Special Audit of Branch Building Construction Projects of ICAI-Last date 16-09-2017 approaching

Special Audit of Branch Building Construction Projects of ICAI-Last date to apply is 16-09-2017

Special Audit of Branch Building Construction Projects of ICAI

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/2017-18 Dated 20/07/2017]

ICAI invites applications from eligible Chartered Accountants firms for appointment as Statutory Auditors of its units i.e. Branches, Decentralized Offices and Regional Councils for the financial year 2017-18 (Annexure – “A”).

A. Eligibility Criteria:

1. Basic Criteria:

S. No. Categories Basic Criteria
1 Regional Councils, Decentralized Offices and Branches located at Decentralized Offices  Firm with a minimum of 5 partners of which at least 2 partners should be FCAs.
 Firm’s standing should be of atleast 10 years.
 The firm should have minimum Statutory Audit experience of 5 years in public sector undertaking / banks branches.
 Atleast 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 (other than branches located at Decentralized Offices)  Firm with a minimum of 3 partners of which at least 1 partner should be FCA.
 Firm’s standing should be of atleast 7 years.
 The firm should have minimum Statutory Audit experience of 5 years in public sector undertaking / 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 atleast 5 years. The firm should have minimum Statutory Audit experience of 3 years in public sector undertaking / 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’s standing should be at least 3 years.
 The firm should have minimum Statutory Audit experience of 1 year in public sector undertaking / bank branches.
 Head Office of firm should be located at the concerned district/city

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

3. Statutory Auditor of the Regional Councils shall be subject to peer review and peer review certificate be obtained before the appointment.

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

• The Chartered Accountants Firm or any of its partners have 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 have any pecuniary or other interest in the ICAI such as faculty, examiner, observer etc.
• The partners of the firm or their relatives 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, 2013 to till date. A declaration confirming such non association should be given by the firm along with the application for engagement.
• The audit firm is having association with foreign audit firms. 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 be viewed as violation of the ethical standards prescribed by Institute and will be dealt with seriously.

B. Scope of Work:
The auditor shall make a report to the Council of ICAI on the accounts examined by them, and on every balance sheet and income and expenditure account or on every 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 31.03.18.The half yearly and yearly report shall be submitted within 30 days from the end of respective period.

D. Other Terms & Conditions:
1. Interested firm 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=DOHFOzhjoU6NJO1tggEOts12StCuxZCn-Y_nFa5OQJUMTM0ODVHWUxGSE1KQ1pQSTdOTkRGVEhBNC4u

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 18/09/2017 up to 1700 hours.

4. Queries,ifany,inthisregard may be sent to stat.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 15/09/2017 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. www.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 could call for any other details or additional information from any of the firms/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. Incompleteapplications shall 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 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 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 award shall be in writing and shall state the reason therefore.

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 4 of Eligibility Criteriato be mailed at stat.audit@icai.in.

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