Invitation of bids from Chartered Accountants firms for conducting Internal Audit in TSIIC for the FY 2015-16 and 2016-17.
Telangana State Industrial Infrastructure Corporation Ltd., is the premier organization in the State of Telangana State, vested with the objective of providing industrial infrastructure through the development of industrial areas. Besides, the Corporation is also developing sector focused parks like Apparel park / Food processing parks / leather parks, Special Economic Zones etc. in the state.
With the advent of economic liberalization, the Corporation has reoriented itself to the changing needs of economy and assumed the role of facilitator. To its credit, the Corporation has developed Hi-Tech city with a private promoter, T- HUB etc.
This proposal is for hiring a Chartered Accountancy firm as Internal Auditor of TSIIC to provide an independent review of the Company professionally.
Scope of Work:
The empanelled firm will conduct the Internal Audit in Head Office and Six Zonal Offices including Sub Zones in Telangana State for the Financial Years 2015-16 and 2016-17. The period may be extended for another one or two years through mutual consent and such other terms based on the requirement of the Corporation.
The scope of work for the internal auditor has been given in detail in Annexure-I
The empanelled firm can add or amend the scope of work given at Annexure-I to meet the audit requirements as per the GOI/Regulatory Body rules on the subject. The firm shall also advise TSIIC from time to time on the procedural aspects in order to bring in efficiency in its work and audit, thereof.
- Internal Audit services are to be provided in the State of Telangana. Therefore, only firms with Head office at Hyderabad with a minimum standing experience of 15 years, having minimum 3 FCA partners will be considered so that their service is available on immediate basis.
- The firm should be registered with the Service tax department and carry a valid PAN.
- The firm should have a valid registration number with ICAI and C&AG for at least 7 years continuously.
- The firm should have at least 5 full-time qualified auditors and experienced staff to carry out the audit work. The audit firm shall consist of one Senior Qualified Chartered Accountant having post qualification experience of not less than 10 years.
- The audit team shall consist of one qualified chartered accountant having at least 5 years experience and two semi-qualified Chartered accountants or Cost and Management accounts. If the partner is not member of the audit team, one senior partner shall associate with the audit team to finalize the audit programme and to supervise the audit work/finalize the internal audit report.
- The audit firm shall have 5 years experience in the audit of Public Sector/Government Undertakings. The Corporation has the right to relax the above condition in case of non availability of the qualified audit firms.
- The audit firm should have a minimum annual turnover of Rs. 200 Lakhs per annum (Rs. 2 Crores over the past three years).
- The audit firm should have similar nature of audit experience in the past 5 years at least one work should be with a minimum fee of Rs. 20 lakhs and above.
- The audit firm should submit Income Tax Returns for the past 3 years.
- The audit firm should submit Service Tax Returns for the past 3 years.
- The audit firm should submit Profit and Loss account and Balance Sheet for the past 3 years.
- The audit firm should have an experience in Management work such as verification of Assets.
- For the staff deployed, the firm shall keep with it, their present and permanent address, educational and technical qualification etc., and furnish this details/information as and when called for.
- Attested copies of Articles of Association (in case of Registered firm), Bye laws and Certificates for Registration (in case of registered Societies), partnership deed (in case of partnership firm) etc as applicable are to be provided.
- An undertaking (staff certified) that the firm hasn’t blacklisted by any of its clients and there has been no litigation with any of its clients in the past three years.
- In order to consider the bids for evaluation, the documentary evidence for compliance to each of the above- mentioned eligibility criteria must be enclosed by the firms along with the bid.
- Relevant portions, in the documents submitted in pursuance of eligibility criterion mentioned above, shall be highlighted and all pages of the bid document should be serially numbered.
- Undertaking for subsequent submission of any of the above document will not be entertained under circumstances. However, TSIIC reserves the right to seek fresh set of documents or seek clarifications on the already submitted documents.
- All documents should be submitted in hard copies physically.
- Upon verification, evaluation / assessment, if in case any information furnished by the firm is found to be false / incorrect, their bid shall be summarily rejected and no correspondence on the same shall be entertained. It is the responsibility of the firm to verify the authenticity of any third party document being submitted as part of the eligibility requirements.
- The Company reserves the right to accept or reject any application at any time without assigning any reason.
- In order for their bid to be considered, the participating firms should submit information on the above in document with an index of pages numbers.
Last date of receipt of bids April 25, 2017 4.30 PM
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