Deepak Gupta | Jul 16, 2018 |
NHIDCL invites Practicing CA / Cost Accountants for Conducting Internal Audit : Below are the details of the tender.
Subject: –Request for Proposal (RFP) for engaging a Firm of Practicing Chartered Accountants/ Cost & Management Accountant based in New Delhi for conducting Internal Audit in NHIDCL for the year 2018-19 and 2019-20.
National Highways and Infrastructure Development Corporation Limited (NHIDCL) was incorporated on 18th July, 2014 as a fully owned company under the Ministry of Road Transport & Highways, Government of India. The company promotes, surveys, establishes, designs, builds, operates, maintains and upgrades National Highways and Strategic Roads including interconnecting roads in parts of the country which share international boundaries with neighbouring countries. The regional connectivity so enhanced would promote cross border trade and commerce and help safeguard Indias international borders.
Apart from Headquarters office at New Delhi, thirteen branch offices of NHIDCL are operational at present in Agartala (Tripura), Itanagar (Arunachal Pradesh), Dehradun (Uttarakhand), Jammu (J&K), Guwahati (Assam), Shillong (Meghalaya), Gangtok (Sikkim), Imphal (Manipur), Aizwal (Mizoram), and Dimapur (Nagaland), Kathmandu (Nepal), Partblair (Andman & Nicobar) and Shimla (Himachal Pradesh). For conducting Internal Audit at NHIDCLs Corporate office (HQ) in New Delhi, this office intends to engage a reputed firm of Chartered Accountants/ Cost & Works Accountants based in New Delhi, subject to fulfilment of the required Essential Qualification (Annexure-I), as per the Terms of Reference (ToR) enclosed (Annexure-II). The Appointment will be initially for a period of two years i.e. 2018-19 and 2019-20, which is extendable for another two years on the same terms & conditions, however, an annual escalation of 5% in the fees shall be admissible for the 2nd year onwards. The appointment shall also entail inter-se coordination between internal auditors of Branch offices.
The eligible Firms are requested to submit:
The above documents are required to be submitted at the office of the General Manager (Finance), NHIDCL, 3rd floor, PTI Building, 4-Parliament Street, New Delhi- 110001 on or before 23rd July, 2018 (upto 15:00 hrs).
NHIDCL has adopted two stage separate envelop process for selection of the Bidder for award of the work. The technical bid (the Technical Bid) consisting of the Bid documents along with firms profile indicating the capability experience, as enumerated in Annexure-I and the financial bid (the Financial Bid) containing the amount quoted by the Bidder shall be submitted in the prescribed format at Annexure-III
before the date and time specified herein. Only those Bidders whose Technical Bids are found to be responsive (herein referred to as Technically Qualified Bidders) in terms of this RFP, shall be invited to participate in the opening of their Financial Bids. The technically qualified Bidders may send their authorized representative along-with the requisite authorization letter on the letter head of the Bidder for participating in opening of the Financial Bid. The date and time of opening of Financial Bids of Technically qualified Bidders, will be intimated to them separately by NHIDCL through e-mail, and result thereof shall also be posted on NHIDCL website and e-portal. The Financial Bids would be opened in the presence of the representatives of the technically qualified bidders available at the time of opening of Financial Bids. Only one representative of the Technically Qualified Bidder, who chooses to attend the opening of Financial Bids, shall be allowed to attend the opening of the Financial Bids. Information relating to evaluation of proposals and recommendations concerning awards shall not be disclosed to the bidders who have not submitted the proposals or to other persons not officially concerned with the process, until the successful bidder has been notified for award of the contract.
In order to understand the scope of work at NHIDCL a pre-bid meeting shall be held on Thursday, 12th July 2018 at 1100 hrs at NHIDCL office ground floor, PTI Building, 4-Parliament Street, New Delhi- 110001. All the interested firms are requested to attend this meeting to have clarity before submitting their offers. Firms not participating in the pre bid meeting will however be eligible to submit their technical and financial offers.
Bids are invited for Internal Audit work on the basis of LOWEST quote given by the Bidder for the work of Internal Audit. The amount of fee quoted shall constitute the sole criteria for evaluation of bids.In case of any further queries regarding the exact Terms of Reference, Shri Uttam Chatterjee, Deputy General Manager (Finance), NHIDCL may be contacted at 011-23461600 Extn. 689 between 10:30 am to 6:00 pm on all working days.
Director (A&F)
Encl: As above
Annexure-I
Sub.:- Request for Proposal for engaging a Firm of Practicing Chartered Accountants/ Cost & Management Accountant based in New Delhi for conducting Internal Audit in NHIDCL for the year 2018-19 and 2019-20.
Essential Qualification
The Technical qualification and eligibility criterion for the assignment is prescribed as under:-
Sl. No. | Requirement | Minimum Requirement |
1. | No. of years of experience of the firm as Internal Auditor in manufacturing sector of PSU/ GoI. Completion certificate from the employer of GoI/PSU. | 10 Years (Proof to be enclosed) |
2. | No. of Qualified CA/ CMA in full time employment including the Partners. | 10 (2 should having the DISA qualificationand 5 should be FCA/ FCMA partners)- Proof to be enclosed |
3. | Minimum annual turnover of the bidder in any of the FY 2016-17 or 2017-18. | Rs. 3.00 crores (Accounts duly audited by CA Firm) |
4. | Number of Government companies/ PSU engaged in manufacturing/ construction activities audited in the capacityof Statutory Auditors and / or Internal Auditor. (Various Branches/Units of one company are to be considered one Company) | At least 5 government companies/ PSU in last 2 years. (A list of the Companies to be enclosed) |
5. | Experience as statutory auditor for auditing the firms/companies having Item rate contracts under FIDIC condition/PPP projects/New mode of EPC projects in Highwayssector | At least 5 projects in last 3 years |
6. | Empanelment of the firm with CAG for 2017-18 in case of CAFirm. | Essential. (Copy of Certificate to be enclosed) |
Finance Division
NHIDCL
Annexure-II
Sub.:- Request for Proposal for engaging a Firm of Practicing Chartered Accountants/ Cost & Management Accountants based in New Delhi for conducting Internal Audit in NHIDCL for the year 2018-19 and 2019-20.
