1.Contract Period
- Initial
tenure: 1 year (01 Apr 2026 – 31 Mar 2027)
- May
be extended for additional years based on performance
Audit work is quarterly (4 reports per year).
2. Scope of
Work (What You Will Audit)
This is a comprehensive institutional internal audit.
A.
Financial & Accounting Audit
Verify:
- Proper
maintenance of books, vouchers & records
- Compliance
with accounting standards & policies
- Correct
recording of transactions
- Monthly
trial balance & final accounts
- Budget
utilization
- Revenue
& expenditure booking
- Assets,
liabilities & registers
B. Cash, Payroll & Employee Matters
Check:
- Cash
handling controls
- Salary
payments
- Advances
& temporary advances
- Employee
transactions
- Recoveries
& payables
C. Taxes
& Statutory Compliance
Ensure:
- Timely
deposit of taxes (direct & indirect)
- Filing
of returns
- Compliance
with applicable laws
- Handling
of disputes
D. Assets
& Inventory
Verify:
- Fixed
Asset Register
- Physical
verification of assets
- Stores,
debtors, creditors reconciliation
- Settlement
of inter-department balances
E. Internal
Controls & Risk
You must:
- Evaluate
internal control systems
- Test
risk control matrices
- Review
financial controls
- Suggest
improvements
- Improve
MIS & governance systems
F.
Procurement & Works Audit
Includes:
- Audit
of contracts & purchase orders
- Procurement
of materials & works
- Vendor
contracts
- Utilization
certificates
- Project
execution review
G. Site
Visits (Mandatory)
Auditor must physically visit work sites and units.
3.
Reporting Requirements
Quarterly Reports (VERY IMPORTANT)
For each quarter:
- Audit
must start immediately after award
- Report
due within 15 days after quarter end
Report must include:
- Executive
summary
- Major
irregularities
- Minor
issues
- Action
taken on previous reports
- Litigation
status
- Suggestions
for improvement
- Compliance
certificates
- Internal
control effectiveness certification
No advance payment.
4.Earnest Money Deposit (EMD)
5. Eligibility Criteria (Very Important)
Your firm must satisfy ALL:
Registration & Empanelment
Empanelled with C&AG
of India
Registered CA or Cost Accountant firm
Experience
At least 3 years old
firm
Experience auditing at least 3
institutions such as:
- Autonomous
bodies
- Statutory
bodies
- Educational
institutions
- PSUs
6. Manpower
Requirements
Minimum 5 partners
At least 3 Fellow members
At least 3 qualified CA/CMA employees (non-partners)
Financial Strength- Average
turnover ≥ ₹1 crore over last 3 years
7.Compliance Documents
PAN
GSTIN
Trade License
Income Tax Returns (last 3 years)
Not blacklisted affidavit
Selection
Method
- Technical
qualification first
- Financial
bid opened only for qualified bidders
- Rates
must remain valid for 365 days