Jharkhand State Co-Operative Milk Producers Federation Limited inviting for internal auditor for jharkhand state milk producers co-operative federation ltd. (jmf), for the financial year 2026-27

1.What the Tender Is For

Appointment of a Chartered Accountant Firm as Internal Auditor

 Audit of JMF (Medha Dairy) for FY 2026–27

Covers:

• Head Office (Dhurwa, Ranchi)
• 7 operational hubs/plants across Jharkhand
  (Ranchi, Deoghar, Koderma, Latehar, Palamu, Sahibganj, Sarath)

2.Objective of the Assignment

Provide independent assurance that:

• Internal controls are adequate
• Financial systems are working properly
• Risks and fraud are detected/prevented
• Governance processes are effective

3.Who Can Apply (Eligibility)

Mandatory conditions:

 Practicing CA firm (Proprietorship/Partnership only)
 In business for at least 3 years
 Valid PAN, GST, statutory registrations
 Empaneled with CAG for FY 2025–26

4.Technical Evaluation (75 Marks)

Points based on:

Turnover (Last 3 Years)

• ≥ ₹20 lakh → base marks
• Higher turnover → more marks

Internal Audit Experience (Govt/PSU/Cooperative)

• Assignments ≥ ₹1 lakh/year
• Bank audits NOT counted

Other Audit Experience

• Assignments ≥ ₹50,000

 Number of CA Partners

• 1 mark per partner

Office in Ranchi

• Extra marks

 Minimum qualifying technical score: 40 marks

5. Financial Evaluation (25 Marks)

• Minimum estimated fee: ₹10,00,000 per year (including GST)
• Quotes below this → rejected
• Score based on how close your bid is to minimum value

Formula used:
Financial Marks = (25 × Minimum Value) / Your Quote

 Final Selection Method

 Combined Score = Technical (75) + Financial (25)

• Highest total score → Rank 1 → awarded contract

6. Scope of Work (Very Extensive)

This is a full internal audit of the entire dairy federation.

 Continuous Pre-Audit

Before accounting entries & payments are processed.

Post-Audit

After transactions are completed.

Areas to be Audited

 Milk Procurement

• Bills, payments to farmers
• Transport charges
• Input supplies (feed, minerals)

 Purchases & Contracts

• Vendor bids & approvals
• Capital purchases & civil works
• Credit terms compliance

 Payments & Cash

• Payment vouchers
• Budget compliance
• Cash verification
• Bank reconciliation

 Inventory & Assets

• Physical verification
• Stores & stock audit
• Insurance coverage

 Marketing & Distribution

• Sales records & revenue
• Distributor accounts
• Transportation contracts
• Leakages or losses

 HR & Administration

• Salary audit
• Statutory deductions
• Travel claims
• Vehicle usage

 Production Operations

• Raw material usage
• Output vs input
• Power consumption
• Production losses

 Financial Statements

• P&L, Balance Sheet, debtors, creditors
• Cost sheets
• Stock reconciliation

 Statutory Compliance

• GST, PF, ESI, TDS, etc.
• Legal compliance across operations

7.Required Manpower

Approximate deployment:

• 1 Qualified CA (5 years experience)
• 6 Semi-qualified / graduates

Total: 7 personnel

 8.Contract Duration

• Initial: 1 year (FY 2026-27)
• Can be extended up to 2 more years
• Termination possible with 1-month notice