAT Account with in 24 Hrs and start investing now!
Tenders »
Open DEMAT Account in 24 hrs
 Karnataka State Urban Livelihoods Mission Society, Bangalore, Karnataka
 Security Printing & Minting Corporation of India Limited, Saifabad, Hyderabad
 Agricultural And Processed Food Products Export Development Authority, New Delhi, Delhi
 Punjab National Bank, New Delhi, Delhi
 Uttar Pradesh Health Systems Strengthening Project, Lucknow, Uttar Pradesh
 The Karnataka Food and Civil Supplies Corporation Limited, Bangalore, Karnataka
 Corrigendum Housing And Urban Development Corporation Limited, New Delhi, Delhi
 Corrigendum Kerala Infrastructure Investment Fund Board, Thiruvananthapuram, Kerala
 Jammu and Kashmir Small Scale Industries Development Coroporation Ltd, Srinagar, J&K
 Corrigendum 3 National Minorities Development And Finance Corporation, Laxmi Nagar, Delhi
 Corrigendum 2 Security Printing & Minting Corporation of India Limited, New Delhi, Delhi
 Bureau of Indian Standards, Bhubaneswar, Odisha
 Kerala Infrastructure Investment Fund Board, Thiruvananthapuram, Kerala
 State Bank of India, Hyderabad, Telangana
 IDBI Bank Limited, Mumbai, Maharashtra

The Karnataka Food and Civil Supplies Corporation Limited, Bangalore, Karnataka
June, 08th 2021

TENDER DOCUMENT

Tender for Appointment of CA Firm to Undertake Internal
Audit (Centralized Audit: (Top-Down Approach) of Karnataka
Food & Civil Supplies Corporation Limited and its subordinate

offices for the Financial Year 2021-2022

Tender No.: KFCSC/IAW/A.I.A/18/2021-2022

TABLE OF CONTENTS

Section Title Page No.

1 Notice inviting tender 2
2 Newspaper Advertisement 3
3 4
4 Invitation for Bids 5-10
5 Terms & Condition 11
6 Application Form 12
7 13-17
8 Financial Bid
9 Annexure-III

1
KARNATAKA FOOD AND CIVIL SUPPLIES CORPORATION LIMITED
(GOVERNMENT OF KARNATAKA UNDERTAKING)
#16/I, Millers Tank Bed Area, Vasanthnagar
Bangalore-560052. Ph:080 22096603,22096606

No:KFCSC/IAW/A.I.A/18/2021-2022 Date: 04-06-2021

SUB: Tender Notification for Appointment of Internal Auditors.

The Karnataka Food and Civil Supplies Corporation Limited (KFCSC)
Bangalore, invites tenders through e-Procurement portal from practicing
Chartered Accountants & CA firms (as per KTPP Act 1999) for appointment of
centralized Internal auditors to take up Internal Audit of KFCSC for the period
1st July -2021 to 31st March-2022

Tender Reference Number KFCSC/IAW/A.I.A/18/2021-22
EMD
Date of publishing 1,00,000.00
Pre Bid meeting
04-06-2021
Last date & time for submission of Bids
Date/Time of opening of Technical Bid. 08-06-2021 11.00 AM (Zoom Link Send
Date/Time of opening of Financial Bid Later)
Address for communication
11-06-2021 at 17.00 PM
14-06-2021 at 11.00 AM

16-06-2021 at 15.00 PM

Karnataka Food and Civil Supplies
Corporation Ltd, No.16/I, Millars Tank
Bed Area, Vasanthanagar, Bangalore-
560052

Telephone No.22096603/22096615
Fax:080-22096555-22096614-22096556
https://kfcsc.karnataka.gov.in
E-mail: kfcscfinance123@yahoo.com

The Detailed Tender documents can be obtained/downloaded from
e-procurement portal https://eproc.karnataka.gov.in. The Managing Director reserves
the right to accept or reject any or all bids without assigning any reason whatsoever.

