Indian Institute Of Technology inviting for appointment of firm for conducting internal audit of indian institute of technology Kharagpur
1.Financial terms (important)
EMD: ₹50,000
Mode: Demand Draft or Bank Guarantee
Performance Bank Guarantee: 5% of contract value
Payment structure:
75% paid quarterly, after submission of:
Quarterly internal audit report
Executive summary
Action Taken Report
Attendance sheets
25% balance paid after final approval by IIT Kharagpur
This is actually a decent cash-flow tender compared to many govt audits.
2.How bids are evaluated
Technical : Financial = 80 : 20
This is quality-heavy
Cheapest bid won’t help if technical score is weak
What’s not allowed
No JV / Consortium
Single firm only
3. Eligibility criteria (this is
VERY strict)
You must satisfy ALL of these — miss one and you’re out:
● Location- Head office or branch in Kolkata / West Bengal
● Firm age-Minimum 15 years of operation after registration
● C&AG empanelment
Empanelled in any one year among:
2022–23, 2023–24, 2024–25
● Partner strength
At least 15 CA/CMA partners
● Staff strength
Minimum 5 CA/CMA qualified staff
●Big-organization audit experience
Internal audit experience in at least 3:
PSU / Govt / reputed organizations
Each having turnover ≥ ₹500 crore
● Elite education sector experience (critical)
Internal audit of minimum 2 of the following in last 5
years:
IIT / NIT / IIM / IISER / NISER
Central or State Universities
This single clause
knocks out most mid-sized firms.
●Financial strength
Gross receipts ≥ ₹150 lakh
Each of the last 3 financial years
4. Submission format (classic
3-envelope system)
You must submit hard copies in three sealed envelopes:
Eligibility / Selection Criteria envelope
Technical bid envelope (with EMD)
Financial bid envelope (fees excluding taxes)
All three go inside one large sealed envelope, properly
superscribed.
Courier / Speed Post / Hand delivery allowed.
5. reality check (should you
bid?)
●Strong YES if:
You’re a large, old CA/CMA firm (15+ years)
You already audit IITs / central universities
You have 15+ partners & ₹1.5 cr+ turnover
● Almost certainly NO if:
You’re a small or mid-sized firm
You’ve never audited IIT / NIT / IIM level institutes
You don’t have 15 partners
Your turnover is under ₹1.5 crore
This tender is designed for top-tier, metro-based audit
firms.