Empanelment of CA Firms For Internal Audit of Visakhapatnam Port Trust

Instructions to be Bidder:

1. The tender has to be submitted “On-line” in two bid system failing which the tender will be liable for rejection. The technical bid should contain the scanned copies of all relevant documents as required in this tender notice. The rate should be mentioned on “online” in the Price bid (BOQ) only.

2. The bid received through Fax or E-mail or in any mode other than through online (i.e. through https://www.etenders.gov.in) will be rejected.

3. The bidder shall sign and seal all the documents in the Technical Bid, owning the responsibility for their correctness / authenticity otherwise, it will be rejected.

4. Bid received after the said date and time will be rejected. Hence, such bid shall be returned unopened to the bidder.

5. In the event that the specified date for the submission of bid offers is declared a holiday, then the bid will be received up to the prescribed time on the next working day.

6. Any change that will be made in the tender document by competent authority after issue of tender will be intimated in the form of corrigendum for incorporating the same in the tender document in the VPT website.

7. No alteration and addition anywhere in the tender document are permitted. If any of these are found, the tender document will be summarily rejected.

8. The tender will be valid for a period of 90 days from the date of opening of tender. The firm quote shall remain valid for 90 days from the last date of submission of the tender. Validity of price bid shall be 90 days from the date of opening of the Tender.

9. The bidder or authorized person of the bidder is allowed to take part in the opening of bid and for the same they should submit the identification card or authorization letter. Absence of bidder or representative shall not impair legality of the opening procedure.

10. The Port may verify the original documents of the Copies submitted by the Bidder during evaluation or at any time, if required. In case the documents submitted by the bidders found to be forged/ false, the port will take appropriate penal action including cancellation of the work order issued and blacklisting of the firm/ company for a period of 3 years, forfeiture Bank Guarantee either jointly or severally.

General Terms & Conditions

1. Period of Contract: The Period of engagement of consultant shall be for 2 (Two) years from 01/10/2021. If VPT feels satisfied with services provided during the period of contract, the contract may be extended for another 1 (One) year with the approval of Competent Authority and mutual consent, with same terms and conditions and rate of the contract.

2. Payment Terms: No Advance shall be paid by VPT. All payment shall be subject to recoveries towards statutory deductions. The payment will be made by electronic transfer. Refer the Payment Terms in the Part 1 of Special Terms and Conditions of this tender.

3. Commencement of Work: The successful bidder shall commence the work on or before 7 days from the day of receipt of the “Work Order”.

Broad Scope of Work

1. The Internal Audit is to be conducted with a view to see whether:

(i) All the transactions involving financial implications are properly accounted for;

(ii) The initial accounts records are maintained correctly and accurately;

(iii) To ensure that there are no delays and /or irregularities in maintaining the Accounts and reports, statutory regulation;

2. Reliability and Integrity of Information: The internal auditor should review the reliability and integrity of financial and operating information and examine the effectiveness of the means used to identify, measure, classify, and to report such information.

• Compliance with Policies and Procedures: The systems and procedure also have considerable impact on the operation of the business enterprise. The internal auditor should gauge the effectiveness and impact of such systems and report thereon.
• Safeguarding the Assets: The internal auditor should review the existing system for safeguarding the assets and if necessary should verify the existence of such assets.
• Economical and Efficient Use of Resources: The internal auditor should also appraise the economy and efficiency with which the resources are employed.

3. Accomplishment of the Established Objectives and Goals: The internal auditor should make a review of the operations or programmes of the enterprise and should ascertain whether the results are not inconsistent with the established goals and objectives of the enterprise. He should also ascertain whether the programmes are carried out as per plan.

4. Ensure the provisions of the accounting standards, accounting procedure, rules and regulations, orders and procedure in force and instructions issued by the Chairman /F.A.&CAO from time to time are followed; and

5. The role of internal audit should be such that it will be envisaged as a service input in an organization and should be a valuable focal point for management planning and control.

Eligibility Criteria

1. Legal Status of the Bidder

The bidder should be a Chartered Accountant Firm/LLP or Cost Accountant Firm/LLP registered in India with a minimum experience of 15 (Fifteen) years and having an empanelment by the Comptroller &. Auditor General of India or Reserve Bank of India. (hereafter bidder is also called as firm).

Note: The bidder should have a Head Office / Branch office in Visakhapatnam. If no Head Office / Branch office exists in Visakhapatnam, the successful tenderer shall operate a Branch Office at Visakhapatnam with a full time partner within 30 Days of award of contract failing which contract is liable for termination.

Documents to be submitted:

• Certified copy of registration issued by Institute of Chartered Accountants of
  India / Institute of Cost Accountants of India.
• Copy of valid PAN & GST No. of the bidder/firm.
• Copy of CAG/RBI Empanelment.
• Details to be furnished at Annexure – 1

2. Resources of the Bidder

The firm should have minimum 3 (Three) full time qualified CA’s/CMA’s as partners having minimum 10 Years of Post Qualification Experience each and 1 (One) partner out of which should have Qualified CISA/DISA Certification.

Documents to be submitted: 

• Certified copy of registration issued by Institute of Chartered Accountants of India / Institute of Cost Accountants of India
• The partner or person who will associate/deal with VPT should be named (hereafter called as Person Designated to VPT)
• Details to be furnished at Annexure – 1

3. Financial Capacity of the bidder:

The bidder should have average annual gross receipts of Rs. 1 (One) Crore during the last 3 (Three) financial years i.e. F.Y. 2017-18, 2018-19 & 2019-20.

Documents to be submitted: 

• Audited financial statements of the bidder.
• Details to be furnished at Annexure – 2

4. Assignments Undertaken by the bidder:

The firm should have 2 Years of experience in similar work (*) with an organization having turnover of more than Rs. 360.00 Crores. (25% of Port’s Turnover of around Rs. 1,440 Crores) during the last 7 years.

(*) Similar Work: The Firm should have done Internal Audit during the past seven years to Ports / Government Organization / Public Sector Undertaking / Public Sector Enterprise / Autonomous Bodies (excluding Financial Institutions and Banks) having a Gross receipts / Turnover of more than Rs. 360 Crores.

Documents to be submitted: 

• Proof of engagement letter /contract along with Work Completion Certificate from the client. (The bidder shall
  submit Proof of Work Order along with the work completion certificate for the experience claimed.)
• Details to be furnished at Annexure – 3

5 Any bidder who was previously awarded work in VPT but was terminated due to the failure of the consultant/successful bidder or the successful bidder who failed to accept the work, are not eligible to participate in this Tender.

6 Audit firms who are currently Direct Tax Auditors / Indirect Tax Auditors of VPT are not eligible to participate.

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