2
Managing Director
KARNATAKA FOOD AND CIVIL SUPPLIES CORPORATION LIMITED

(GOVERNMENT OF KARNATAKA UNDERTAKING)
#16/I, Millers Tank Bed Area, Vasanthnagar,

Bangalore-560052. Ph:080 22096603, 22096606

No: KFCSC/IAW/A.I.A/18/2021-22 Date: 04-06-2021

SUB:-TENDER NOTIFICATION FOR APPOINTMENT OF INTERNAL AUDITORS.

The Karnataka Food and Civil Supplies Corporation Limited (KFCSC) of
Bangalore, invites tenders through e-Procurement portal from practicing Chartered
Accountants & CA firms (as per KTPP Act 1999) for appointment of centralized
Internal Auditors for the period 1st July-2021 to 31st March-2022. Last date for
submission of Bids Date:11/06/2021. 17.00. Date/Time of opening of Technical
Bid.14/06/2021, 11.00 hrs and Financial Bid on 16/06/2021, 15.00 hrs. For further
information kindly see https://kfcsc.karnataka.gov.in and visit e-procurement portal
https://eproc.karnataka.gov.in. The Managing Director reserves the right to accept or
reject any or all bids without assigning any reason.

Managing Director

3
KARNATAKA FOOD AND CIVIL SUPPLIES CORPORATION LIMITED
(GOVERNMENT OF KARNATAKA UNDERTAKING)
#16/I, Millers Tank bed area,
Bangalore-560052. Ph:080 22096603, 22096606

No: KFCSC/IAW/A.I.A/18/2021-22 Date: 04-06-2021

SUB: TENDER NOTIFICATION FOR APPOINTMENT OF INTERNAL AUDITORS.

SECTION-1

INVITATION FOR BIDS
1. The Managing Director, KFCSC, Bangalore invites tenders from eligible Chartered

Accountants/CA firms for appointment of centralized internal auditor for carrying
out the monthly Internal Audit assignments of District offices & Head Office of
KFCSC Ltd,. for the period 1st July-2021 to 31st March 2022. The Bidders are
required to submit details of their capability to undertake the work stating that
they shall abide by all rules and regulations, terms and conditions as per tender
documents. Opening pre-qualification bid or technical bid will be followed by
opening of financial bid of qualified bidders. The Chartered Accountants/CA firms
shall quote the audit fee activity wise for all the work stated in tender
document. The same will be valid for the entire period.
2. Bids must be accompanied By EMD of Rs. 1,00,000.00 to be paid online through e-
Procurement portal.
3. Bid documents may be downloaded through Government of Karnataka e-
procurement website, https://eproc.karnataka.gov.in

Managing Director

4
SECTION-2
TERMS AND CONDITIONS

1) SCOPE OF SERVICE:
The bidder is required to apply to carry out the monthly internal audit work of
District/Head office as per the scope of audit given in Annexure-III

2) ELIGIBILITY CRITERIA:

(a) Chartered accountants/ firms with ACA/FCA qualification shall take participate
in bidding.

(b) CA/CA firm shall bid Centralized for District office & Head office as one unit.
There are 28 District offices (units) and Head office.

(c) Bids must be accompanied By EMD of Rs. 1,00,000.00 which should be paid
online through e-Procurement portal.

(d) CA/CA firm shall quote audit fees activity wise. Please refer the scope of audit-
Annexure-III.

(e) The CA/CA firm must have its head office/branch in Bengaluru.
(f) CA/CA firm shall have sufficient number of chartered accountants and auditing

staff.
(g) CA/CA firm required to have minimum of 3 years‟ experience.
(h) The terms and Conditions/scope of audit is to be signed and to be enclosed.
(i) A set of hard copies of the required documents for the technical bid should be

submit to the Managing Director on or before the date and time of opening of
technical bids.
(j) Turnover of the firm for the last three preceding Financial Year should not be less
than Rs.10 Lakh for each year.

