Empanelment of CA Firms for Internal Audit of Gujarat Metro Rail Corporation

The Gujarat Metro Rail Corporation invites application from Chartered Accountants Firms to do internal audit of Gujarat Metro Rail Corporation (GMRC) Limited.

The Tender Documents for Appointment of Internal Auditor from 01-07-2022 to 30-06-2023 for Gujarat Metro Rail Corporation (GMRC) Limited contain brief information about the Project and the Works to be executed and various steps involved in the tendering process. The information contained in the Tender Documents or subsequently provided to Tenderer(s), whether verbally or in documentary or any other form by or on behalf of Gujarat Metro Rail Corporation (GMRC) Limited (hereinafter referred as “GMRC” or “the Company”) or any of its employees or advisors, is provided to Tenderer(s) on the terms and conditions set out in the Tender Documents and such other terms and conditions subject to which such information is provided.

The Tender Documents are not an agreement and is neither an offer nor invitation by GMRC to the prospective Tenderers or any other person. The purpose of the Tender Documents is to provide interested parties with information that may be useful to them in making their bids pursuant to the Tender Documents.

PURPOSE

The Internal Audit service is responsible for providing an independent audit of the entire project and operational activities, financial or otherwise. It should provide a service to the whole organization, including all the levels of management. It is not an extension of, nor a substitute for, good management, although it can have a role in advising management. The Internal Audit service is responsible for evaluation and reporting to the Board through Director Finance and thereby providing assurance on the arrangements for Risk Management, Internal Control, Corporate Governance & Quality of Data.

Based on above, GMRC invites tenders from Chartered Accountant Firms to conduct risk based assessment, identifying the potential risk areas and agree on an annual concurrent internal audit plan for the period from 01-07-2022 to 30-06-2023 and may be extendible on mutually agreed terms for further two years.

ELIGIBILITY CRITERIA:

1. The Firm should be Category-I as per ranking provided by ICAI on the date of tender.

2. Gross Receipt of the firm from Audit and Attestation should be more than 50 Lakh during FY 2020-21.

3. The Firm should be existed for at least 15 years on the date of tender.

4. Firm should have at least 5 CAs out of which at least 3 should be Partners.

5. Any kind of Audit assignments i.e. Statutory Audit, Internal Audit, Pre Audit or Concurrent Audit of At least one PSUs/Authorities/Organisations/ Trust/Mission etc. mentioned in the Appendix attached herewith should be carried out in last 3 Years by the firm. (FY 2020-21,FY-2019-20 & FY 2018-19).

6. Internal Audit of at least one Metro Rail Projects in last 5 years (Internal Audit should be for entire one Financial Year).

or

At least one internal audit Assignments of an entity of Infrastructure in nature with the capitalisation of not less than Rs.1500 Cr. during last 5 Years.

7. Registered office of the firm should be in Gujarat (Registered office is not in Gujarat, Two Full Time Branches should be in Gujarat for at least 3 years on Full time basis).

Bidder must meet the above Eligibility Criteria to become technically compliant.

Definition:

1. Infrastructure Project: Road, Bridge, Port, Railways, Canal, Power Sector, Airport

2. Entity of infrastructure: Private Limited or public Limited company dealing with the area as outlined in the definition of infrastructure.

3. Metro Rail Corporation: Company implementing metro rail project. Experience with a company who is operating metro rail system shall also be considered as metro rail experience, even if there was no role in construction stage.

SCOPE OF THE WORK

The Internal Audit Service will consider the adequacy of controls, necessary to secure propriety, economy, efficiency and effectiveness in all areas. It will seek to confirm that management have taken the necessary steps to achieve these objectives and manage the associated risks.

The scope of Internal Audit work should cover all projects, operational and internal financial control and should not be restricted to the audit of systems and controls necessary to form an opinion on the financial statements.

The audit will be carried out in accordance with the relevant standards of auditing published on time to basis, and will include such tests and controls as the auditor considers necessary under the circumstances. The scope & responsibilities of the Internal Audit function includes the following both in the project phase and the operational phase.

PERIOD OF INTERNAL AUDIT

The period of internal audit would be from 01-07-2022 to 30-06-2023 and it shall be running concurrently with the year during which the audit is done. Audit observations noticed during concurrent audit shall be rectified immediately. An audit report will be submitted in four phases of three months each ending on 30th September, 31st January, 31st March and 30th June. The quarterly audit report should include the findings / observations of at least two process audits. The Contract/ Internal Audit, initially shall be for the period from 01-07-2022 to 30-06-2023, which will be further extendable for two financial year on mutually agreed terms & conditions.

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