Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI)

[Announcement No. EOI/SA/2020-21 Dated 29/03/2020]

ICAI invites applications from eligible Chartered Accountant firms for appointment as Statutory Auditor for its units i.e. Branches, Decentralized Offices and Regional Councils (Details whereof are given at Annexure – “A” hereto) for the financial year 2020-21.

A. Eligibility Criteria:

1. Basic Criteria:

S. No. Categories Basic Criteria
1. Regional Councils, Decentralized Offices > Firm with a minimum of 5 partners of

which at least 2 partners should be FCAs.

> Firm’s standing should be of at least 10 years.

> The firm should have minimum Statutory Audit experience of 5 years in public sector undertakings / banks branches.

> At least two partners should have a continued association of 5 years or more with the firm.

> Head Office of firm should be located at the concerned district/city.

2. Branches
having membership strength more than 1000 > Firm with a minimum of 3 partners of which at least 1 partner should be FCA.

> Firm’s standing should be of at least 7 years.

> The firm should have minimum Statutory Audit experience of 5 years in public sector undertakings / banks branches.

> Head Office of firm should be located at the  concerned district/city.

having membership strength from 500 to 1000 > Firm with a minimum of 2 partners of which at least 1 partner should be FCA.

> Firm’s standing should be of at least 5 years.

> The firm should have minimum Statutory Audit experience of 3 years in public sector undertakings / bank branches.

> Head Office of firm should be located at the concerned district / city.

having membership strength less than 500 members > Either proprietorship or partnership Firm.

> Firm’s standing should be of at least 3 years.

> The firm should have minimum Statutory Audit experience of 1 year in public sector undertakings / bank branches.

> Head Office of firm should be located at the concerned district/city.

2. Disqualifications: The Chartered Accountants Firm shall not be eligible to apply if:

  • The Chartered Accountants Firm or any of its partners has been declared guilty of any professional and/or other misconduct under the provisions of the Chartered Accountants Act, 1949 during the current year and immediate past five years.
  • The firm or any of its partners has any pecuniary or other interest in the ICAI such as faculty, examiner, observer etc.
  • Any of the partners of the firm or their relative is / was a member of Central Council/ Regional Council, Branch Managing Committee of ICAI during the current year and immediate past four years i.e. from 1st April, 2016 to till  date.
  • The audit firm is having association with foreign audit firms.

Declaration:

The Chartered Accountants Firm while expressing their interest shall be required to submit a declaration that they do not suffer from any of the above disqualifications and the details furnished in this regard are true and correct. Any incorrect information furnished by the applicant shall lead to rejection of the application.

B. Scope of Work:

The auditors shall make a report to the Council of ICAI on the accounts examined by them, on each balance sheet and income and expenditure account or on other document annexed thereto, taking into consideration the relevant sections of The Chartered Accountants Act, 1949 and The Chartered Accountants Regulations, 1988. The audit report shall be in prescribed format.

The audit report shall be on half yearly basis in addition to the report on annual accounts for the year ended 31.03.2021. The half yearly and yearly report shall be submitted within 30 days from the end of respective period.

C. Audit Fee: The payment for the said assignment shall be as specified in Annexure – “A” The fees shall be inclusive of out of pocket expenses. No TA/ DA or out of pocket expenses shall be paid. However, the fees shall be exclusive of GST and shall be paid on submission of final audit report.

D. Other Terms & Conditions:

1. Interested firms of Chartered Accountants which meet the pre-qualification criteria may furnish their Expression of Interest at the following link:

https://forms.office.com/Pages/ResponsePage.aspx?id=DOHFOzhjoU6NJ-O1tggEOts12StCuxZCn-Y_nFa5OQJURTJXSlg2TDRXSzRLVU5RVkdXU0ZMSURHNi4u&nocdn=1

2. There shall be no fee for the application.

3. The application for the said assignment shall be accepted only through the above link  and should be submitted latest by 15/04/2020 up to 1600 hours.

4. Queries, if any, in this regard may be sent to audit@icai.in. Any communication other than email will not be entertained. The last date for receipt of queries regarding submission of expression of interest is 12/04/2020 up to 1600 hours.

5. Any amendment/corrigendum/clarification to the EOI will be posted on the website of the Institute of Chartered Accountants of India, i.e.icai.org.

