Empanelment of CA Firms for Re-audit of books of Accounts of EPFO

The Employees’ Provident Fund Organization, India (EPFO) is an autonomous body under the aegis of the Ministry of Labor and Employment, Government of India. The main objective of the organization is to provide old-age social security to the subscribers as per the Provisions of EPF & MP Act, 1952 and the three schemes famed there under. For further information about EPFO, one may visit the website www.epfindia.gov.in.

EPFO, Regional Office, Bengaluru (Malleshwaram), proposes to form a panel of Chartered Accountant Firms (10 CA firms) for initial period of three years for carrying out the third Party Audit/ Re-audit of books of Accounts of the Exempted establishments and Accounts of Provident Fund Trusts of the Exempted establishment as per the conditions specified in Appendix ‘A’ to Para 27 AA of EPF Scheme 1952, as and when required by the EPFO, Regional Office, Bengaluru (Malleshwaram) and to submit report in the Performa prescribed for the same, within the time specified as per the terms of reference.

Eligibility

ix. Applicant firm should be in existence for at least 10 years

x. Applicant firm should have at least 5 full time partners with at least 1 full time FCA.

xi. Applicant firm should be on the panel of C&AG.

xii. The partners must be member of ICAI and should have valid full-time certificate of practice issued by ICAI.

xiii. Applicant firm must have experience of auditing accounts/ handling tax matters of Govt. Organizations/ PSEs.

xiv. Average annual turnover of the applicant firm for the last 3 years should be at least Rs. 75 lakhs.

xv. Applicant firm or its partners should not have been held guilty of any professional misconduct under Chartered Accountants Act, 1949 (as amended) during past 5 years or penalized under any of the tax laws by ICAI or any other statutory body.

xvi. Applicant firm or its partners should not be facing any investigations or enquiry by any tax authority for violation of any of the tax laws.

Selection procedure:

(d) All the applications received up to the last date shall be scrutinized by a Committee appointed by the competent authority to decide the eligible firms.

(e) Once a firm is declared as eligible then top 10 firms will be selected on the basis of points scored on different criteria. Point system will be as follows:

Those firms, who do not meet the eligibility criteria, shall not be evaluated.

(f) EPFO, in case of necessity can add new firms in the panel.

Scope of Work:

Under the EPF & MP Act and Scheme, provisions are made for establishments to take exemption under section 17 and Para 27/27A of the Scheme to give more favourable benefits to the employees than the benefits provided under this EPF & MP Act, 1952. To carry out the Third-Party Audit/Re-audit of books of accounts of such Exempted establishments and Accounts of Provident Fund Trusts of the Exempted establishment as per the conditions specified in Appendix “A” to Para 27 AA of EPF Scheme, 1952 as and when required by the EPFO, Regional Office, Bengaluru (Malleshwaram) and to submit report in the Performa prescribed for the same, within the time specified as per the terms of reference.

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