Empanelment of CA Firm for Internal Audit of Bhubaneswar Smart City Limited

Empanelment of CA Firm for Internal Audit of Bhubaneswar Smart City Limited Bhubaneswar Smart City Limited (BSCL) was incorporated under the Companies Act, 2013 on 8th March, 2016 as a Special Purpose Vehicle (SPV) Company of the Govt. of Odisha with equity participation of Govt. of Odisha, Bhubaneswar Municipal Corporation (BMC) and Bhubaneswar Development Authority (BDA) with the authorized capital of Rs.500 Crores to develop Bhubaneswar Smart City as per the Guidelines of the ministry of Urban Development, Government of India.

Project Objective

In order to enhance the operational efficiency through internal audit and assisting BSCL, it wishes to empanel Chartered Accountants Firms for a period of 5 years for providing Internal Audit and other financial services. BSCL shall select the Chartered Accountants Firm from the empaneled list. The selected Chartered Accountants Firm will be appointed/engaged initially for a period of l(one) year and may be renewed based on satisfactory performance and mutually agreed terms and conditions.

Scope of Services

An indicative list of services which are expected to be offered by the shortlisted CA Firm are as follows: 1. To verify the Books of Accounts of the Company as per Companies Act,2013 including areas of Internal Finance Control and Income Tax Act etc. 2. Verification of the Cash Book and Bank book on monthly basis. 3. To verify the quarterly receipt and payment statement to be placed before the Board. 4. Verification of accuracy of TDS deduction and returns filed in prescribed forms with tax authorities, Return Filing of TDS/TCS. 5. All financial day to day transactions to be pre-Audited. 6. To verify daily report submitted by concerned departments. 7. Internal Audit to be done on a daily basis during office hours by qualified Chartered Accounts by deputing the Auditor to BSCL, whenever required. 8. To submit Quarterly Internal Audit report for Audit Committee and Board Meeting. 9. To verify the Statutory Compliance like EPF, TDS, VAT, TCS, and Service Tax etc. as applicable to the Company. 10. To suggest/advise the Board of Directors and Management of the Company in the matters of Income Tax and other tax related matters in financial issues.

Eligibility Criteria

Chartered Accountants Firms fulfilling the following eligible criteria as listed below shall be empaneled with BSCL. Any form of Joint Venture / Consortium of Firms will not be allowed for participation in the empanelment process. The eligibility criteria are as follows:

• The Chartered Accountants Firm should be a partnership Practicing Firm of Chartered Accountants registered with the Institute of Chartered Accountants of India.
• The Chartered Accountants Firm should be in Practice for a period of not less than 25 years and empaneled with C&AG of India for the financial year 2020- 21 (as per the latest Certificate as on 01/01/2022 Firm Status Card and C&AG empanelment letter)
• Have at least ten fulltime FCA partners who are associated with the firm for more than 5 years, and 5 fulltime FCA partners having more than 10 years' experience. out of which at least three FCA partners should be stationed at Bhubaneswar.
• Have average professional fees of Rs.200 (Two Hundred) Lakhs or above in the last 5 financial years 2016-17.2017-18, 2018-19, 2019-20 .2020-21(Audited financial statements & ITRs to be submitted).
• Have Head Office at Bhubaneswar City. Proof as approved by the Institute of Chartered Accountants of India must be produced.
• Should have never been issued notice for failure to submit deliverables and cancellation of work order, forfeiture of EMD, etc. by any Government and/or semi Government/ Autonomous entities. An undertaking to be submitted by the Firm to that effect.
• Should not have been barred from appointment by any government and/or semi government/ Autonomous entities. An undertaking to be submitted by the Firm to that effect.
• Have adequate experience in Internal Audit in Govt/PSU/corporations/Societies & other Sector.
• Have adequate experience in rendering professional services in ULBs.
• Have experience of conducting Audit in Ind AS environment.
• Have Adequate staff strength to conduct the Audit
• Should Submit Audit programme Methology, Work plan to conduct the Audit.
• At least One of the partners should have Adequate experience as procurement expert in Govt Sector.
• At least One partner should be forensic audit qualified & Ind AS qualified.
• Those firms/agencies who the already conducted internal Audit in BSCL for last years are not eligible to apply in view of rotation policy.

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