6. The ICAI shall not be liable for non receipt/Late receipt of any of the EOIs.

7. The ICAI reserves the right to reject any of the applications or whole process without assigning any reason at any time and may call for any other details or additional information from any of the applicants/members at its own discretion. Non submission of details sought for will render the firm ineligible for the assignment. In this regard, the decision of ICAI shall be final and binding on all the applicants.

8. The decision of the Audit Committee of ICAI shall be final as regards to the criteria to finalize the firm out of the applications so received and selection of auditors.

9. Incomplete applications shall be summarily rejected.

10. Audit shall be conducted by appointed firm only and shall not be allowed to sublet the audit assignment.

11. The auditor shall maintain confidentiality of information obtained during the course of audit.

12. The engagement of the auditor shall terminate on acceptance of the final Audit Report by ICAI. However, ICAI may terminate the engagement of the auditor, at any time, without assigning any reason. In such cases, the firm shall not be eligible for any remuneration.

13. In case of any dispute or difference  arising  out of or in  connection with any of the  terms and condition to this Notice  / Engagement, in the first instance, the parties shall  try to resolve the same by mutual consultation, failing which the same shall be referred to thesole arbitrator to be appointed mutually by the  The Arbitration and Conciliation Act, 1996 and any statutory modification or re-enactment thereof, shall apply to these arbitration proceedings. Arbitration proceedings shall be held at Delhi and the language of the arbitration proceeding shall be in English. The arbitral award shall be final and binding upon both the parties. All arbitral awards shall be in writing and shall state the reasons therefor. The cost of the arbitration shall be borne by both the parties.

14. Subject to the arbitration clause as mentioned above, the Courts at Delhi/New Delhi shall have the exclusive jurisdiction to try any suit in the matter.

15. Detailed profile of the firm giving details of experience as statutory auditors of public sector undertakings / bank branches be mailed at stat.audit@icai.in.

16. Declaration with respect to para 2 of Eligibility Criteria to be mailed at stat.audit@icai.in.

 Annexure – “A”

Name of the units for which applications are sought

A) Regional Councils and Decentralized Offices 

S. No. Region Name of the unit Audit Fees
1 Central CRO 80000
2 Central CIRC 60000
3 Northern NRO 40000
4 Southern SRO 80000
5 Western WIRC 60000

2) Branches having membership strength more than 1000 

S. No. Region Name of the unit Audit Fees
1 Central GHAZIABAD 40000
2 Central JODHPUR 40000
3 Central UDAIPUR 40000
4 Eastern GUWAHATI 40000
5 Southern COIMBATORE 60000
6 Western BARODA 60000
7 Western NAGPUR 60000
8 Western NASHIK 40000
9 Western RAJKOT 40000
10 Western SURAT 60000
11 Western VASAI 40000

C) Branches having membership strength from 500 to 1000 

S. No. Region Name of the unit Audit Fees
1 Central JAMSHEDPUR 30000
2 Central MEERUT 30000
3 Northern AMRITSAR 30000
4 Northern HISAR 30000
5 Southern GUNTUR 30000
7 Western GOA 30000

D) Branches having membership strength less than 500 members

S. No. Region Name of the unit Audit Fees
1 Central ALIGARH 20000
2 Central BEAWAR 20000
3 Central GWALIOR 20000
4 Central SIKAR 20000
5 Eastern BRAHMAPUR 20000
6 Eastern CUTTACK 20000
7 Eastern DIBRUGARH 20000
8 Eastern DURGAPUR 20000
9 Eastern JHARSUGUDA 20000
10 Eastern ROURKELA 20000
11 Eastern TINSUKIA 20000
12 Northern AMBALA 20000
13 Northern BAHADURGARH 20000
14 Northern BHIWANI 20000
15 Northern KAITHAL 20000
16 Northern KURUSHETRA 20000
17 Northern PATIALA 20000
18 Northern SANGRUR 20000
19 Northern SHIMLA 20000
20 Northern YAMUNANAGAR 20000
21 Southern ANANTAPUR 20000
22 Southern KADAPA 20000
23 Southern KUMBAKONAM 20000
24 Southern KURNOOL 20000
25 Southern MYSORE 20000
26 Southern TIRUPUR 20000
27 Western AMRAVATI 20000
28 Western GANDHIDHAM 20000
29 Western VAPI 20000

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