THE ORIENTAL INSURANCE COMPANY LIMITED, HEAD OFFICE
A-25/27, ASAF ALI ROAD, NEW DELHI – 110002
Website:- www.orientalinsurance.org.in, Phone No. – 011-43659539, 43659536
Letter of Interest for appointment of Investment Risk Management
Systems and Process Auditor
Our Company is a leading General Insurance Company in India and we propose to select an Audit Firm of repute for conducting Investment Risk Management Systems and Process Audit of our Company as per directives issued vide Circular No. INV/CIR/023/2009.10 dated 04.08.2009 and New Notification No. IRDAI (Investment) IRDAI (Investment) Regulations, 2016 under 13(D) dt August, 2016.
The Audit is to be conducted at our Head Office located in New Delhi. The eligibility criteria for selection of the Audit Firm is as per referred circular.
Letter of Interest is invited in the attached prescribed format from the Audit Firms who fulfill the eligibility criteria. The Financial Quote is also to be submitted along with the Letter of Interest. It is also necessary to send the Letter of Interest under two cover systems.
a) Letter of Interest in the prescribed format in one cover
b) Financial Quote in another cover.
Both the envelopes duly sealed should be sent in one envelope marking thereon “Letter of Interest” and “Financial Quote”*. The same may be sent by Post in the name of Shri
Girish Ahuja, Chief Manager, Investment Accounts Department, The Oriental Insurance Company Limited, Head Office, Oriental House, A-25/27, Asaf Ali Road, New Delhi – 110002 and must be received on or before 15th March,2018 till 4:00 PM. For any query contact may be made with Shri Girish Ahuja, Chief Manager, whose phone no. is 01143659539 or on e-mail firstname.lastname@example.org.
The interested CA Firms can find further details relating to the above by logging in to our website – www.orientalinsurance.org.in.
*Financial Quote should be all exclusive of Taxes. Applicable Taxes will be given separately. No TA/DA will be paid for the audit.
THE ORIENTAL INSURANCE COMPANY LIMITED, HEAD OFFICE,
Website www.orientalinsurance.org.in, Phone no. 011-43659539
CIN : U66010DL1947GOI007158
Format for letter of interest for selection of Audit Firm of Chartered Accountants for Investment Risk Management System and Process Audi
|1.||Name and Address of the Firm|
|2.||Whether registered with ICAI |
If yes, Registration Number
|3.||Names of Partners, Membership Number, Qualification and Experience|
|4.||The Firm should have experience, for at least four years, in conducting review of Risk Management System and Process of either Bank or Mutual Fund or Insurance companies or have, on behalf of IRDAI conducted Investment Inspection of Insurance Companies.||If yes, the details of the Bank, Mutual Fund or Insurance Companies audited with the |
period for which the audit was conducted shall be provided. Documentary evidence to be enclosed.
|5.||On the date of appointment as an Auditor of certifying Investment Risk Management Systems and Process, the auditor must not hold more than two audits of Internal, Concurrent and Risk Management System Audit, all taken together. |
Hence, the Audit firm, can at the maximum hold not more than three Audit (i.e. Investment Risk management System and Process Audit, Internal Audit, Concurrent Audit – all taken together), apart from Statutory Audits at any point of time.
|Please give the details|
|6.||The Auditor should not have been prohibited/debarred by any regulating agency including IRDAI, RBI, SEBI, ICAI etc.|
|7.||The Auditor appointed for certifying the Investment Risk Management Systems and Process, should not have conducted the following assignments for the same Insurer proposing to be appointed as System Auditor, for a period of two years immediately preceding his appointment. |
· Statutory Audit
· Any Internal Audit
· Any Concurrent Audit
· Any consulting assignment, whether or not related to audit Functions