Empanelment of CA Firms for Concurrent Audit of SIDBI

Small Industries Development Bank of India is inviting for (RFP) for Concurrent Audit of Operations of Branch Office of SIDBI. SIDBI is the apex regulatory body for the overall licensing and regulation of micro, small and medium enterprise finance companies in India. It is under the jurisdiction of the Ministry of Finance, Government of India headquartered in Lucknow and has its offices all over the country.

The last date for submission of the application on 24 June 2022.

Details for RFP are given below:

1. Tender No & issue date: 400/2023/1700/BYO/IAD/AV, June 03, 2022.

2. Brief description of tender: Request for Proposal for appointment of Concurrent Auditor for Branch office operations of SIDBI.

3. Last date for seeking clarifications for the pre-bid meeting: is June 13, 2022,1700 hrs.

4. Pre-Bid meeting (no clarifications would be given after pre-bid meeting): June 15, 2022, 1100 hrs.

5. Last date for submission of bids: June 24, 2022, 1530 hrs.

6. Address for Bid Submission of pre-bid :

The General Manager Audit Vertical SIDBI,
4th Floor, SIDBI TOWER,
15, ASHOK MARG, LUCKNOW – 226001,
Ph: 0522-2288546-50,
E-mail: [email protected]

7. Date & Time of Opening of Minimum Eligibility bid & Technical bid: June 24, 2022, 1600 hrs.

8. Earnest Money Deposit: ₹.1,50,000/- (Rupees one lakh fifty thousand only)

9. Date and time of opening of commercial bids: To be intimated at a later date

10. Bid Validity: 180 days from the last date of bid submission.

11. Presentations to be made by bidders: The bidders are required to arrange for Presentation. Date would be intimated after bid submission.

12. Contact details of SIDBI officials:

Shri V. Sridharan, General Manager Audit Vertical SIDBI,
4th Floor, SIDBI TOWER,
15, ASHOK MARG, LUCKNOW – 226001
Ph: 0522-2288546-50,
E-mail: [email protected]

Shri K.R. Samuel, Dy. General Manager Audit Vertical SIDBI,
4th Floor, SIDBI TOWER,
15, ASHOK MARG, LUCKNOW – 226001,
Ph: 0522-2288546-50
E-mail: [email protected]

Eligibility Criteria:

• To show proof of valid registration with the Institute of Chartered Accountants of India (ICAI)/Institute of Cost Accountants of India (ICAI)/Institute of Cost Accountants of India (ICAI)/Institute of Cost Accountants of India (ICAI)/Institute of Cost Accountants of India (ICAI)/ (ICMAI).
• To be a Chartered Accountant partnership firm/LLP with a minimum of 10 partners, at least 5 of whom must be FCAs (s). At least five partners should have been with the firm for at least five years, and another five should have been with the firm for at least three years.
• Minimum of five years’ experience conducting concurrent audits in Scheduled commercial banks, primarily in the areas of loan dispensation under Direct Credit / MSME finance and other day-to-day bank operations, in the last ten years as of 31 March 2022.
• The bidding company should not have been verified/blacklisted/banned/barred/disqualified/prohibited by the Government of India or any state government or any regulator or any court of law, including NCLT/NCLAT or any quasi-judicial authority or any other statutory authority, as of the date of bid submission.
• Starting in FY2017, the Bidder must have annual revenue of at least Rs.2 crore in any three of the prior five financial years.
• The bidder must be eligible for a contract term of at least three years, beginning in July 2022.

General Terms and Condition:

• The contract would initially be assigned to the selected firm/LLP of Chartered Accountants for a period of one year (01), with the option to extend for a further two years (extended for one year at a time) if the performance is found to be satisfactory upon review and at the sole discretion of SIDBI. The proposed assignment would be subject to periodic review at SIDBI’s discretion and might be discontinued at any time if not judged satisfactory, with a 15-day written notice.
• Terms & Conditions:
  • The applicant appointed as concurrent auditor shall appoint a CA or former bank officer as the “Designated Auditor” for each branch under the area, who will lead the concurrent audit team and be lawfully authorised to work on behalf of the firm by the FCA partner of the CA firm/LLP. The Designated Auditor would be required to present proof of identification and address, as well as specimen signatures, along with a request for a biometric enabled unique login ID for system access. Every working day, the Designated Auditor would have to log in and out of the system. Every working day, the Designated Auditor would have to log in and out of the system. On conclusion of the concurrent audit term or any change in the Designated Auditor by the firm/LLP, the Designated Auditor would be required to surrender the login ID.
  • For Concurrent Audit, the audit team composition and attendance requirements should be set as follows:
    • The firm’s or LLP’s authorised FCA partner, who must visit the branch office at least four times each month.
    • Chartered Accountant / Retired Bank Officer who will visit the branch at least 20 days per month, ideally on all working days.

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