THE NEW INDIA ASSURANCE COMPANY LTD.
(Wholly Owned by Govt. of India)
Regd. & Head Office : New India Assurance Bldg., 87, M. G. Road, Fort, Mumbai – 400001.
Phone : 022-22708100, 22708400, Fax : 022-22700470, Website : www.newindia.co.in
REG: Appointment of Concurrent Auditor
The company is engaged in General Insurance Business with its operations spread all over India and abroad. The company is on look-out to appoint a Mumbai based firm of Chartered Accountants as concurrent auditor to carry-out the concurrent audit of investment department of the company. The investment portfolio of the company is Rs.25,000 Crores (approx.)
Quotations are invited by the company from Mumbai based firms of Chartered Accountants for appointment of concurrent auditor broadly on the following terms and conditions:
i. The firm should have minimum 10 years of experience in the audit field and minimum 3 years of experience in investment audit.
ii. The firm should not possess any place of profit in the company or its Subsidiaries Associates/Joint ventures etc.
iii. The firm should not have any relationship with investment intermediaries.
iv. The appointment will initially be for a period of one year and renewable yearly at the discretion of the management for a total maximum period of 3 years.
v. The appointment will be effective from 1st April 2015.
vi. The auditor will be required to submit quarterly reports to the management.
vii. The fees will be payable on quarterly basis on completion of each quarter and submission of the report.
viii. The audit shall be carried out in compliance with the Insurance Regulatory and Development Authority (IRDA) requirements and various other applicable Acts to the insurance company.
ix. The agreement for appointment may be terminated by either party by giving 3 months’ notice.
x. The Auditors will not be entitled to any other expenses other than the fees that are agreed upon.
The firm of Chartered Accountants will not be eligible for appointment as concurrent auditor of the company if it has conducted any of the following assignments for the company during any period in the previous two years:
i. Statutory audit
ii. Any internal audit
iii. Any concurrent audit
iv. Any consulting assignment whether or not related to audit functions v. Review of certification of investment risk management s stems and process Interested firms may send quotation, with brief profile of the firm, to the following address:
Mr. S. B.Shukla,
The New India Assurance Company Limited, Head Office, 1st floor
87, M G Road
Contact No.: 022-22708262 Website: www.newindia.co.in
The sealed cover quotation should reach latest by 05.00 PM on 27.02.2015 at the company the above mentioned address. Quotations received after the above mentioned date will not be considered.
DEPUTY GENERAL MANAGER.