Gujarat State Bio Technology Mission inviting for financial audit services - review of financial statements, financial reporting framework, audit report; cag empaneled audit or ca firm, ca firm
1.What work is required
Service: Financial Audit Services – Review of Financial Statements, Financial
Reporting Framework & Audit Report
Audit type: Internal Audit
Who can bid: CAG Empanelled Audit Firm OR CA Firm
Nature of work includes:
Financial statement audit
Fraud investigation
Compliance with laws & contracts
Internal control over financial reporting
Bank transactions
Risk management
Governance review
Fixed assets, depreciation, payables, receivables, cash
& bank balances
This is a deep, compliance-heavy audit, not a light review.
2.Contract period & Estimated
value
1 year Plus 12 months post-audit support
Buyer can increase/decrease scope or duration by 25%.
₹4.30 lakh (project/lumpsum based)
Only indicative — not a ceiling price.
3. Bid structure
Two-Packet Bid
Technical bid
Financial bid
Reverse Auction: Yes
Only lowest 50% technically qualified bidders go to RA
Final winner: Lowest price after RA
4.Eligibility –
VERY IMPORTANT
Turnover- Minimum ₹15 lakh average annual turnover (last
3 years)
Experience
Minimum 4 years experience
Must have done similar audit work for Govt / PSU
Three Similar work (any ONE required)
3 works ≥ 40% of estimated cost
OR 2 works ≥ 50%
OR 1 work ≥ 80%
5.No relaxations
No MSE benefit
No Startup benefit
Everyone must meet full eligibility.
6. Firm strength requirements
Firm existence: 10 years (as per ICAI certificate)
3 full-time partners / senior professionals
2 professionals with DISA / CISA
Minimum 1 full-time CA + audit staff
This clearly favors mid-size to large CA firms.
7. Office location – compulsory
Your firm MUST
have an office in Gujarat
Documentary proof required
No office = direct rejection
8.Security requirements
EMD: Not required
Performance Bank Guarantee: Not required
9. Documents to upload
Experience proofs (work orders + completion)
Turnover proof (CA certificate / audited accounts)
ICAI firm certificate
DISA/CISA certificates
Undertaking:
Not bankrupt / not under liquidation
Additional ATC documents (mandatory)
10. How selection will actually
happen
Technical evaluation
Only qualified bidders move forward
Reverse Auction among lowest 50%
Lowest price after RA wins