CA firms empanelment with NFRA as technical reviewers. Applications invited. Last date to apply is 23.03.2020
Invitation of applications from firms (partnership /limited liability partnership/proprietary concern) of practicing chartered accountants for empanelment as technical reviewers (TRs) with the national financial reporting authority (NFRA)
| Date of Advertisement publishing: | 7th Feb 2020 |
| Date & time of document download start: | 7th Feb 2020 |
| Seek clarification start date : | 7th Feb 2020 |
| Seek clarification end date : | 14th Feb. 2020 |
| Pre Application meeting date, time & venue: | 18th Feb. 2020 at 11:00 Hrs Conference Room, National Financial Reporting Authority 7th Floor, Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi 110001 |
| Reply to Queries: | 25th February 2020 |
| Closing date & time for submission of application : | 23rd Mar. 2020 at 14:00 Hrs |
| Application opening date, time & venue : | 25th Mar. 2020 at 14:00 Hrs |
| Application Submission : | # On line (http://eprocure.gov.in) |
| Details of contact person : | Lekhan Thakkar, Executive Director, National Financial Reporting Authority 7th-8th Floor, Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi 110001. Email: helpdesk@nfra.gov.in Tel: +91 11 2335 0343 |
# E-procurement portal will be opened for application after the pre-bid clarification are issued.
Eligibility Criteria
An Applicant shall
(i) have minimum 5 years’ experience in audit of PIEs;
(ii). have completed Minimum two statutory audits of PIEs. Statutory Audit of the same PIE for more than one year shall count as one statutory audit for this purpose;
(iii). shall not suffer from any disqualification for being appointed as Auditor under section 141 of the Companies Act 2013
(iv) not have been subjected to any kind of disciplinary actions from the ICAI or any regulator/statutory authority in India or outside India.
(v) not have received any notice for disciplinary action/show cause from NFRA or ICAI or MCA.
(vi) Not be subject to any enquiries into misconduct or criminal proceedings by any statutory authorities or the Central or a State Government
Submission of Applications: –
The application will be submitted online as per details given in the critical date sheet and upload following scan documents along with application are as follows: –
i. Application Format
ii. CV’s of Partner, Qualified Assistant and Semi Qualified Assistant certified by the senior partner
iii. Certified copies of Firm Registration certification.
iv. Certified copies of Appointment letter(s) of statutory audits and internal audits in Public Interest Entities, Forensic Audit.
v. Certified copies of qualification claimed
vi. Signed and Scanned copy of PAN and TAN.
vii. Signed and Scanned copy of registration for GST
viii. Signed and Scanned copy of Partner’s resolution(s) in favour of authorized representative of the applicant.*
ix. Proofs for the eligibility and scoring criteria.
*Only one application per firm will be allowed
Marking Criteria for Shortlisting
As per attachment.
Applicant scoring a minimum of 75 marks will be eligible for empanelment, subject to satisfaction of all other criteria. The maximum number of empanelled applicants will be limited to the top ranked 10 applicants.
Team of Technical reviewer shall include at least one senior partner/ partner and one qualified assistant.
Scope of Work:
The Reviewer shall undertake the work as per the guidance and requirement of NFRA. The TR shall basically report on compliance with Accounting and Auditing Standards, abcaus.in guidelines of the ICAI and provisions of applicable statutes. The exact scope of the work will be specified in detail prior to allotment of work. It shall be the responsibility of the NFRA to obtain the relevant Audit files pertaining to the engagement taken up for review. The TR shall examine records at the NFRA office, or remotely if possible and permissible. The TR’s scope would extend to verifying, assessing and evaluating the response of the Audit Firm.
Professional Fee
Assignment of Audit engagements for each PIE or Group of PIEs will be done by NFRA from the empanelled list of TRs. The professional fees admissible in each case will be decided by NFRA subject to a maximum of Rs 2.00 Lakhs plus taxes and actuals as per Para 6.2 below, if any
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