Request for Proposal (RfP) For Concurrent Audit of Operations of Small Industries Development Bank of India SIDBI Branch Office at Hubli
Purpose of RfP
The purpose of RfP is to shortlist professional firm/ company of Chartered Accountants having experience in undertaking Concurrent Audit of Operations of Branch Office (BO) of SIDBI at Hubli.
Objective of Concurrent Audit
The main objectives of the concurrent audit are as follows:
- Verifying whether sanctions for advances and disbursement thereof is obtained from competent authority.
- Scrutinizing the completeness of documents submitted for availing advances and other facilities.
- Ensuring compliance of laid down systems, procedures and policies.
- Examining books of accounts records and registers to ensure that they are maintained in accordance with the prescribed systems/ reconciled with general ledger.
- Physical checking of stocks financed under working capital scheme at relevant places.
- Detection and arresting of leakage of income, if any.
- To follow up with authorities to ensure timely rectification of irregularities reported with regard to the operations of the branch and rectified on the spot/ during audit period itself.
- Verify prompt timely and regular submission of the periodical and statutory returns.
- Any violation of procedure is brought to light.
- Reporting any irregularity in working which may result in financial or other loss to the Bank.
- Feedback on regulatory compliances.
- Physical checking of live Bills under MSME-Receivable Finance Scheme.
- Verification of Daily Liability Register under MSME-Receivable Finance Scheme.
- Physical verification of approvals granted for discounting of Bills under MSME-Receivable Finance Scheme.
- Verifying the various lists/ statements being furnished by Primary Lending Institutions under Refinance and Resource Support to intermediaries.
- Any other areas on the operations of the Bank which are vital, in nature.
RfP document submission is required to be done by December 16, 2016.