Empanelment of CA Firms for Concurrent Audit of India Post Payments Bank Ltd

India Post Payments Bank Limited invites request for proposals to empanel Bidders for providing the Concurrent Audit services to the India Post Payments Bank Limited. This tender may be downloaded by the bidders free of cost from the Central Public Procurement Portal www.eprocure.gov.in and also on the Bank’s website:

Procurement Summary Sheet:

The Bank reserves the right to reject any or all offers without assigning any reason. The Bank reserves the right to change the schedule mentioned above or elsewhere mentioned in the document, which will be communicated by placing the same as corrigendum on the Central Public Procurement Portal (www.eprocure.gov.in) (hereon referred to as “CPP Portal”). The copy of this document may be downloaded from the CPP Portal and also from bank website (www.ippbonline.com).

Complete confidentiality should be maintained. Information provided here should be used for its intended scope and purpose. Retention of this RFP signifies your agreement to treat the information as confidential.

Bid Security Declaration Form must accompany with RFP offer as specified in this RFP document and it should be handed over to the bank in a separate cover. This cover shall be opened along with online Technical Bids.

All communications with regards to this request for proposal needs to be directed to IPPB directly either through email / hardcopy at the addresses mentioned above and within the stipulated time.

Tender offers will be opened in the presence of the bidder’s representatives who choose to attend the opening of the tender on the above-specified date, time and place. The representative needs to carry an Authorization certificate from their competent personnel to attend the meeting as per Annexure – Pre Bid Meeting Authorization letter.

Introduction

India Post Payments Bank Limited (“IPPB”) is a company incorporated and registered under Companies Act, 2013 and a payments banking company registered under section 22 (1) of the Banking Regulation Act, 1949 duly licensed by RBI. IPPB is engaged in conducting banking and payments business providing services to retail and corporate customers. IPPB has its Registered Office at Speed Post Centre, Bhai Veer Singh Marg, New Delhi – 110001.

Background

Concurrent audit is an examination which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person. There is an emphasis in favour of substantive checking in key areas rather than test checking. This audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilant internal audit to preclude the incidence of serious errors and fraudulent manipulations.

A concurrent auditor may not sit in judgement of the decisions taken by an authorized official. This is beyond the scope of concurrent audit. However, the audit will necessarily have to see whether the transactions or decisions are within the policy parameters laid down by the Corporate Office, they do not violate the instructions or policy prescriptions of the RBI, other regulators, and that they are within the delegated authority.

Tender Fees:

The Bank has decided not to charge any Tender Fees.

EMD:

The Bank has decided not to charge any EMD for this tender. However, bidders need to submit ‘Bid Declaration Form’ as per annexure.

Eligibility Criteria:

Those firms who satisfy the following criteria, are eligible to apply:

a. Category 1 and 2 empaneled firms as per RBI / CAG empanelment category list as on the date of application for this purpose.

b. CA Firms should be having at least one year of Concurrent Audit experience in any Payments Bank.

c. Firms which have at least 2 number of trained representatives of firm articled clerk trained by ICAI on Concurrent Audit, Retired Officers of Commercial Banks, qualified Chartered Accountants as Partner (at least 2 FCA partners), who will be available on all working days to attend to the Concurrent Audit.

d. The firms should have qualified Information System Auditor (CISA/DISA) and certificate course on concurrent audit of the banks. IS audit would be conducted in accordance with IS Audit policy of the Bank & as per format provided by the bank, which should form an integral part of concurrent audit.

e. Firms chosen for engagement as Concurrent Auditors should be other than the ones selected for empanelment as Statutory Auditors to eliminate any room for conflict of interest.

f. RBI has issued relevant rules and guidelines from time to time for appointment and tenure of the concurrent auditors. Bank will follow the regulatory guidelines in this regard. The extent directions as per RBI circular “ACB/ LMC of the bank shall decide the maximum tenure of external concurrent auditors with the bank. Generally, tenure of external concurrent auditors with a bank shall not be more than five years on continuous basis. Further, the age limit for retired staff engaged as concurrent auditors may be capped at 70 years. However, no concurrent auditor shall be allowed to continue with a branch/business unit for a period of more than three years”.

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