Expression Of Interest (EOI) are invited from Firms/LLP of Chartered / Cost Accountants to conduct the Internal Audit in IRCON International Limited for FY 16-17 (period 01.12.2016-31.03.2017).
Detailed Scope of Internal Audit
Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system. Internal audit, therefore, provides assurance that there is transparency in reporting, as a part of good governance.
Major areas to be covered during the course of Internal Audit
The Internal Audit shall be carried out in accordance with the Auditing Standards and Accounting Standards prescribed by the Institute of Chartered Accountants of India and will include such tests and controls, as the Auditor considers necessary under the circumstances. The scope of Internal Audit encompasses the examination and evaluation of the adequacy and effectiveness of the organization’s system of internal control with special emphasis on the following:
Financial Accounting & Financial Reporting Systems:
The overall Financial accounting & Financial reporting system to be checked thoroughly with the special stress on the below items:
- All Accounting is being done as per Accounting Standards and Accounting Policies of Ircon International Ltd.
- Cash, bank, journal vouchers including rectification vouchers are prepared correctly and trial balance is prepared accordingly.
- Project estimate, calculation of AS 7 and reporting turnover as per AS 7.
- Monitoring of physical and financial progress of work vis-a-vis targets (reference can be taken from MIS such as Performa-A and Performa-B, monthly control of expenses statement etc.)
- Bank statements &monthly bank reconciliation statements
- Balance confirmation with all Debtors & Creditors
- Foreign currency transactions
- TDS & payment of Statutory dues in time
- Prior period adjustments
- Provisions and contingent liabilities
- Bank Guarantees& FDRs
- Timely recovery of advances and interest.
Interested Firm/LLPs are requested to go through the Eligibility Criteria carefully given in Annexure-B and submit their applications (along with quote for Professional Fee and relevant documents) in prescribed format given in Annexure-C&D. Applications in a sealed envelope addressed to JGM/Finance, Internal Audit, IRCON INTERNATIONAL LTD. C-4, District Centre, Saket, New Delhi – 110017, should reach by January 31, 2017 17.30 Hrs There may be a pre-bid meeting in each Audit circle before the submission of the bid. The schedule of the pre-bid meeting will be communicated later.
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