Empanelment for Chartered Accountants Firm to be appointed as Internal Auditor Firm of NITIE

NITIE Invites proposal from the eligible Chartered Accountants Firm to be appointed as the Internal Auditor Firm of the Institute.

Eligible Chartered Accountant Firm may submit the proposal to the following address:

The Registrar, NITIE, Vihar Lake Road. P.O. NITIE. Mumbai – 400087

Last date for submission of proposal:

02.11.2021 by 5 P.M.

Terms of Reference (TOR) for engagement of the Internal Auditor for NITIE

A) Objective: To conduct Internal Audit for NITIE and provide guidance on maintenance & finalization of Accounts and introduction of internal control system.

B) Coverage of the Audit: The audit will cover the period from 1st April 21 to 31st March 2022.

C) Scope of Audit:

a) To carry out Internal Audit function which will involve checking of all the fund inflows and outflows, verification of cash and Bank transactions on a monthly basis, checking of Bank reconciliations and fixed assets as per records, statutory compliances and other related issues as per the requirement of the Institute.
b) To offer professional guidance in respect of Income Tax, GST and, other statutory matters etc. The firm will ensure compliance with GST rules and procedures and enable NITIE to prepare and submit response to queries/notices and other Income Tax office related matters etc.
c) To ensure timely preparations and certification of the Annual Accounts for timely submission to C&AG Statutory Auditors for further compliances.
d) To submit half yearly Internal Audit Report to the Director of the Institute.
e) To depute qualified persons on a regular basis to the Institute under regular supervision by a Chartered Accountant.
f) Understanding the Internal control framework of the organization and suggesting improvements, if any.
g) Suggesting/recommending the Institute management in framing/defining the policies, procedures and practices, and its documentation thereof.
h) Verification of Investments, Cash &Bank, Inventory and stock etc.
i) Commenting on the adequacy of transaction segregation between Indian account and the Foreign Account (FC Account).
j) Designing and recommending controls in respect in respect of any gaps in the existing system.
k) Verification of financial performance of various projects undertaken in the Institute.
l) Verification and Certification of Grant Utilization Certificate as per GFR.
m) Providing information to CAG auditors regarding internal audit and control mechanism(s).
n) Verification of all opening and closing balances, and ensuring that they are properly classified into assets and liabilities with proper identification of accounting groups.
o) Recognition of transactions as revenue or capital and reclassification of opening balances between revenue and capital.
p) Budgetary control as per allocation and budgetary provisions for the Financial Year.
q) Supporting management in development of internal control manual for each department/division.
r) Consideration of the other laws and regulations in the course of internal audit assignment.
s) Attend meetings and express opinions on any specific issues that may be required by the Board from time to time.
t) Report on variations against any budget or project allocation from time to time.
u) Report on temporary diversion of funds between projects.
v) Any other matters that may be required by the board or the management from time to time.
w) Chartered Accountant firm will assist to prepare draft and final reply to CAG office on transaction and financial audit observations.
x) After the audit of each department the auditor should prepare the procedure for the internal checks, and audit manual in phase-wise manner as a time bound activity to be completed within one year.
y) Chartered accountant firm will make presentation to Institute finance committee about overall observation and financial health of the Institute as per the Institute requirement.
z) The firm should ensure regular attendance of their assistants in the institute for day to day vouching, ledger scrutiny, and other assigned matters under the supervision of Chartered accountant.

D) Timeline: Time Auditor will submit their report along with executive summary on month to basis covering the backlog period.

E) Eligibility and selection

Eligibility Criteria: Any interested chartered Accountants Firm shall be eligible to apply for the assignment subject to meeting the following eligibility criteria.

1) The Firm should have minimum of 5 years of experience.

2) The Gross Turnover of the firm for the previous financial year should be 15 lakhs or more.

3) CA should involve fully in submission of report and discussion on internal Audit matters.

Submission of Proposal: Interested eligible Chartered Accountant firms shall apply for the assignment in the format along with required information and documents as per the format given in Annexure-I, II, and III within due date and time for submission i.e. On 02.11.2021 by 5.00 pm.

Annexure I and II should be submitted in one envelope, and Annexure III i.e. Financial Bid, duly super subscribed, should be submitted in separate envelope. The proposal must be submitted to the following address:

The Registrar
National Institute of Industrial Engineering
Vihar Lake Road, P.O. NITIE, Mumbai-400087

Evaluation of Proposal: The technical proposal of the eligible applicants’ firms shall be evaluated on the basis of empanelment status, work experience and financial and technical capacity.

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