3) DOCUMENTS COMPRISING THE TECHNICAL BID
a) Attested copy of ACA/FCA Certificate of Practice.
b) Attested copy of PAN CARD.
c) Attested copy of GST Registration.
d) Attested copy of Income Tax assessment orders for the last three financial
years.
e) Attested copy of experience certificate –past 3 years‟ experience certificate in
execution of similar contracts, if any.
f) Attested copy of partnership agreement, in case of partnership firm.
g) Attested copy of man power description -number of CAs and number of other
staff.

5
h) Attested copy of affidavit for non-conviction:-Affidavit from the CA/CA firm
declaring that they have not been convicted for any offence for having any
criminal cases under any act or orders there under regarding any conviction in
previous years/present. (In Rs.20/-stamp paper and to be attested by the
notary)

i) The bidders should upload the entire bid documents i.e., complete tender
document (Section 1, Section2, Annexure I to III) duly signed and stamped bid
form etc., as a token of acceptance of all terms and conditions.

j) Filled & signed copy of annexure-1 (Application form) the applicant should
upload Annexure –I.

4) BID FORM
a) Technical details should be submitted along with documentary proof otherwise
evaluation will be done ignoring that item as not available. This format should
not be changed in any manner. Addition/deletion/alteration of the text will
automatically render the tender invalid and therefore, will be summarily
rejected.
b) Bidders shall furnish all the documents as specified in tender document. The
bidders should upload the entire bid documents i.e., complete tender document
duly signed and stamped including all Annexure, bid form etc., as a token of
acceptance of all terms and conditions.
c) Audit fees should be quoted in Financial bid format for rendering service of
audit work. This format should not be changed in any manner.
Addition/deletion/alteration of the text will automatically render the tender
invalid and therefore will be summarily rejected.
d) The bidder is requested to examine all instructions, forms, terms and
specifications in the Bid documents, failure to furnish all the information
required as per Bid Documents or submission of the bids not substantially
to the Bid Document in every respect will be at the bidder‟s risk which may
result in rejection of the Bid.
e) At any time, prior to the date of submission of bid, KFCSC may, for any reason,
whether on its own initiative or in response to a clarification required by a
prospective bidder, modify the bid documents by amendments.
f) The amendments shall be notified in e-procurement portal and these
amendments will be binding on them.
g) The tenders will undergo evaluation at every stage of processing and any tender
found at any stage not in conformity with the stipulated tender conditions
including specifications/found to have uploaded defective and incomplete
documents or found defective will be rejected.

6
5) BID PRICES

(1) The CA/CA firm shall quote the price as per Annexure-II attached to bid
document. The composite price shall indicate all the types of Taxes, including
GST etc., as applicable from time to time. The price shall also include all other
cost like travelling, hotel and refreshment cost etc.,

(2) The price quoted by the bidder shall remain fixed during entire period of
contract & shall not be subject to variation on any account. A bid submitted
with an adjustable price quotation will be treated as non-responsive and
rejected.

6) EMD & BANK SECURITY DEPOSIT

(A) The bidder‟s shall furnish an irrevocable performance Bank Guarantee for
Rs. 1,00,000/-(Rupees One Lakh only) issued by Scheduled Bank which should
be valid up to 60 days from the period of completion of the contract. However,
no interest shall be payable on the bank guarantee & the same will be
converted into performance security. The bank security deposit is required
to protect the KFCSC against risk of bidder‟s conduct which may warrant the
security‟s forfeiture.

(B) Applicant CA/CA firm shall pay the Earnest Money Deposit (EMD) of Rs
1,00,000.00. In the e-procurement portal using any of the following payment
modes:
a) Credit Card
b) Direct Debit
c) National Electronic Fund Transfer (NEFT)
For details on e-Payment services, refer to e-procurement portal.

(C) Any bid not secured in accordance with Terms and conditions will be rejected
by KFCSC as non-responsive.

(D) The successful bidder‟s EMD amount may be forfeited if the bidder fails to sign
the contract.

(E) EMD of unsuccessful bidders shall be returned after the tender is awarded and
accepted by the successful bidder.

