Empanelment of CA Firm for Internal Audit of Indian Institute of Management

Empanelment of CA Firm for Internal Audit of Indian Institute of Management

Scope of Work

Transaction/ Process Audit – On Quarterly Basis. (Report to be submitted within 20 days of end of each quarter).

A. Consultancy Assignments i. Consultancy service on statutory matters to the Institute as and when need arises. ii. Finalization and Certification of Institute books of accounts for financial year closing. iii. Issue the certificate in form no 15 CB relating to remittance in foreign currency as per Income Tax Act, 1961 or other certificates including Utilization Certificates for Grant Based projects, as and when required. iv. Development of Internal checks/ controls measures and risk assessment of the institute, v. Ascertain the extent of compliance with procedures, policies, regulations, statutory obligations and other legislations; vi. Ascertain Compliance to IIM Act 2017, IIM Rules 2018, Regulations of IIM, Shillong, instruction of C&AG, Accounting Standards/ Practices and Guidelines of the Board. vii. Provide reassurance to management that their policies are being carried out with adequate control of the associated risks; B. Internal audit/ Transaction audit of following area/ documents; i) Scrutiny of Cash and Bank Books, Fees reconciliation for fees collected from the students of all courses, MDPs, consultancy and sponsored projects etc. conducted by IIM, SHILLONG. ii) Verification of Bank Reconciliation Statements (All Bank Accounts of IIM, SHILLONG) iii) Scrutiny of General Ledger and Subsidiary Ledger iv) Verification of detailed schedule of interests received on FD investments and calculations of accrued interest invested in various funds (including Corpus etc.) v) Verification of GST, its ITC (input tax credit) transaction (where applicable) and Reconciliation & audit for return purpose vi) Verification & filing of Income tax and TDS transactions & its audit including all other statutory and Tax compliance etc. vii) Consultancy on tax and other statutory matter time to time, viii) Scrutiny of advances to suppliers, contractors, employees, etc. ix) Checking of Bills of Contractors and Payment Vouchers, etc. x) Checking of Fixed Asset Register and Depreciation calculations as per rules. xi) Scrutiny of monthly salary Bill and recovery of PF, NPS, Income Tax, P. Tax, GLIS etc. and payment to respective authority. xii) Verification of correctness of the Trial Balance including the verification of opening ledger balances and suggesting reversal/ year end entries wherever necessary. xiii) Verification of Bill, Payment of Vouchers (Both Cash & Bank), Journal Vouchers and all Records maintained by Accounts Department. xiv) Checking of Payment vouchers with reference to Cheque Register (in case of payment by Cheque/Bank Draft etc.) and with reference to File/Register (in case of payment through RTGS/NEFT/Bank Transfer) xv) Verification of payment of LTC Advance, LTC Claim Bill (after completion of LTC tour) according to the LTC Rules of G.O.I., payments to retired employees. xvi) Verification of invoices raised by various departments of IIM, SHILLONG. xvii) Attending Income Tax/ GST/ other matters with the statutory authorities. The Institute uses Tally ERP 9.0 to record Finance transactions and prepare annual accounts.

Eligibility Criteria:

The interested Bidders shall have to comply with the following criteria to participate in the tendering process- 1. The firm must have either its registered office or branch office in Shillong/ Guwahati for at least 5 years. (Self-Attested copy of Registration Certificate issued by Institute of Chartered Accountants of India// The Institute of Cost Accountants of India to be furnished.) 2. The firm must be registered with the Institute of Chartered Accountants of India/ The Institute of Cost Accountants of India for not less than 5 years as on the last date of submission of this tender. (Self-Attested copy of Registration Certificate issued by Institute to be furnished.) 3. The firm must be having minimum one Fellow partners/proprietor as on the last date of submission of this tender. (Self-Attested copy of latest Constitution Certificate from Institute to be furnished.) 4. The firm must be having a minimum three years of experience (as on 31st March, 2021) in conducting Internal Audit of Central or State Autonomous Bodies/PSUs (Self-Attested copies of Appointment Letters/ Agreements/Work Orders issued by such Autonomous Bodies/PSUs. Preference will be given to the Firms having experience in conducting Internal Audit for Central or State Autonomous Educational Institutions. 5. The firm must have conducted Internal Audit of at least one Central or State Autonomous Bodies/PSU during last three Financial Years i.e. 2018-19, 2019-20 &2020-21. (Self-Attested copies of Appointment Letters/ Agreements/ Work Orders issued by such Central/ State Autonomous Bodies along with proof of claim to be furnished. 6. The firm must be registered under Goods & Service Tax Act. (Self- Attested GST Registration Certificate to be furnished.) 7. The firm must be having minimum Average Annual Income of Rs.20 Lakh during the last 3 Financial Years i.e.2018-19, 2019-20, 2020-21. (Self-Attested copies of Audited Profit & Loss Accounts and Balance Sheets to be attached. A self-declaration may be attached for FY 2020-21) 8. Under Section 25 (1) of the IIM, Act, 2017, The appointment of Internal Auditor are subject to change after four years. 9. The internal auditor appointed under sub-section (1) of Section 25 of the IIM Act, 2017 or any person employed by him shall not have any direct or indirect interest, whether pecuniary or otherwise, in any matter concerning or related to the administration or functions of the Institute.

General Terms and Conditions

1. Amendment of Tender Document

• Before the deadline for submission of tender, the Tender Document may be modified by IIM Shillong by issue of addendum /corrigendum.
• Addendum/corrigendum, if any, will be Published in the Institutes Website and in www.eprocure.gov.in and shall become a part of the tender document. All Tenderers are advised to see the Institute’s Website for addendum/ corrigendum to the tender document

2. Period of Contract

The initial contract period will be for two (2) financial year i.e. FY 2022-23 & FY 2023-24 and extendable by another 2 (two) Financial Years on the same term and conditions at the discretion of the Institute and mutual agreement.

3. Payment and Price Validity:

i) The Firm shall be paid on quarterly basis an amount equal to 1/4th of annual audit fees (or proportionate, if applicable) quoted by the Firm, as agreed by IIMS on submission of quarterly audit reports. ii) The price as quoted by the Firm (in price bid) shall remain unchanged during the contract period. iii) Goods & Service Tax, if any, shall be paid at the applicable rate. To Read More Download PDF Given Below: