Institute of Actuaries of India Expression of Interest for Empanelment of Chartered Accountant Firm for the statutory audit for F.Y. 2025-26 to F.Y. 2027-28
IAI has invited EoI for Empanelment of Chartered Accountant Firm for the statutory audit of Institute for FY 2025-26 to FY 2027-28
IAI is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India. The provisions of the said Act have come into force from 10th day of November 2006, in terms of the notification dated 8th November 2006, issued by the Government of India in theMinistry of Finance, Department of Economic Affairs. As a consequence of this, the erstwhile Actuarial Society of India was dissolved and all the Assets and Liabilities of the Actuarial Society of India were transferred to, and vested in, the Institute of Actuaries of India constituted under Section 3 of the Actuaries Act, 2006. The erstwhile Actuarial Society of India (ASI) was established in September 1944. Since 1979 the ASI has been a Full Member of International Actuarial Association (an umbrella organization to all actuarial bodies across the world) and is actively involved in its affairs. In 1982, the ASI was registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1860 and also under Bombay Public started conducting Fellowship level examination leading to professional qualification of an actuary, till then the accreditation was based on Institute of Actuaries, London examinations (now Institute and Faculty of Actuaries).
The IAI is inviting applications from eligible Chartered Accountants Firms for statutory audit of IAI for F.Y. 2025-26 to F.Y. 2027-28.
Note: 1. No sub-letting of the assignment will be allowed. 2.The IAI reserves the right to call for any other details or information from any of the CA firms. 3. IAI reserves the right to cancel the entire empanelment process without assigning any reason.
Eligibility Criteria: The CA Firms having at least 3 full-time Partners with minimum standing of 5 years in Practice of each such partner as on 1st January 2025 will be eligible to apply.
Disqualifications: The Chartered Accountants Firm shall not be eligible to apply if: i. ii. The Chartered Accountants Firm or anyofits 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 immediately preceding five years. The firm or any of its partners have any pecuniary or other interest in the IAI such as faculty, examiner, observer etc.
The Chartered Accountants Firm while expressing their interest shall be required to submit a declaration, duly signed by the partner of the firm that they meet the above criteria and do not suffer from any of the above disqualifications and the details furnished in this regard are true and correct. Any incorrect/misleading information furnished shall lead to the rejection of the application and any other consequences as may be decided by IAI.
Preference : Preference shall be given to following additional criteria: 1. Experience of auditing of statutory bodies and/or educational institutions 2. Head office is situated in Greater Mumbai 3. Annual receipt of the firm as per the previous year Audited Annual Accounts should not be less than 25 lacs
Audit Fees: Audit fees for aforesaid assignment shall be Rs.50,000/- plus GST. The fees shall be inclusive of out of pocket expenses. No TA/ DA or out of pocket expenses shall be paid in addition to fees assigned. The fees shall be paid on submission of final audit report.
Mode and manner of submission of expression of Interest:
Email Address: accounts@actuariesindia.org / irfan@actuariesindia.org
Subject of email: Expression of interest for statutory audit of IAI for F.Y.2025-26 to F.Y. 2027-28.
Last date for submission of interest: 15/06/2025.
Download Expression of Interest Click Here >>
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