City & Industrial Development Corporation of Maharashtra Limited inviting for e- request for proposal for appointment of chartered accountant firm/cost accountant firm for conducting internal audit of cidco ltd.
1.Nature of Work
Service: Internal Audit
Audit period: FY 2026–27
Reporting: Quarterly audit reports
Payment: Proportionate professional fees paid after each quarterly report
2. Contract & Value
Estimated Cost: ₹38.76 lakh
EMD: ₹38,760 (online only)
Tender Fee: ₹1,500
Penalty:
Delay in reports → 0.25% per week deduction from fees
JV / Consortium: Not allowed
3. Eligibility (VERY STRICT – READ CAREFULLY)
Firm Age - Minimum 10 years experience as on 31-12-2025
Firm details must exactly match ICAI / ICMAI records
Partners / Cas - Minimum 5 full-time partners / CAs
Each associated for ≥ 5 years
Turnover- ₹50 lakh per annum minimum
For 3 consecutive years:
FY 2022-23
FY 2023-24
FY 2024-25
PSU Audit Experience (Critical)
Internal / statutory audit of PSUs
PSU turnover ≥ ₹500 crore
At least 1 year in each of the last 3 years
Private Company Audit Experience
Statutory audit of private companies
Turnover ≥ ₹100 crore
Minimum 2 companies per year for last 3 years
Location
Restriction
Only firms with registered office in Maharashtra can
apply
(Branch office outside Maharashtra = not eligible)
4.Documentation Load (Heavy)
You must upload:
ICAI registration certificate
PSU turnover certificates (or public domain proof,
attested)
Private company turnover proof
Statutory auditor certificate for firm turnover
Formats T-1 to T-8
Technical & Financial proposal letters
Any mismatch = outright rejection
5.Risk
Extremely high experience bar
Maharashtra-only eligibility
Hard copy submission (post-LOA compliance risk)
Quarterly penalties reduce margins
Designed for large, established audit firms
6.Who SHOULD bid
Large CA firms
(10+ years)
Strong PSU audit portfolio
High-value private company audits
Maharashtra-based registered office
Robust compliance & documentation
systems