(F) Format and signing of Bid.
Bidder shall submit the Bid electronically within due date. The bid document
shall be signed by the bidder.

(G) Deadline for submission of bids.
(a) Bids must be submitted online in the e-Procurement in time.
(b) KFCSC may extend the deadline for submission of bids by issuing an
amendment, which in case all rights and obligations of the KFCSC and the

7
Bidders, previously subjected to the original deadline, will then be subject to
the new deadline.

(H) Late Bids.
In online e-procurement system, Bidder will not be able to submit the bid after
the deadline.

(I) Bid validity
(a) The bids shall remain valid for 90 days after the date of opening of bids. A
bid valid for a shorter period shall be rejected as non-responsive.
(b) A bidder, accepting the request of KFCSC for an extension to the period of
bid validity in exceptional circumstances, will not be permitted to modify
their bid.

(J) Process to be confidential
Information relating to the examination, clarification, evaluation, and
comparison of Bids and recommendations for the award of a contract shall not
be disclosed to Bidders or any other persons not officially concerned with such
process until the award to the successful Bidder has been announced. Any
effort by the Bidder to influence the KFCSC’s processing of Bids or award
decisions may result in the rejection of their Bid.

(K) Clarification of Bids
During evaluation of Bids, KFCSC may, at their discretion, ask any Bidder for
clarification of their Bids, including breakup of charges. The request for
clarification and the response shall be in writing or through email, but no
change in the price or substance of the Bid shall be sought, offered or
permitted.

7) FINANCIAL BID:
The bidder shall quote the rate in the financial bid as per Annexure-II.

8) TENDER EVALUATION
The tender submitted by the bidder will be opened by the Tender scrutiny
Committee (Members are General Manager, Deputy General Manager, District
Manager Admin, Accounts Case Worker and Audit Case Worker, Tender evaluation
authority is General Manager and Tender Approval Authority is Managing
Director). If the documents in technical bid are found to be in order, as specified
above, only then the financial bid will be opened. Incomplete documents in the
Technical qualification will result in rejection of the entire tender and the financial
bid. The „Procurement Entity‟, after due evaluation, selection in the order of priority
and call upon Lowest Tenderer to furnish Security Deposit and execute the
agreement.
The “Procurement Entity” before passing the order accepting a tender may
negotiate with Lowest Tenderer.

8
In the event of any discrepancy in respect to the rates quoted, the “Procurement
entity” reserves the right to accept the lowest rate, at its discretion.

9) AWARD OF CONTRACT
The KFCSC shall consider placement of Letter of Acceptance (LOA) to those bidders
(in duplicate) whose offers stands L1 in the tender process. The bidders shall sign
and return one copy of the LOA in token of their acceptance along with the
performance security within three days.

10) KFCSC LTD., RESERVES RIGHT TO ACCEPT ANY BID AND TO REJECT
ANY BIDS:
The KFCSC shall not be bound to accept the lowest or any tender and reserves to
itself the right to accept or reject any bid or to accept whole or a portion of tender,
as it may deem fit, without assigning any reason there-off and without incurring
any liability to the affected bidder(s) for the action of KFCSC.
The KFCSC reserves the right to remove Internal Auditor, if his work is not
satisfactory (if audit observations are superficial & reports are not submitted on
time).

11) SIGNING OF CONTRACT
Signing of Agreement shall constitute the award of contract on the bidder.

12) ANNULMENT OF AWARD
Failure of the successful bidder to comply with the requirement shall constitute
sufficient ground for the annulment of the award and forfeiture of the bid security
in which event KFCSC may make the award to any other bidder at the discretion of
KFCSC or call for new bids.

13) TERMS OF PAYMENT
Payment will be made at Head office of “Procurement Entity” after deducting
the applicable taxes etc. The payment will be made after timely submission of
the internal audit reports of a particular month and receipt of the bill. For
further details, refer Annexure - III
Further, the audit reports as per the scope should be submitted by 15th of next
month to the Managing Director KFCSC with a copy to District Manager. The audit
report will be scrutinized in internal audit wing at head office. For delay in
submitting report, 10% of the admissible bill amount, for that month will be
deducted.

