Empanelment for Chartered Accountants Firms as statutory auditors of IIM, Ranchi


Empanelment for Chartered Accountants Firms as statutory auditors of IIM, Ranchi:

IIM Ranchi invited Tenders for Empanelment for Chartered Accountants Firms as statutory auditors of IIM, Ranchi.

The Statutory auditor will be required to conduct the statutory audit for the period 1st April 2018 to 31st March 2019.

Below are the Details of the Tender:

LIMITED TENDER ENQUIRY FOR
Engagement of Statutory Auditor for IIM Ranchi
LTE No. IIM Ranchi/LTE/Statutory Auditor/2019/18 dt. 18.09.2019

INDIAN INSTITUTE OF MANAGEMENT RANCHI
(Under Ministry of Human Resource Development, Govt. of India)
5th Floor, Suchana Bhawan, Audrey House Campus,
Meur’s Road, Ranchi-834008, Jharkhand, INDIA

Tenders are invited from Ranchi based CAG empaneled Chartered Accountant (CA) Firms for appointment as Statutory Auditors for the Financial Year 2018-19 of Indian Institute of Management Ranchi, hereinafter termed as ‘Institute’.

The Statutory auditor will be required to conduct the statutory audit for the period 1st April 2018 to 31st March 2019.

The interested CA firms may submit their bids in the prescribed format provided herein, which includes Notice Inviting Tender, Eligibility Criteria, Scope of Work, General Terms and Conditions, Technical Bid (Experience and Eligibility Criteria) as per Annexure-II and the Financial Bid (Professional Fee) as per Annexure-III. All prospective bidders may download tender document from IIM Ranchi website www.iimranchi.ac.in / CPP Portal https://eprocure.gov.in/epublish/app

The sealed tenders may be submitted under TWO BID system superscribing “Limited Tender Enquiry for Engagement of Statutory Auditor for IIM Ranchi vide LTE No. IIM Ranchi/LTE/Statutory Auditor/2019/18 dt. 18.09.2019” containing two separate sealed envelopes, one for “Technical Bid” and another for “Financial Bid” duly sealed and sent to The Administrative Officer, Purchase (1/c), Indian Institute of management Ranchi, 5th Floor, Suchana Bhawan, Audrey House Campus, Meur’s Road, Ranchi, Jharkhand-834008, India, through POST / COURIER ONLY on or before 04th October 2019 till 4:00 PM. Bids received by Hand/ Fax/ Email or any other mode will not be accepted.

The technical bid envelope must contain the technical bid in prescribed format as per Annexure-II with all relevant documents in support of eligibility and experience criteria. The financial bid envelope must contain only the financial bid as per format in Annexure-III. The financial bid shall include professional fee/charges for all services including expenses for boarding/lodging of staff to be incurred in carrying out the statutory audit services and the institute will not accept any claim other than professional fee/charges etc. specified in financial bid.

The Technical bid will be opened at IIM Ranchi on 04th October 2019 at 5:00 PM, in the presence of the bidders who wish to be present. The financial bids will be opened on the date which will be communicated to only those bidders who are found technically qualified after evaluation of technical bids as per eligibility criteria provided in this tender document.

The interested CA firms are advised to read carefully the entire tender document before submitting their tender and the tender documents not received in prescribed format and/or are found to be incomplete in any respect will be summarily rejected.

1. Eligibility Criteria :

i. The firm must be empanelled with C&AG, without which the bid of the firm will not be considered.

ii. The applicant firm is Independent of the entity to be audited.

a. The audit firm is not the incumbent Internal Auditor of the institute.

b. No partner of the audit firm or any qualified employee of the firm is related to any member of the Governing Body/Executive Committee or any of the senior management (as applicable) of the institute. Relative would mean husband, wife, brother, or sister or any lineal ascendant or descendant.

c. Neither the firm nor its Partners or Associates have any interest in the business of the institute.

d. The audit will not be done by a person who was either an employee in the institute or a partner/employee of the retiring auditor, unless such person is employed with the firm for at least one year.

iii. The audit firm is not one against which disciplinary orders have been issued by the Public Companies Accounting Oversight Board and these orders are in force. Also, any partner/senior manager of the audit firm is not associated with the audit in any manner if he/she –

a. has been found guilty of professional/other misconduct by the Institute of Chartered Accountants of India under the First or Second Schedule of the Chartered Accountants Act, 1949; or

b. is one against whom disciplinary sanction orders have been passed by the Public Companies Accounting Oversight Board.

iv. Firms must qualify following minimum criteria;

