Empanelment of CA Firm for Internal Audit of Engineering Projects India Limited

Engineering Projects (India) Ltd., (EPI) invites tender for Appointment of Internal Audit for F.Y. 2021-22 for Southern Regional office (SRO) as per the terms & conditions mentioned below:

1 Invitation from the firms of Chartered Accountants be made in sealed quotations(Two envelops one for Technical (should contains NIT, Annexure A, B & C) and one for Financial Bid (should contain Price Bid) basis by SRO.

2 Firm Registered in anywhere in India are eligible to submit quotations.

3 Quotations received shall be scrutinized based on the eligibility criteria. The financial bid of the qualified eligible bidder(s) only shall be opened and the final selection will be made based on lowest financial quote.

4 In case of non-acceptance of appointment letter of the selected firm, the firm placed next in panel may be offered appointment by the Regional Office. The offer once submitted by the firm has to be a binding offer and firm is not allowed to withdraw the acceptance of appointment.

5. Quotations received after due date and time shall not be accepted and rejected out-rightly without assigning any reasons.

6 For the purpose of conducting Internal Audit for FY 2021-22, EPI intends to invite quotations from the practicing firms of Chartered Accountants who have adequate experience in the field of Statutory/Internal Audits. EPI intends to appoint separate Internal Auditor for each Regional Office.

7 EPI may consider the reappointment (subject to recommendations of committee formed for evaluation of performance of Internal Auditor) for financial years FY 2022-23 and FY 2023-24 on the same fees, terms and conditions but EPI reserve the right to issue letter of appointment for FY 2022-23 and FY 2023-24 only on commencement and completion of Internal Audit for FY 2021-22 and FY 2022-23 respectively.

8 The list of the on-going works under the control of our regions, projected turnover for the year, scope of work, eligibility criteria, commercial terms and conditions are enclosed for your reference.

Eligibility Criteria

The following shall be the basis of points for the eligibility and selection. Selection will be made on the basis of attainment of points as per the following Quality Cost Based System (QCBS):

1. Year of establishment of the firm to be given (Minimum 5 years old)

(cut-off date for eligibility – 31.3.2021)

Documents must be submitted by the firm along with the offer: Copy of firms FRC with the ICAI is to be submitted

2. Completion of Internal Audit assignment of CPSE/State PSU/department or institutions of state Govt. and autonomous Bodies/ltd companies/pvt. Ltd companies in firms own name, engaged in construction activities in last 5 years ending FY 2020-21

Documents must be submitted by the firm along with the offer: Copy of the completion certificate indicating the completion of Internal Audit by CPSE/State PSU/department or institutions of state Govt. and autonomous Bodies/ltd companies/pvt. Ltd companies engaged in construction activities in last 5 years ending FY 2020-21.

3. No. of Partners in full time practice and/or full time employees, who are qualified chartered Accountants.

Documents must be submitted by the firm along with the offer: List of Active Partners in full time practice and/or full time employees as on 31.03.2021.

Commercial Terms and Conditions for Internal Audit Firms:

• Invitation from the firms of Chartered Accountants be made in sealed quotations (Two envelopes one for Technical and one for Financial Bid) basis by each Regional Office.
• Quotations received shall be scrutinized based on the eligibility criteria. The financial bid of the qualified eligible bidder(s) only shall be opened and the final selection will be made based on lowest financial quote.
• In case of non-acceptance of appointment letter by the selected firm, the firm placed next in panel may be offered appointment by the Regional Office. The offer once submitted by the firm has to be a binding offer and firm is not allowed to withdraw the acceptance of appointment.
• Quotations received after due date and time shall not be accepted and rejected out-rightly without assigning any reasons.
• The auditor to be appointed only for a period of one year i.e. FY 2021-22.EPI may consider reappointment (subject to recommendations of committee formed for evaluation of performance of Internal Auditor) for financial years FY 2022-23 and FY 2023-24 on the same fees, terms and conditions but EPI reserve the right to issue letter of appointment for FY 2022-23and FY 2023-24 only on commencement and completion of Internal Audit for FY 2021-22 and FY 2022-23 respectively.
• EPI reserves the right to cancel the appointment of Phase II /or not to extend the appointment for IInd year/IIIrd year, even if appointed without assigning any reasons, if in case the performance of the firm during the Ist Phase/or for FY 2021-22/FY2022-23 appears/considered to be not satisfactory. The firm shall not have any right of claims due to such withdrawal of assignment.
• The audit report be submitted by the firm not later than 5 days after completion of Internal Audit and the draft report is required to be discussed with Regional In-charge failing which the same shall not be acceptable.
• Payment shall be released on completion and submission of both phase audit report to the Audit committee.
• Each firm is required to put a team consisting of minimum two employees for a period of 15 days (total 30 man-days) out of which one employee must be final qualified chartered Accountant.
• The books of accounts/records for various running or closed projects, PCOs and offices will be made available at one location i.e. at the regional office.

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