TERMINATION OF CONTRACT

In case there is any continuous delay in submitting the audit report for 3 months
(quarter) and any default by the CA/CA firm in any of the terms and conditions

9
(whether General, special, statutory), KFCSC may, without prejudice to any other
right/remedy which shall have accrued or shall accrue thereafter, terminate the
contract, in whole or in part, and KFCSC will forfeit the security deposit by giving
one month‟s notice in writing to the service provider.
All instructions, notice and communications under the contract given in writing
and if sent to the last known place of business, shall be deemed to be served on the
date, even in ordinary course of post these would have been delivered to the service
provider.
Notwithstanding anything contained herein, KFCSC also reserves the right to
terminate the contract at any time or stage during the period of contract, by giving
one month notice in writing without assigning any reason and without incurring
any financial liability whatsoever to the service provider.

14) OTHER OBLIGATIONS
a) KFCSC prior to the expiry of the tender validity period shall notify the bidder
whose tender is accepted for the award of the contract. The terms of the
accepted offer shall be incorporated in the acceptance letter issued.
b) Notwithstanding the above KFCSC reserves the right to accept or reject any
tender and to cancel the bidding process at any time prior to the award of the
contract.
c) The undersigned reserves the right to select CA firms proposed by the
successful bidder and also the right to ask for replacement at any time.
d) The replacement shall be given within three days and for delay of each day, a
penalty of Rs.100/- will be levied.
e) TDS shall be made in the bills of successful bidder.
f) Security deposit will not carry any interest and will be refunded on cessation of
agreement.

Managing Director
KFCSC LTD

We agree to the above terms and conditions.

CA/CA firm
Name & sign.

10
ANNEXURE-I

APPLICATION FOR APPOINTMENT OF INTERNAL AUDITORS FOR KFCSC,
BANGALORE FOR THE PERIOD FROM 1st JULY 2021 TO 31st MARCH 2022

To,
The Managing Director,
Karnataka Food & Civil Supplies Corporation Ltd.,
# 16/I, Millers Tank Bed Area, Vasanthnagar,
Bangalore-560052.

Dear Sir,

With reference to your letter dated ……… After going through the Scope of
audit we are interested to take up Internal Audit work of your esteemed organization
for the period from
1st July-2021 to 31st March 2022 at the rate remuneration of Rs.-------------.
I/we furnish herein below the particulars as required by you.

1) Name of the CA/CA firm and address
With Telephone and e-mail

2) Membership No., and PAN No.
3) Year of establishment
4) Experience of last three years

Years as Internal Auditor/Statutory
Auditors of any Karnataka Government
Under takings. (enclose documents) if any
5) No of staff of the CA company/CA firm
a) Chartered Accountants
b) others

Place: Signature with Seal
Date:

11
ANNEXURE –II

FINANCIAL BID

Financial Bid should be in form-B indicating audit fees after going through the Scope
of Audit.

SIGNATURE OF THE TENDERER

Date:
Address:

Form-B (FINANCIAL BID)
I/We hereby offer to take up the Internal Audit work of your Corporation at the fees
indicated against

Sl Particular Frequency Audit Taxes Total
One time Fee
No

1 Process Documentation

2 Monthly Auditing Monthly

3 Financial review, monitoring Monthly

and reporting

4 Statutory Compliance One time in

year

5 Opinions As per the

Requirement

6 Compilation and Submission One time in

of Annual Accounts to year

Statutory Auditors

Total

Note:
 Audit fee to be quoted based on the frequency of the activity. For Sl. No., 1, 4 &
6 is considered as one activity for the full year. Fee for Sl. 2 & 3 to be quoted
month-wise with total fee for the year.
 The fee quoted should be all inclusive (out of pocket expenses, taxes and any
other expenses) no additional reimbursement will be allowed.

