Engagement of CA Firms for Internal Audit of various units of ICAI

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

[Announcement No. EOI/IA/2018-19 Dated 01/05/2018]

ICAI invites applications from eligible Chartered Accountants firms for engagement as Internal Auditors for its various units i.e. Branches, Decentralized Offices and Regional Councils (Details whereof are given at Annexure — “A” hereto) for the financial year 2018-19.

Also Read- Engagement of CA Firms for Statutory Audit of various units of ICAI

A. Eligibility Criteria:

1. Basic Criteria:

2. The firm must have GST Registration Number and should submit the copy thereof along with audit fee bill.

3. 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 ICA! 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 ICA! during the current year and immediate past four years i.e. from 1^st April, 2014 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 will lead to rejection of the A ppl i cati on.

B. Scope of Work:

The auditor shall review the existence and effectiveness of control system(s) and report on the adequacy of those controls, as well as, deficiencies, if any. The primary focus shall be on propriety aspect in addition to authorization, internal control, reconciliation, recording, safeguarding and valuation aspects.

The key objectives of the internal audit shall be to ensure the following at I CA I:

• orderly and efficient conduct of Institute’s working,
• the transactions and decisions taken by the authorized persons reflect the highest sense of propriety and governance,
• adherence to Institute’s policies,
• the safeguardi ng of its assets,
• the prevention and detection of frauds and errors,
• the accuracy and completeness of the accounting records and statutory compliances,
• the timely preparation of rel iable fi nanci al information.

Detailed scope of audit shall be shared at the ti me of engagement.

The audit report shall be submitted on quarterly basis within one month from the close of the respective period.

C. Audit Fee: The payment for the said assignment shall be as specified in Annexure — “A” hereto. 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-O1tggEOuQMqr4zkONFlzL3tp1l8OhUOTAxUklRM1dNQUtZQUtYVU1ZUk9CQUlBVi4u

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 10/05/2018 up to 1600 hours

4. Queries, if any, in this regard may be sent to internal.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 08/05/2018 up to 1600 hours.

5. Any amendment / corrigendum / clarification to the E01 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 for non receipt/late receipt of any of the applications.

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 regard to the criteria to finalize the firm out of the applications so received and selection of auditors.

9. Incomplete applications shal I be summarily rejected.

10. The assignment, for which the firm is appointed, shall be completed by the 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

12. The engagement of the auditor shall terminate on acceptance of the Internal Audit Report for the last quarter of 2018-19, 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 conditions of this Notice / Engagement Letter issued to the selected Auditor, in the first instance, the parties shall try to resolve the same by mutual consultation, failing which the same shall be referred to the sole arbitrator to be appointed mutually by the parties. 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 arbitration shall be borne by both the parties equally.

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 be mailed at  internal.audit@icai.in.

16. Declaration with respect to para 3 of Eligibility Criteria to be mailed at internal.audit@icai.in.

Annexure– “A”

Name of the units for which applications are sought

A) Regional Councils

B) Decentralized Offices and Branches located at Decentralized Offices

C) Branches having membership strength more than 1000 (other than branches located at Decentralized Offices)