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Empanelment for Concurrent Audit of National Insurance Company Ltd.

Tender Document For Selection Of CA Firm For Concurrent Audit Of Investment Operations Of Empanelment for Concurrent Audit of National Insurance Company Ltd.

Tender Document For Selection Of CA Firm For Concurrent Audit Of Investment Operations Of  Empanelment for Concurrent Audit of National Insurance Company Ltd.

ADDRESS FOR COMMUNICATION:
THE CHIEF MANAGER
NATIONAL INSURANCE COMPANY LTD.
HEAD OFFICE, INVESTMENT DEPARTMENT
4THFLOOR, EVEREST HOUSE,
46C, JAWAHAR LAL NEHRU ROAD,
KOLKATA – 700071
Tel: 2288 1659; E-mail: pravink.gupta@nic.co.in
Alternate:
Tel: 2288 2238; E-mail: rm.prasad@nic.co.in

Tender Reference: NIC/HO/INV/01/2018/CONC. AUDIT

TENDER DOCUMENT FOR SELECTION
OF CA FIRM FOR CONCURRENT AUDIT OF
INVESTMENT OPERATIONS OF THE COMPANY

INDEX

1. Tender Notice Notice
2. Section I Invitation for Bids
3. Section II Instructions to Bidders
4. Section III General Conditions of Contract
5. Section IV Technical Bid
6. Section V Commercial Bid
7. Annexure – 1 Terms of Reference

TENDER NOTICE

It is proposed to select a Chartered Accountants’ Firm (‘Audit Firm’) for conducting Concurrent Audit of Investment Operations of National Insurance Company Limited (NIC). The eligibility criteria for selection are given hereunder:

1. The Audit firm shall be a firm registered with the Institute of Chartered Accountants of India (‘ICAI’)

2. It should have experience, for at least 4 years, in conducting reviews of Risk Management Systems and Processes of Insurance Companies /Banks / Mutual Funds or have, on behalf of IRDAI, conducted investment inspection of Insurance Companies.

3. The Audit firm can, at the maximum, hold not more than three Audits (i.e. Investment Risk Management Systems and Process Audit, Internal Audit, Concurrent Audit – all taken together) apart from Statutory Audits at any point of time. For this purpose, a declaration shall be submitted by the Audit Firm at the time of appointment in this regard.

4. It should not have been prohibited / debarred by any regulating agency like IRDAI, RBI, SEBI, ICAI etc.

5. The Audit Firm to be appointed for the first time should not have conducted the following assignments for NIC during a period of two years immediately preceding its appointment:

i)  Statutory Audit,

ii) Any Internal Audit,

iii) Any Concurrent Audit,

iv) Any Consulting assignment, whether or not related to Audit Functions and

v) Review or Certification of Investment Risk Management Systems & Processes.

6. The Concurrent Auditor shall not be eligible for re-appointment, with the same Insurer after serving three consecutive years or three years during the preceding five years.

The Audit is to be conducted in accordance with the directives of IRDAI. The procedure for conducting the Concurrent Audit and the reporting format prescribed in “Technical Guide on Internal / Concurrent Audit of Investment Functions of Insurance Companies” issued by ICAI will have to be followed. NIC reserves the right to issue instructions to the Concurrent Auditor to facilitate proper conduct of the Audit.

The Audit is required to be conducted daily at Investment Department of Head Office of NIC presently functioning at Everest House (4th floor), 46C, J. N. Road, Kolkata – 700071 or at any other place if the investment Dept shifted within the city of Kolkata . The Concurrent Auditor may have to appear before the Audit Committee of the Board / Board of NIC in connection with the Concurrent Audit for personnel interaction, if required.

The contract for conducting concurrent Audit would initially be for a period of one year i.e. from April 01, 2019 to March 31, 2020. The selected Audit Firm may be considered for re-appointment for a further period of not exceeding two financial years on the same terms and conditions, subject to satisfactory performance.

In view of the above, sealed offers (Pre-qualification-cum-Technical Bid and Commercial bid as per tender document enclosed) are invited from eligible firms of Chartered Accountants for selection as Concurrent Auditor.

The Bidders are requested to download the tender document from the company’s website www.nationalinsuranceindia.com during the period 23.10.2018 to 13.11.2018.

The Tender documents (Pre-qualification-cum-Technical Bid and Commercial Bid), duly completed and sealed as per the ‘Instructions to Bidders’ in Section II, should be deposited in the Tender Box at the address given in Page 1 latest by 2.00 pm on 14.11.2018. The tenders submitted by any other mode i.e., personally / through courier or post will not be entertained.

The company reserves the right to reject any or all tenders without assigning any reason whatsoever.

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Categories: CA, CS, CMA
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