12
SIGNATURE OF THE TENDERER WITH SEAL

Annexure-III

KARNATAKA FOOD AND CIVIL SUPPLIES CORPORATION LIMITED,
BANGALORE

Scope for Appointment of Internal Auditor (Centralized Audit Top-Down
Approach) for the Financial Year 2021-2022, i.e. July 2021 to March 2022

1. Process Documentation: One-time activity

Karnataka Food & Civil Supplies Corporation Limited (KFCSC) is a
Government of Karnataka undertaking, established under the Companies Act.
Its major activates are.

a. Procurement & Distribution of Food grain for Public Distribution
System (PDS)

b. Purchase of Food Grains under Minimum Support Price Operations
(MSPO) from farmers.

c. Procurement & Distribution of Food grain for Mid-Day-Meals (MDM)
KFCSC is also in the operations of procurement & distribution of Kerosene oil
for fisheries and also runs LGP units & Petrol Bunk in few districts.

Process documentation includes preparation of individual standard
operating procedure (SOP) for PDS, MSP, MDM & Other operations in English
& Kannada. The SOP should be all inclusive & self-explanatory consisting of
Title page, Table of contents Overview, Purpose, Benefits, Step-by-step Process
flow, Guidelines for technical aspects, Details of Checks & Balances available,
under the existing best Accounting practices & Taxation policies applicable to
the organization. The document should provide step-by-step process flow of
every activity i.e activities to be adhered at Wholesale Point (WSP), District
Office and Head office. With special reference to the technical aspect of
accounting guidelines.

13
The SOP should also act as training material for staff and document of
reference in future.

Hence, the standard operating procedure is to have a set of written
instructions that can describe how to perform a task or activity. They‟re in-
depth rules that could be followed by anyone and should leave very little
ambiguity around what needs to be done.

The document should be prepared in co-ordination with finance team of
the organization.

The SOP should be prepared with in Twenty (20) Working Days from the
date of award of contract and submit to the Managing Director. For delay in
submitting of SOP, 20% of the admissible bill amount will be deducted.
Further, considering the impact of the delay in submission management holds
the power to terminate the part of full of the contract and may also recommend
for blacklisting of the organization.

Through Process Documentation the organization seeks to make
accounting/finance knowledge and asset of the organization.

2. Monthly Auditing: – Ongoing Monthly. (For FY 2021-2022 i.e. JULY
2021-MARCH-2022)
There are 40 business units, each unit should be audited two (2) times in

a span of one financial year audit has to be carried out by visiting the unit
office. Units/Division may be selected randomly on rotational basis. The
auditor should submit the Audit plan to the District Manager (DM) Fifteen
days (15) in advance. The audit plan should be prepared keeping in view
below requirements.

 Analyzing and Incorporating Accounting/Financial discipline in the
organization.

 The audit process should support in achieving goals and objectives of the
organization.

14
 Applicability and implementation of applicable accounting standards and
taxes related provisions should be reviewed.

 A detailed report may be submitted with the details of grey areas, road
map for improvements and assisting in implementation of improvements.

 The audit report should be all inclusive and covering the below aspects
 Follow of Proper Controls
 Adoption of Applicable Accounting System
 Asset Protection of the organization
 Checks & Balances for minimizing/negating the errors
 Detection of Fraud, Reporting of stock shortages
 Any other details

The audit report has to be submitted on or before 15th of the current month for
previous month audit.

The purpose of two audits in one financial year is to identify the areas of
improvement and work towards implementation of the proposed changes
within the same financial year. The auditor has to certify the annual accounts
prepared by the district office based on these audits.

Management holds the powers to draw/modify the audit plan based on the
requirement of the organization.

3. Financial review, monitoring and reporting – Ongoing Monthly.(For
FY 2021-2022 i.e. JULY-2021-MARCH-2022)

Financial reporting refers to standard practices adopted to give the
Management an accurate interpretation of an organization‟s finances, including
their revenues, expenses, profits, capital, and cash flow, as formal records that
provide in-depth insights into financial information.

