Expression of Interest (EOI) for hiring of CA Firm for Internal Audit of IFCI Venture


   

Expression of Interest (EOI) for hiring of CA Firm for Internal Audit of IFCI Venture

EXPRESSION OF INTEREST (EOI) FOR HIRING OF CHARTERED ACCOUNTANT FIRM ON CONTRACT BASIS FOR A PERIOD OF 3 FINANCIAL YEARS STARTING FROM FY 2019-20, 2020-21 AND 2021-22

Tender No. IFCI Venture / internal audit / 2019-20 / 01

IFCI VENTURE CAPITAL FUNDS LTD.
(A Subsidiary of IFCI Limited, Government of India Undertaking)
CIN: U65993DL1988GOI030284

Regd. Office: IFCI Tower, 61, Nehru Place, New Delhi-110019
Website: www.ifciventure.com
Email: [email protected]

A. INTRODUCTION :

IFCI Venture Capital Funds Ltd. is a Public Financial Institution under sub section 72 of section 2 of the Companies Act, 2013. IFCI Venture is the country’s pioneer institution nurturing the startup and growth oriented businesses in India since past four decades. It was incorporated in 1975 as Risk Capital Foundation with a view to widen the entrepreneurial base of India by providing start-up capital for setting up projects. It has financed more than 522 projects in diversified sectors set-up across the country and supported commercialization of over 50 new technologies, thereby realizing its mandated objective.

IFCI Venture is also a asset management company is presently is managing “Venture Capital fund for Scheduled Castes” (VCF-SC), and “Venture Capital fund for Backward Classes” (VCF-BC) under the supervision of Ministry of Social Justice and Empowerment, Government of India.

B. OBJECTIVE OF EXPRESSION OF INTEREST (EOI) :

1. IFCI Venture Capital Funds Limited (IFCI Venture) solicits separate sealed proposals to hire a Chartered Accountant (CA) firm on contract basis for a period of 3 years viz. fy 2019-20, 2020-21 and 2021-22 for providing assistance to internal audit department in carrying out Internal Audit and IFC audit;

2. IFCI Venture wishes to avail services of “the firm of Chartered Accountants” (hereinafter also referred as “Bidder”) within India and the firm’s scope of service should cover tax laws, SEBI and RBI regulations.

3. The shortlisted CA Firm would be required to provide assistance to internal audit department in carrying out Internal Audit and IFC audit as per the scope of work as defined below in this EOI document and shall adhere to stipulated terms and conditions as mentioned herein this document.

C. ELIGIBILITY CRITERIA :

(i) The firm shall have Head Office/ Branch Office in Delhi;

(ii) The firm should be in existence for more than 10 years;

(iii) The firm should be empanelled with Comptroller & Auditor General of India and Reserve Bank of India;

(iv) The firm shall have experience of conducting internal audit of such similar Govt. Corporations/ Public Sector Bank(s) / NBFC-ND-SI;

(iv) The firm shall have minimum 8 full time partners out of which 3 should be Fellow Chartered Accountants;

(v) The firm shall have professional staff strength of minimum 12 including Audit and Articled Assistants;

(vi) The firm shall have turnover of Rs.50 Lakh or more in each of the last three financial years;

(vii) The firm should not be Statutory Auditors of IFCI Venture during last 3 years.

D. SCOPE OF WORK :

The CA firm shall assist the Internal Audit Department to carry out the Internal Audit of various departments in IFCI Venture and as per the scope of the audit has to pay particular attention to the following aspects :

  • Whether all transactions are properly accounted for and income / expenditure are booked properly.
  • Whether books and records are maintained in accordance with laid down policies/ instructions issued.
  • Whether an accurate and correct record of liabilities and assets of the office is shown in the books.
  • Whether the assets shown in the books physically exist or are identifiable and their condition is satisfactory.
  • Whether documents obtained from the borrowers are complete and enforceable.
  • Whether the advances granted and expenditure incurred is under proper authority.
  • Whether various policies / checks / controls prescribed are strictly followed / observed.
  • Whether the returns of correctly complied and submitted within the prescribed time.

Departments and indicative activities covered in the departments :

The list of Department’s who’s Internal Audit shall be carried out along with the indicative activities in the department and the illustrative checklist is as under :
A. Credit, Monitoring and Recovery
B. Resources
C. Loan Accounting
D. Corporate Accounts &Taxation
E. Information Technology
F. Human Resources
G. Administration
H. Legal
I. Investment
J. Rajbhasha

Click Below Link To Download Official EOI Pdf

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