Empanelment of CA Firms for Statutory Audit of IFCI

The IFCI Social Foundation is seeking sealed technical and financial proposals from qualified and interested Chartered Accountant companies in Delhi/NCR to conduct statutory audits for the financial years 2022-23 and 2023-24.

IFCI Social Foundation was established in 1948 as the first Development Financial Institution to cater to the long-term finance needs of the Industrial sector and was registered as a Trust under the Indian Trust Act, 1882 by IFCI Ltd, a Government of India undertaking, functioning under the aegis of the Ministry of Finance.

Further Important Details Are Given Below

1. Last Date and Time Of Submission Of Bids: 28 June 2022 up to 2:00 PM
2. Due Date and Time for Opening of Technical Bids: 28 June 2022 up to 3:00 PM
3. Due Date and Time for opening of Financial Bids: 29 June 2022 up to 3:00 PM
4. Address for Submission of Bids: IFCI Social Foundation, IFCI Tower, 61 Nehru Place, New Delhi-110019

Eligibility Criteria

• Should be a firm of chartered accountants situated in the Delhi/NCR area.
• The firm should have a minimum of three partners and at least ten years of experience.
• The firm should have at least one partner who has spent at least ten years auditing and taxing charitable institutions, trusts, and NGOs.
• The firms should have audit experience with charity institutions/trusts/NGOs, with at least one having receipts of not less than Rs.2.00 crores in each of the last three financial years (2019-20, 2020-21, and 2021-22).
• In any two of the previous five years, the firms should have handled assessment/appellate processes for a charity institution/trusts/NGOs with receipts of not less than Rs.2.00 crores.
• SEBI/RBI/ICAI/ or any other regulatory authority should not ban the firm or any of its partners or employees.

Scope Of Work

• The goal is to hire a company of chartered accountants with experience handling audit and tax assignments for a significant charitable institution/trust/non-governmental organization (NGO) for the following tasks.
• Accounts are audited on a quarterly basis to ensure that the trust’s accounts are accurate and fair. In addition, the auditor must guarantee that the provisions of section 12A of the Income Tax Act of 1961 are followed, as well as submit reports as required for a charity organization.
• Income tax return preparation and e-filing.
• Prepare and e-filling audit reports/forms as needed to ensure compliance with applicable regulations.
• Up to the level of Commissioner of Income Tax, deal with notices/queries received from the Income Tax Office about ITR inspection and other connected problems.
• If there are any other requirements, they must be met.

Terms and Conditions

• As per demand, the work location will be IFCI Tower, 61 Nehru Place, New Delhi-110019 of the firm’s location.
• The project must be finished within the timeframes set forth in the Income Tax Act of 1961.
• Payment will be made after the assignment is completed.

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