Success of financial reporting depends on implementation of basics accounting
principles of Book keeping, meeting the statuary obligations such as PT, TDS,
GSTR-7 Etc. within prescribed time frame. And maintaining of these records as
per the legal requirement gives total insight of the transaction at any given
point of time.

15
Therefore, the internal auditor is required to prepare a check list
consisting of accounting activities, Procedures, Compliance (Taxation,
Statutory or Any other) and any other details may be prepared assigning
deadlines for every activity.

Scrutinizing, reporting and issuance of Final settlement (bay-baki)
certificate monthly for retiring employees.

Internal Auditor has to conduct a Video Conference (VC) monthly with all
DM‟s review the work completion status, find out the areas of improvement and
submit a compliance to the management with suggestions and details of way
forward for implementation. The Video Conference (VC) has to be completed on
or before of 15th of every month and report needs to be submitted to the
Managing Director not later than 20th of that month.

4. Statutory Compliance – One Time (For FY 2020-2021)

Every year the organization has to file returns related to Income Tax and
GST compliance. The internal auditor has to provide consultancy service for
preparing the returns with accurate details and file to the concerned
authorities with in stipulated time. Filing of form GSTR -9 & GSTR 9-C of the
Corporation, Income tax returns for the financial year 2020-2021, and any
other filings as per Govt. requirement.

Further, any changes in compliance/applicability of new compliance
relating to Direct & Indirect Tax may be reviewed monthly, an annual
compliance audit report may be submitted ensuring that organization is
following external laws, rules, and regulations or internal guidelines with
suggestions and details of way forward for implementation.

5. Opinion: Case to case basis.

Providing opinion on implementation/changes in any policy by State or Central
Government.

6. Compilation and Submission of Annual Accounts to Statutory
Auditors: Annually (For FY 2020-2021)

The process includes Verification, Compilation, and Consolidation of accounts
Preparation & Presentation of Financial Statements as per Indian Accounting
Standards (Ind AS) for the Financial Year 2020-21. Details of work and time
schedule are as under:

16
1. Compilation & Verification of final accounts sent by the District Offices
and recommending corrections if any. Further, Consolidation of final
accounts of the Corporation as per Schedule III of the Companies Act,
2013. This work shall be completed on or before 31stJuly 2021. You shall
also co-ordinate with the Statutory Auditors in the finalization of
accounts.

2. You are required to prepare the Consolidated Financial Statements in
excel format to check the correctness of the Statements with that of the
Financial Statements generated from the FIST software.

3. Attending to the queries as and when raised by the Statutory Auditors
and A.G. Auditors in co-ordination with the Finance Section.

4. Based on the 2020-21 approved accounts, the financial year 2021-22
Opening Balances of the accounts of each unit as on 01-04-2021 shall be
prepared.

5. If required, you have to do the hand holding and visit the District Offices
for Compilation and Preparation of accounts at District Offices.

6. For undertaking tours on official work, you will be reimbursed TA /DA as
admissible.

7. You have to study the FIST software and suggest the up-gradation of the
same, if any.

8. If the work as assigned above is not completed by you within the
stipulated time penalty shall be imposed.

9. The financial statement consisting of Balance Sheet, Income &
Expenditure Statement, Cash Flow Statement and other
statements/schedules as at 31-03-2021 with comparative for 2019-2020
as per Ind AS.

If need arises you need to attend the board meeting and present the financials
to the Honorable Board Members

Note:

Auditors are requested to note that the above mentioned scope is issued only
as illustrative guideline and should be construed as a part of the internal audit
exercise and should not be considered as exhaustive or restrictive in any
manner.

The scope for appointment of internal auditor is inclusive and may be modified,
revised, updated based on the notifications of Companies Act 2013, Income Tax

17
Act 1961, GST Act 2017 and any other situation based needs in concurrence
with Internal Auditor.

18

Home | About Us | Terms and Conditions | Contact Us
Copyright 2021 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting