1.Scope of Work
Type: Internal Financial Audit
(Full-scope institutional audit)
Key responsibilities include:
Financial
& Compliance Audit
- Review
of financial statements
- Review
of financial reporting framework
- Internal
audit of accounts
- Preparation
of audit report
- Verification
of reliability of financial reporting
- Internal
financial control assessment
- Compliance
with laws, regulations & contracts
- Fraud
detection and investigation
- Risk
management review
- Governance
review
Operational
& Functional Audit
Audit covers major functions such as:
- Revenue
/ sales activities
- Procurement
& purchases
- Inventory
& stores
- HR
& payroll
- Administrative
operations
- Fixed
assets & depreciation
- Payables
& receivables
- Treasury
operations
- Cash
& bank transactions
Reporting Requirements
- Monthly
progress reports
- Monthly
MIS reporting
This is a comprehensive
internal audit of the entire organization, not just accounts.
2.Contract
Period
Annual audit engagement.
3.
Eligibility
Experience & Turnover
- Minimum
average turnover (last 3 years): ₹4 lakh
- Minimum
experience in similar services: 3 years
- Similar
audit experience: Mandatory
- MSME/Startup
relaxation: Not allowed
4. Firm
Strength Requirements (Important)
- Firm
must be registered with ICAI for at least 10 years
- Minimum
3 Chartered Accountants in firm
- At
least 2 CA partners
- At
least 1 full-time CA
- Around
20 professional audit staff
Clearly designed for
established mid-size firms.
5. Past
Project Requirement
Must have completed similar work:
- 3
projects ≥ 40% of estimated cost OR
- 2
projects ≥ 50% OR
- 1
project ≥ 80%
6.
Financial & Evaluation Details
Estimated Value
- Estimated
bid value: ₹2,00,000 (~₹2 lakh)
EMD
Performance Security
- Required:
5% of contract value
- Validity:
14 months