S.no Particulars  Minimum Criteria 
1 Number of Full Time Partners associated with the firm for not less than 4 years with at least two being a Fellow CA (As per Certificate of ICAI as on 31/07/2019) 3 Nos.
2 Turnover of the firm
(Average annual turnover in last 3 financial yrs.)
Minimum Rs.15 Lakh
3 No. of Years of Firm Existence 10 years
4 No. of completion of Statutory AudiVlnternal Audit of
Coroorate/PSUs entities in last 5 years
3 and above
5 No. of assignments: Experience in completion of statutory/ internal audit of educational institute in last 5 years 2 and above

2. Supporting Documents for Ellglbllity Criteria : Following supporting documents must be submitted by the firm along with the technical proposal:

i. A self-attested copy of the latest empanelment intimation letter issued by the CAG.

ii. A certificate from the firm to the effect that no partner of the firm has been found guilty of professional/other misconduct by the Institute of Chartered Accountants of India under the First or Second Schedule of the Chartered Accountants Act, 1949 or is one against whom disciplinary sanction orders have been passed by the Public Companies accounting Oversight Board.

iii. A Declaration signed by an authorized partner of the audit firm verifying that the applicant is independent of the entity to be audited that they have no relationship with the entity to be audited (in particular, the auditor should not be employed by, serve as director for, or have any financial or close business relationship with the entity during the period(s) covered by the audit.

iv. A self-attested copy of the latest firm constitution certificate issued by the ICAI (this certificate shall also act as evidence for verifying the Date of Constitution of the firm). This certificate should not be older than 30 days as on the date of the EOI.

v. A copy of the balance sheet for the last three years.

vi. A copy of the appointment letters along with completion certificate from the audited organizations.

vii. Duly signed and stamped of the entire bid document along with its Addendum/ Corrigendum, if any.

viii. All other documents, as required in terms of the tender, to claim eligibility.

3. Terms and conditions :

i. The initial period of appointment shall be for conducting statutory audit is for one year i.e. for financial year 2018-19. However, considering satisfactory performance, the appointment may be extended for another 2 years.

ii. Institute reserves the right to extend the tenure or terminate the appointment on account of unsatisfactory performance.

iii. Institute reserves the right to accept or reject any application without assigning any reason thereof.

iv. Each page of the tender documents is required to be signed by a Partner of CA firm. The documents/ certificates in supporting along with the tender shall also be signed by a Partner.

v. Tender shall be submitted in official tender document only (i.e. in Annexure-I to Annexure? III), If submitted in any other form, the same shall be summarily rejected.

vi. Institute will not accept any claim other than professional fee/ charges etc. specified in financial bid (i.e. in Annexure- III).

vii. In case of two or more technically qualified bidder’s quoting same fee in financial bid then the one having more experience shall be selected. Decision of institute in this regard shall be final and binding on the part of bidders.

viii. Technical evaluation shall be carried out by a duly constituted committee of the institute.

4. Scope of Work :

i. Audit of Books of accounts and ancillary records of the Institute

ii. Verification of Bank Reconciliation Statements.

iii. Scrutiny of all ledger accounts.

iv. Checking of Fixed Asset Register and Depreciation calculations as per rules.

v. Verification of Procurement / tendering process of fixed assets, library books, consumables, stationery etc.

vi. Compliance of all statutory obligations like TDS, Provident Fund/NPS etc.

vii. Verification of all the accounting statements/ schedules.

viii. Verification of correctness of the Trial Balance including the verification of opening ledger balances and suggesting reversal/ year end entries wherever necessary.

ix. Verification of detailed schedule of interests received on FD investments and calculations of accrued interest.

x. Compilation of grouping statements / schedules to the Balance Sheet, Income and Expenditure Statement and Receipt & Payment Accounts as per the prescribed format of Accounts for Autonomous Bodies and certifying the Annual Accounts.

xi. Any other work needed for Accounts finalization.

xii. Issue of audit report/certificate in form 10B/10BB under Income Tax Act, 1961 if required.

xiii. GST audit and preparation of reconciliation statement for Financial Year 2017-18 & 2018-19.

xiv. Certification of books of A/c for financial year 2018-19.

5. Minimum Audit Fee :

Minimum audit fee for statutory audit of the institute including all scope of work stipulated above in terms of notification dated 7th April 2016 of the Institute of Chartered Accountants of India (Guideline No. 1-CA (7)/03/2016) shall be Rs. 40,000/- (excluding GST, as applicable) for Financial Year 2018-19.

Note : Besides financial bid number of statutory audit completion certificates and other aspects as per the decision of the tender committee will be taken into account for selection of the statutory auditor.

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