Empanelment of CA Firm for Internal Audit of National Textile Corporation Limited

National Textile Corporation Limited, (hereinafter referred as “NTCL”) is a schedule “A” Central Public Sector Enterprise under the Ministry of Textiles, Government of India, having turnover of approx. Rs 1100 crores, engaged in production of yarn and fabric through its 23 mills in operation, located all over India with 8.03 lakhs spindles and 408 looms producing around 550 lakhs kgs of yarn and 200 lakhs meters of fabric per annum.

The textile industry has been hit adversely by ongoing Covid-19 Pandemic resulting non-operation of Mills for past 1.5 yrs which in turn have resulted reduced number of transactions in Mills.

Overview of Internal Audit

With a view to have independence of the internal audit and to further strengthen the internal audit system, the Corporation proposes to appoint reputed, well experience Chartered Accountants/ Cost Accountants firms having certificate of practice for not less than 5 years to undertake the internal audit work at various units across India. Internal audit is an independent appraisal function of the Corporation. It objectively examines, evaluates and reports on the internal control systems after thorough verification. The internal auditor should identify and evaluate the organization’s internal control system as a basis for reporting upon its adequacy and effectiveness.

The internal auditor should ensure adherence to management policies and directives, safeguard of assets, completeness and accuracy of records and compliance with statutory requirements etc. He should be able to exercise judgment, express opinions and present recommendations with impartiality. The internal audit, notwithstanding his employment by the Corporation, should be free from any conflict of interest. Internal auditor should ensure coverage of all areas mentioned in the scope of work. Standard Checklist provided as Annexure “IX” should also be submitted along with the Internal Audit report. (Standard Checklist is supplementary to the main Internal Audit Report).

Before issuing the final report, the internal auditor should normally discuss the contents with the Unit Head, and may submit a draft report to them, for confirmation of factual accuracy and their comments. He should ensure that arrangements are made to follow up audit observations to monitor what action has been taken on them. Final internal audit report along with its Unique Document Identification Number (UDIN) is required to be submitted to the HO under copy to respective unit and regional office. The Audit report should include audit findings, Comments of the branch, recommendations and conclusions of the audit.

Scope of Work

Detailed Scope of Work has been provided as:

• Scope of Internal Audit for Mills as Annexure ‘VII’.
• Scope of Internal Audit for Head Office / Regional Offices as Annexure ‘VIII’.

Term & Conditions for:

Other than Central Internal Auditor

• Should have their Branch Office/ Registered Office in same state of unit applied.
• Firm must be a Partnership Firm/ LLP.
• Firm must have experience in Government/ PSU/ Autonomous organization.
• Firm must have experience in manufacturing sector (preference will be given to the firm having experience in textile sector).
• Firm must have a certificate of practice for 5 Years or more as partnership firm/LLP.

General Terms and Conditions

i. Bids are valid for 90 days from the opening of the Bid.

ii. In case audit performance is not found satisfactory, the firm can be removed after giving one month notice during the engagement period of one year. In this case the next firm in the line of L-1 shall be called upon to accept the engagement provided he agrees for L-1 fees.

iii. The assignment of internal audit of units have been clubbed wherever necessary considering volume of work and location.

iv. Partially filled technical bid forms will be rejected.

v. Tender of Proprietor firm will be rejected.

vi. All tender documents listed in tender documents must be enclosed the bid.

vii. Firm should sign and seal relevant annexures wherever their signatures are required.

viii. Firm having any partner who has retired from the services of NTCL in the last two years prior to FY 2021- 22 shall not be considered for this engagement as it affect the independency of internal audit.

ix. Firm who was assigned the job of internal / statutory / cost /GST audit in any of the units for 3 consecutive years prior to FY 2021-22 shall not be considered for this engagement of appointment in any unit across India.

x. Failure to furnish all information required as per the Bidding Document may result in the rejection of the Bid.

xi. NTC reserves the right to accept or reject any Bid and to annul the Bidding process and reject all Bids at any time prior to award of contract without assigning any reason whatsoever, without thereby incurring any liability to the affected Bidder or Bidders or without any obligation to inform the affected Bidder or Bidders of the grounds or the reasons for the said action.

To Read More Download PDF Given Below: