Empanelment of CA Firm for Statutory Audit of The Institute of Cost Accountants of India

Empanelment of CA Firm for Statutory Audit of The Institute of Cost Accountants of India The Institute of Cost Accountants of India (erstwhile The Institute of Cost and Works Accountants of India) is a statutory body which has the role of promoting, regulating and developing the profession of Cost Accountancy. The Institute was established by a special act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of Cost and Management Accountancy. It has since been continuously contributing to the growth of the industrial and economic climate of the country. The Institute of Cost Accountants of India is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy. The Head Office is situated at 12, Sudder Street, Kolkata 700 016 and operates through Delhi Office, Four Regional Councils at Kolkata, Chennai, Delhi and Mumbai as well as 113 chapters situated elsewhere in India.

Pre-Qualification Criteria of the CA Firm

The bids of only those firms will be considered, which satisfy the following eligibility criteria:

a. The Chartered Accountant Firm should be registered with The Institute of Chartered Accountants of India (ICAI) and have Income Tax Permanent Account Number (PAN) and GST Registration

b. The firm should have been in operation for minimum 12 years after its registration and at least 5 years’ experience in Audit of Annual Accounts of Central Autonomous Bodies / Public Sector Undertakings/Statutory Bodies.

c. The average gross profession fee received / earned by the firm in the last 3 financial years (2018-19, 2019-20 and 2020-21) must be equal to or more than Rs.50.0 lakhs per annum.

d. The Chartered Accountant firm should have at least 5 partners. The audit firm shall have a minimum of 7 full time chartered accountants of which at least 5 should be full time partners/exclusively associated+ partners. Four Partners should have minimum continuous association of 5 years each and one Partner with a minimum continuous association of one year. The remaining two could be either exclusively associated+ partners or CA employees. There should be at least one year continuous association for both exclusive partners and CA employees. Four of the partners should be FCAs.

e. In addition to the partners, the firm should have minimum 15 Nos. of staff performing audit / accounting work in addition to the Partners, including Article Clerks.

f. In order to avail expertise of the Statutory Auditors it should be ensured that the firm was not been appointed during last three years in the Institute Headquarters, Regional Council and Chapters, if appointed, they shall not be considered for re-appointment.

g. The firm should have their HQ/branch offices in Kolkata and Delhi.

h. The firm should be CAG empaneled

i. Audit shall be conducted by appointed firm only and shall not be allowed to sublet the audit assignment

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