91心頭利
Diamond Harbour Road, Joka, Kolkata 700104

NIT/91心頭利C/CA/44/2016-17 dated October 7, 2016

Engagement of Chartered Accountant for Internal Audit

Offers are invited from eligible leading Kolkata based Chartered Accountant Firms which are registered, empanelled with C&AG and have a minimum annual turnover of Rs.400 lakhs per annum for the years 2014-15 and 2015- 16 for engagement as Internal Auditors of 91心頭利. Interested firms may submit their applications with all details within 15 days from the date of this advertisement to The Senior Administrative Officer (Purchase) at the above address.

SCOPE OF WORK

The scope of work is stated below:

  1. INTRODUCTION
    While discharging audit function, the Internal Auditor would generally ensure the following:
    1. Compliance with Govt. rules and Internal Governance procedures wherever applicable.
    2. Effectiveness of internal control system
  2. SCOPE OF WORK
    1. PRE-AUDIT
      Pre-audit of certain specified transactions on case to case basis restricted to compliance vis--vis processes and procedures.
      The following areas are to be covered by Internal Audit:
      1. Pre-audit of bidding process/selection of contractor for construction works (Capital) executed by the Engineering Department of 91心頭利C.
      2. Pre-audit of bidding process/selection of contractor for maintenance works executed by the Engineering Department of 91心頭利C (for values equal to or more than Rs.10 lakhs).
      3. Pre-audit of bidding process/selection of Contractor/Vendor for supply of computer/Computer peripherals/Equipment and materials, Accessories for networking (for values equal to or more than Rs.10 lakhs).
      4. Pre-audit of bidding process/selection of Contractor/Vendor for hiring of PC/Projector/Printers (for values equal to more than Rs.10 lakhs)
      5. Pre-audit of bidding process/selection of Contractor/Vendor for deployment of Resident Engineer in the Computer Centre for maintenance of equipment/LAW etc.
      6. Pre-audit of purchase process/selection of contractor/vendor, purchase order/selection of advertising agencies/empanelment of vendors (for values equal to more than Rs.10 lakhs)
      7. Pre-audit of payments to the employees leaving 91心頭利C either on retirement (like Gratuity, Leave Salary, Commutation of Pension, etc., as and when applicable) or otherwise.
      Pre Audit Report should be submitted within five days from the receipt of documents from the concerned department.
    2. TRANSACTION AUDIT AREAS Quarterly Basis.
      It may be noted that the Institute uses Oracle Financial Module to record Finance transactions and prepare annual accounts. Hence, it is desirable that the bidders are conversant with Oracle Financial Module.
      The Institute maintains its accounts under two units:
      Unit I: Accounts Department (Central Accounts & Cash and Pay Roll)
      Unit II: Engineering Division
      Transaction audit should cover both the units. The items to be covered are given below:
      1. Scrutiny of Cash and Bank Book
      2. Scrutiny of General Ledger and Subsidiary Ledger
      3. Verification of Bank Reconciliation Statements (All Bank Accounts of 91心頭利C)
      4. Physical verification of cash in hand and cheques in hand
      5. Verification of Service Tax Reconciliation
      6. Verification of TDS transactions
      7. Verification of investment of various funds (including Corpus and P.F.)
      8. Scrutiny of advances to suppliers, contractors, employees
      9. Checking of Bills of Contractors and Payment Vouchers
      10. Scrutiny of monthly salary/Pension Bill
      11. Scrutiny of recovery of PF, NPS, Income Tax, P. Tax, GLIS etc. from Salary Bill and payment to respective authority.
      12. Scrutiny of calculation and deduction of Income Tax from the Salary of the employees/from the Pension of the pensioners.
      13. Verification of Bill, Payment of Vouchers (Both Cash & Bank), Journal Vouchers and all Records maintained by Accounts Department.
      14. Checking of Payment vouchers with reference to Cheque Register (in case of payment by Cheque/Bank Draft etc.) and with reference to File/Register (in case of payment through RTGS/NEFT/Bank Transfer)
      15. 100% verification of payment of LTC Advance, LTC Claim Bill (after completion of LTC tour) according to the LTC Rules of G.O.I.
      16. 100% verification of payments to retired employees.
      17. Fees reconciliation for fees collected from the students of all courses conducted by 91心頭利C from time to time.
      18. Verification of invoices raised by various department of 91心頭利C.
    3. FINALISATION
      Audit of half-yearly and Annual Final Accounts and Provident Fund account before submission to the Board.
      • Audit of Half yearly Accounts.
      • Audit of Annual Accounts.
      • Audit of Provident Funds Accounts (Yearly)
    4. THRUST AREA AUDIT To be covered over the year
      1. Academic Programme (PGP, PGPEX, PGPEX VLM, PGDBA & FP)
      2. CMDP (including LDP): Verification of Bills raised, receipt and amount receivable thereon.
      3. Library
      4. Purchase &, Stores and Transport
      5. Career Development and Placement): Verification of Bills raised, receipt and amount receivable thereon.
      6. Tender Process including selection of vendors
      7. Personnel Department/Retirement Benefits
  3. AUDIT REPORT/CERTIFICATE
    Submission of
    1. Quarterly Internal Audit Report
    2. Audit/Review Report on Half Yearly Accounts
    3. Audit/Review Report on Yearly Accounts (including Provident Funds)
    4. Issue certificate in the Form no. 15CB relating to remittance in Foreign Currency as per the Income Tax Act, 1961. The certificate must be issued within two days on receipt of the documents. (Approximately 100 120 certificates to be issued per annum)