Terms of Reference
NHIDCL follows a decentralized payment & financial accounting procedure for all payments except the project payments, which is being presently handled at HQ. Payments for various establishment matters are handled and the books of accounts are being maintained at the Branch Offices. Each Branch Office is treated as a separate payment/accounting unit and is headed by a General Manager (Project) & assisted by a Manager (Finance)/Accounts personnel to handle payment & accounting activities, etc. The General Manager (Project) authorizes all payments of establishment matters as per the delegation of powers. Branch Offices are certifying the project invoices and recommending the project payments to the NHIDCL HQ based on the certification made by the Authority Engineers. Necessary funds to meet the Branch Offices are released from HQ to all the Branch Offices on a periodical (generally quarterly) basis.
The financial accounting is made on double entry system of accounting on accrual basis and is generally based on the Accounting Standards issued by The Institute of Chartered Accountants of India (as applicable to NHIDCL) and various Significant Accounting Policies adopted by the Board of NHIDCL from time to time. Accounts are consolidated at HQ based on the audited trial balances submitted by the Branch Offices. The financial statements are prepared in the formats prescribed in the Companies Act, 2013.
Tally accounting package for matters other than projects and a computerized web enabled Project Financial Management System [e-PFMS] have been adopted by NHIDCL for accounting purposes. E-PFMS, a multi-user integrated computerized system to broadly facilitate (i) book keeping and financial accounting [based on a code structure enabling project accounting] under double entry system of accounting on accrual basis, (ii) consolidation of accounts, etc. The system has been installed in HQ.
The Internal Auditor at NHIDCLs HQ, New Delhi would mainly be responsible for the following functions-
Scope of work
As part of their role in the overall Internal Audit System of NHIDCL, the scope of work of the Internal Auditors would broadly cover (but not limited to) the following areas:-
Reporting Requirements:-
Without prejudice to NHIDCLs right to improve upon and revise reporting requirement, including periodicity thereof, to ensure more effective and useful feedback at any point of time, the reporting requirement shall consist of the following;
Auditor of HQ will prepare the CAR for their respective assignments in respect of each Financial Year by 31st July each year, pertaining to the previous financial year.
Audit Program & Key Personnel
The audit plan/program will be submitted in advance for the prior approval of NHIDCL HQ. NHIDCL would require the internal auditors to coordinate the entire audit operations and interact with the Designated Officer of NHIDCL on a regular basis. NHIDCL would require the Internal Auditors to ensure the following types of personnel for the audit activities at HQ. The requirements indicated below are the minimum and the Internal Auditors may ensure adequate personnel for completion of the assignment, as per ToR:-
Type of activity | Personnel | Qualifications & Experience | No(s). |
Overall Supervision | Senior Level personnel | Partner of the firm: A qualified Chartered Accountant/Cost & Management Accountant with at-least 10 years of post-qualification experience. | 1 |
For Audit work at Head Office | Middle Level personnel | A qualified Chartered Accountant/Cost & Management Accountant in full time employment with at- least 5 years post-qualification experience. | 2 |
Audit staff | Pass in the intermediate/PE- II/PCC/IPCC examination of the Institute of Chartered Accountants of India or the Institute of Cost and Management Accountants of Indiawith at-least 2 year experience. | 2 |
The Middle level personnel shall also be deployed at the HQ office on a weekly basis, for reviewing the correctness of accounting entries, and ensuring statutory and tax compliances during the audit period.
Mode of Payment
The Audit fees shall be released on quarterly basis subject to completion of audit, submission of periodic Audit report and a certificate to this effect by the Competent Authority. An annual escalation @ 5% in the fees shall be admissible for the 2nd year onwards (after completion of 12 months from the date of initial appointment).
General Terms and conditions
Finance Division
NHIDCL
Annexure-III
Sub.:- Request for Proposal for engaging a Firm of Practicing Chartered Accountants/ Cost & Management Accountants based in New Delhi for conducting Internal Audit in NHIDCL for the year 2018-19 and 2019-20.
Format for submitting Financial Bids:-
Annual Audit fees for 2018-19 (exclusive of applicable GST but inclusive of all incidental charges like transportation, local conveyance, consultation charges etc.).The applicable GST shall be reimbursed on production of proof of deposition with the tax authorities. | ||
(in Figures) | (in Words) | |
Scope of work as detailed under Annexure II of the RFP |
I also undertake that the increase in the Annual Audit fees for 2019-20 (after completion of 12 months from the date of initial appointment) shall be 5% of the amount specified in the bid above.I have read the terms and conditions mentioned in NHIDCLs RFP No. NHIDCL/HQ/Internal Audit/2018- 19/001 dated 26th June, 2018 and undertakes to accept the same. The Quarterly Audit Report, required under the assignment shall be presented on (please specify) day of the month, subsequent to the quarter ended. The quarterly bill submitted to NHIDCL (i.e 25% of the above amount plus applicable GST) which shall be subject to certificate of satisfactory services from the Competent Authority of NHIDCL.
(Authorized Signatory) Firm Reg. No. _
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