Empanelment of CA Firm for Internal Audit of Central University of Tamil Nadu

Background:

Central University of Tamil Nadu (CUTN) is an institution of higher education established by an Act of Parliament in 2009. The University aims at the fashioning of an enlightened society founded on a relentless pursuit of excellence through innovation in teaching-learning process, interdisciplinary studies and research. Central University of Tamil Nadu follows Accrual Basis of Accounting as per standard accounting practices applicable. The accounts of the University are prepared as per the prescribed Guidelines and Format for Financial Statement applicable to the Central Higher Educational Institution, issued by Ministry of Human Resource Development, Govt. of India which will be made available to the selected firm. The Accounts of the University are maintained in Tally ERP Package.

Eligibility Criteria

Any interested Chartered Accountants’/Cost 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 in the profession.

2. Firm should have minimum of two partners for not less than 3 years continuously.

3. Must be registered under Income Tax / Goods & Service Tax Act. (Self- Attested IT PAN/GST Registration Certificates to be furnished.)

4. The Firm or any partner of the firm should not have been blacklisted by any Government departments, C&AG, PSUs or any other organization in respect of any assignment or behavior (Self Declaration should be submitted in the format enclosed- Annexure-V).

5. The annual average turnover of the interested firm should not be less than Rs.15 Lakhs for last three financial years i.e. 2018-19, 2019-20 and 2020-21 (Copy of Audited P&L A/c, BS and IT Returns should been closed).

6. The Firm should have conducted either statutory audits and/or internal audits of at least three Autonomous Bodies/Statutory Bodies/Educational Institution/PSU (Not including Banking Companies) with Minimum Annual Turnover of Rs. 15 Crore each.(Work orders issued by the client/ Auditee should been closed).

The Annual Turnover for each Autonomous Bodies/ Statutory Bodies/ PSUs/ Educational Institutes (except Banking Companies) shall be as per their Audited Financial Statements for any financial year during 2018-19, 2019-20 and 2020-21.In case the firm has carried out the statutory audit/ internal audit for a branch(s), then the turnover of only that branch(s) will be considered.

Scope of Work:

The Firm shall be responsible for the following works –

i. Auditing for the financial year 2020-21 and 2021-22.
ii. Independently review and appraise the systems of control;
iii. Recommend improvements to internal controls;
iv. Ascertain the extent of compliance with procedures, policies, regulations, statutory obligations and other legislations;
v. Ascertain Compliance to CUTN Act 2009, instruction of C&AG, Standard Accounting Practices and Guidelines of the Finance Committee / Executive Council;
vi. Facilitate good practice in managing risks effectively;
vii. Ensure that assets and interests are safeguarded from fraud, deter fraudsters and possibly identify fraud.

General Terms & Conditions

i. Financial Bid will be opened only of the Bidders who will be qualified in the Technical Bid.

ii. The CUTN will finally contact only those Bidders meeting the requirements including the rates.

iii. The decision of acceptance of the quotation will lie with the competent authority of CUTN, who does not bind himself to accept the lowest quotation and who reserves the right to himself to reject or partially accept any or all quotations received, without assigning any reason.

iv. Bidders are advised to satisfy themselves about the quantum of work before submitting their Bids; no extra charges consequent on any misunderstanding or otherwise shall be allowed.

v. At any stage during finalization of Tender process, the competent authority of the CUTN is free to use any evaluation metrics/ weightage or take help of any consultant, as required in selecting the successful agency/ agencies and we agree to abide by it.

vi. Canvassing directly or indirectly in connection with the Bid is strictly prohibited and Bids submitted by the Tenderer who resort to canvassing will be summarily rejected.

vii. This Notice Inviting Tender will form part of the contract document including additional terms/additional conditions and other related papers, if any, forming the Bid as issued at the time of invitation of Tender and acceptance thereof together with any correspondence leading thereto of the contract document.

viii. The successful Bidder on acceptance of his Bid by accepting authority and signing of the contract consisting of the notice inviting Tenders and all the other relevant documents including additional conditions if any forming the Bid as issued at the time of invitation of Tenders and acceptance thereof together with any correspondence leading thereto, s hall commence with the internal audit of the F.Y.2021-22.

ix. The agency shall not sublet the work or part of the work.

x. Payment for the services will be made only after successful completion of audit, related other work and submission of related reports etc. as per agreed terms. Income Tax / GST TDS will be deducted as per rules.

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