Ministry Of Textiles inviting for financial audit services - review of financial statements, financial reporting framework, audit report; audit firm, cag empaneled audit or ca firm, ca firm
1.Contract & Work
Duration: 1 year
Audit Type: Internal Audit
Post-Audit Support: Yes (12 months)
Reporting:
Progress Report: Fortnightly
MIS: Fortnightly
2.Scope of Work (What you’ll audit)
Financial statements & reporting framework
Internal controls & compliance
Governance & risk management
Bank transactions
HR & payroll
Procurement & inventory
Fixed assets, receivables, payables, cash & bank
This is a deep internal audit, not a light review.
3.Financial Conditions (Very bidder-friendly)
EMD: Not required
Performance Guarantee (PBG): Not required
Minimum Floor Price: Not fixed
Zero financial entry barrier
4.Eligibility
Experience Required: 3 years (similar audit work)
Major Relaxations
MSME: Full relaxation (experience & turnover)
DPIIT Startup: Full relaxation (experience & turnover)
5. MSE Advantage
If you’re MSE and quote within L1 + 15%:
You can get 100% order, even if you’re not L1.
6.Bid Format
Two-Packet Bid (Technical + Financial)
Evaluation: Total value-wise (no QCBS scoring)
Reverse Auction: No
Arbitration / Mediation: Not applicable
7. Special Conditions
Buyer can increase/decrease scope by ±25%
If multiple L1 bidders → GeM random selection
Labour laws & GeM GTC strictly applicable
8. Who SHOULD Bid
Small & mid-size CA firms
MSME / Startup audit firms
Firms wanting no EMD / no PBG risk
Firms experienced in internal audit & compliance