Small Industries Development Bank Of India inviting for financial audit services - appointment of concurrent auditors; ca firm

Small Industries Development Bank Of India inviting for inviting for financial audit services - appointment of concurrent auditors; ca firm

1.Nature of Work

Appointment of a Concurrent Auditor (CA firm/LLP) for SIDBI Head Office Verticals at Lucknow Region-1. Work includes day-to-day audit and compliance checking of:

• Administration Vertical (Staff Payments)
• Corporate Accounts & Payment Vertical (Vendor payments/CVPC)
• Premises Vertical

Major work includes:

• Salary, PF, pension, gratuity, staff loan audit
• GST, TDS, ISD verification
• Vendor invoice scrutiny
• Statutory compliance checking
• Infrastructure and premises audit
• Daily voucher checking
• Internal control and risk review
• Fraud/irregularity reporting
• Audit reporting and rectification follow-up

The audit is contemporaneous/daily rather than post-facto audit.

2. Eligibility Criteria

The bidder must satisfy all minimum eligibility requirements:

1. Valid ICAI/ICMAI registration
2. RBI empanelment under Category I / II / III
3. Partnership Firm/LLP only
4. Minimum 10 partners
5. At least 7 FCA partners
6. At least:
• 5 partners associated continuously for ≥5 years
• 5 partners associated continuously for ≥3 years
7. Minimum 7 years operations
8. Minimum 5 years experience in concurrent audits of Scheduled Commercial Banks
9. Firm should not be blacklisted/disqualified by:
• Government
• Regulators
• Courts
10. Integrity Pact mandatory

3.Firm Requirement

Required resource deployment:

Special requirement for Corporate Accounts team:

• TDS expertise
• GST expertise
• ISD expertise

Attendance:

• Team required on all working days
• Designated FCA partner to visit at least 4 days/month

Sub-contracting/consortium not allowed.

4. Advance Requirement

No advance payment provision is mentioned.

Instead:

• Payment based on monthly fee quoted in commercial bid
• GST payable separately as applicable
• TDS deduction applicable
• No travel, lodging or out-of-pocket expenses reimbursed

5. Location Requirement

Location:

• SIDBI Head Office
• Lucknow Region-1 (LR1)
• SIDBI Tower, Ashok Marg, Lucknow

Physical deployment required for all working days.

Contract Details

Contract tenure:

• Initial: 1 year
• Extendable:
• Year 2: based on performance
• Year 3: based on performance

Total possible duration: 3 years

Important conditions:

• Performance review periodically
• SIDBI can terminate with 15-day notice
• Resource deployment failure can terminate contract
• Cooling period restriction applies to previously appointed auditors
• Bid validity: 120 days

Financial Details

Commercial details:

• Fee to be quoted monthly
• Quote required:
• Vertical-wise
• Region-wise consolidated

Evaluation method:

QCBS:

• Technical score = 70%
• Commercial score = 30%

No fixed tender value disclosed in document.

Other financial points:

• GST extra
• TDS deduction applicable
• Bid Security Declaration required
• No reimbursement for travel expenses

Tender Decoded (Simple Language)

Who should apply?

Large CA/LLP firms with strong banking audit experience and strong tax expertise.

What SIDBI wants?

Not a normal yearly audit. SIDBI wants an on-site audit team that works almost like an embedded internal audit team and checks transactions daily.

Difficulty level

High because:

• Minimum 10 partners required
• 7 FCA requirement
• Specialized GST/TDS knowledge mandatory
• Daily deployment of manpower
• Strong banking concurrent audit experience needed