Application Details:

The applications should be submitted in a sealed envelope containing the following information/documents:

  1. Name of the Firm
  2. Full Address with contact number, website, email ID, etc. of the Firm.
  3. Year of Registration and Number.
  4. details with CAG (endorse the recent letter/documents issued by CAG relevant to the Financial Year 2016 - 2017).
  5. Number of full time partners (FCA & ACA).
  6. Number of qualified assistants.
  7. Number of Semi-qualified Assistants/Audit Assistants (Honors Graduate/Post Graduate in Commerce)
  8. Details of experience in the audit of large PSU/Govt. Dept. & autonomous bodies funded/controlled by Central/State Government (give details of audit conducted in the last 3 years).
  9. Details of previous experience of Internal Audit provided by the Bidder to similar Govt. funded institutions in the last three financial years i.e. 2013-14 to 2015-16. Attach photocopies of letters of award/Agreement of the firms to whom similar services have been provided, along with complete contact details.
  10. The annual turnover of the audit firm in last two financial years (FY 2014-15 & 2015-16) must be more than Rs.400 lakhs per annum. Audited Accounts for the financial years 2014-15 and 2015-16 along with the certified copies of Service Tax Returns for the financial years 2014-15 to 2015-16 are required to be submitted by the bidder. (Enclose the documents with the application)
  11. Name, Contact no. of the Principal Partner.
  12. Any other information.
  13. Hard copy of the Bid document duly stamped and signed in each page by a partner.

NB:

  1. Bidders will be requested to submit both the Technical and Financial Bid and all documents with the Application. The Technical Bid and Price Bid are to be submitted in two separately sealed envelopes distinctly marked accordingly.
  2. Bidders will be requested to attach a Summary Sheet and an Index of all the documents required to be submitted.
  3. Applications will be rejected if all information and/appropriate documents are not submitted.
  4. The Director, 91心頭利C reserves the right to accept or reject any or all applications without assigning any reasons thereof.

Additional Information to the Bidders

  1. The Audit team should consist of one qualified Chartered Accountant with three years post qualification experience and three inter CA/M.Com assistants. Preference will be given to the bidders if the team consists of at least one staff having qualification of B.Com (Hons.)/M.Com. Two more assistants during finalisation of Half Yearly/Annual Accounts. Half yearly Accounts is generally conducted from the first week of November to the first week of December and Annual Accounts from the second week of May to the second week of June after the end of the financial year. Qualified Chartered Accountant will act as Team Leader and should visit the 91心頭利C at least thrice in a week and five days in a week during finalisation of Half Yearly and Yearly accounts.
  2. Normally the composition of audit team should not be changed. However, under certain circumstances beyond control of the Audit firm, if the same needs to be changed in any manner, it may be done after prior consultation with the Chief (Accounts & Finance) or Assistant- Finance & Accounts officer. The audit team members should carry Photo ID issued by the Audit Firm.
  3. Partner of the firm, in charge of internal audit of 91心頭利C, should be available at least one day in a month to guide the audit team and for discussion with the Management. Apart from this, he/she will be required to visit the 91心頭利C office on a short notice for discussion on urgent matters with the Director/Advisor (Finance).
  4. The audit team will conduct audit concurrently month to month basis, throughout the year, as per the scope of work enclosed.

Procedure for Selection

The details of the content and evaluation of your Technical Bids and Financial Bids is stated below:

  1. TECHNICAL BID (40 points):
    Your technical bid should contain the following parameters:
    1. Years of experience in similar job;
    2. No. of staff to be deployed for the job:
      1. Team Leader:          Name               Qualification
      2. Others:                    Name               Qualification
    3. Years of experience of Internal Audit in Academic Institutions.
    4. Detail Work Plan (Submit in a separate sheet)
    PS: Please provide supporting evidence for point no. 1 & 3.
    The scoring for the Technical Bid would be 40.
  2. FINANCIAL BID (60 points)
    1. The Scoring for L1 will be 60.
    2. Rest would be determined by the following formula: 60/Your Bid x Lowest Bid

Senior Administrative Officer (Purchase)