Empanelment of CA firm for Internal Audit of Jharkhand Urja Sancharan Nigam Ltd.

Introduction

Jharkhand Urja Sancharan Nigam Limited (JUSNL), a wholly owned subsidiary of Jharkhand Urja Vikas Nigam Limited (JUVNL), hereinafter referred to as Company is engaged in Transmission of power in the state of Jharkhand. JUSNLhas its Head Office (HO) at Ranchi (Jharkhand) and functions with the field offices layered into jurisdictional hierarchy of Five Transmission Zone, Eight Transmission Circle’s, Transmission Division’s & one Central Store (CS).

At Headquarters (Hqrs.), there are various departments such as Finance, HR, IT, Civil, C&RA, C&M, SLDC Planning, Inspection and Projects. Each department is headed by General Manager and the project departments are supported by respective finance wings. The Finance function at the Hqrs. is sub-divided into various functional departments/sections e.g. Accounts and Internal Audit under the overall control of respective General Manager’s (F&A).

Qualifying Criteria (Eligibility conditions)

Form of Entity

Firms of Chartered Accountants/ Cost Accountants

Tenure of Establishment

Head Office should be situated in State of Jharkhand and branch office in Ranchi.

No of Partners

5 (Five) full time working partner in the immediately preceding three financial years and should upto 31.03.2021

Turnover of Firm (Professional Receipts)

Rs 50 Lakh or more in each of immediately preceding four financial years

Experience

Minimum of 5 assignments in total of Internal Audit, during last Five Financial Year(FY) including the FY of bidding i.e., if the bid is submitted in FY 2021-22 then experience during last Five Years should be starting from 2016-17 and upto 2020-21 preferably in Power Sector. Assignment relating to physical verification of stock, fixed assets, etc. which are mere counting of physical items against book quantity and not an independent check and / or audit on the functional & system control, shall not be considered as Internal Audit experience.

Other

• Valid PAN
• Valid GSTIN Registration
• No Proceedings are pending w.r.t the Firm and / or Partner in any Court of Law in India or before any Disciplinary Committee of ICAI / ICAI (Erstwhile ICWAI)/ ICSI or any other professional institutes / bodies. An affidavit in this regard is required to be submitted.

Evaluation Criteria for Selection of Internal Auditor (Selection Criteria)

Tenure of existence of Firm

• More than 10 and less than 15 Years: 7 Marks
• More than 15 Years: 10 Marks

No of Partners

• 2 Marks per FCA/FCMA upto maximum of 10 Marks
• 1 Marks per ACA/ACMA upto maximum of 7 Marks

Semi-Qualified Personnel (Employee’s not Article’s)

• 0.5 Marks for each Staff
• Semi Qualified Professional continued during last 3 immediately preceding financial years shall be considered

Associate/Fellow member of ICAI/ ICAI-CMA (Employee)

• 1 Mark for each Staff
• Qualified Professional continued during last 3 immediately preceding financial years shall be considered

Turnover of Firm (Professional Receipts)

• In each of last 4 immediately preceding financial year
• Rs 50.00 lakh to Rs 75.00 lakh: 5 Marks
• Rs 75.01 lakh to Rs 100.00 lakh: 8 Marks
• More than Rs 100.00 lakh: 10 Marks

Office

2 Marks per Branch in Jharkhand and 1 Mark for HO in Ranchi as per the eligibility criteria.

Experience

Internal Audit – 2 Marks per Assignment of Corporation / PSUs/ Limited Companies, having turnover of Rs 50 Crore or more. The Experience of preceding 5 years shall only be considered. Experience in One Corporation/ PSU/ Limited Company for the period up to 3 consecutive years will be considered as one term of assignment. (Maximum – 6 Marks)

Internal Audit in Power Distribution Company – 5 Marks per Assignment. The Experience of preceding 5 years shall only be considered. Experience in One Corporation/ PSUs/ Limited Companies for more than 1 year will be considered as one assignment only. (Maximum – 30 Marks)

Statutory Audit Assignment in Power Distribution Company- 1 Mark per Assignment. The Experience of preceding 5 years shall only be considered. Experience in One Corporation/ PSUs/ Limited Companies for more than 1 year will be considered as one assignment only. (Maximum – 4 Marks)

Responsibility of Bidder

a) The bidder is expected to examine and confirm to all instructions, forms, terms and specifications in the RFP document before submission of RFP. Failure to furnish and / or not complying with RFP conditions towards all the instructions, forms, terms and specifications in the bidding document may be treated as non-responsive and result into rejection of the RFP without seeking any clarification.

b) It shall be sole responsibility of the bidder to determine and satisfy themselves by such means as they consider necessary or desirable for all matters pertaining to this RFP including, in particular, all factors that may affect the cost, duration and execution of the work.

c) The bidder shall entirely & exclusively bear all costs and expenses associated with attending Pre-RFP conference, discussions, presentations etc and providing any additional information, development, preparation and submission of RFP Document. JUSNL will in no case shall be held liable for those costs and expenses regardless of the outcome of the bid.

General Terms & Conditions

a) All the sections of both; Part-1: Technical Bid &Part-2: Professional Fees cum Price Bid has to be filled in. Any section left blank would be considered as zero for evaluation. Please write “Not Applicable” wherever necessary.

b) Any RFP document submitted in a manner other than as set out in this RFP document and / or attaching any condition shall not be treated as eligible and rejected in the selection process.

c) This Request for Proposal (RFP) document has been prepared solely to enable JUSNL for framing Risk Based Internal Audit model for further strengthening Internal Controls in the company. The RFP document is not a recommendation offer or invitation to enter into a contract, agreement or other arrangement in respect of the services.

d) Participation in this RFP in the form of a Consortium and/or Joint Venture is not allowed.

e) No binding relationship will exist between any of the Bidders and the Company until constitution of the contract.

f) The Internal Auditors engaged under this RFP will not be eligible to take-up any other Job/Services/Work for the Company till the continuance of the engagement.

g) No preference based on size and geographical location will be considered for the purpose of selection. All participants to the RFP will be treated with same status.

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