Empanelment for Internal Audit of various units of ICAI

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

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

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ICAI invites applications from eligible Chartered Accountant firms for engagement as Internal Auditor for its various units i.e. Branches and Decentralized Offices (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

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.

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.

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 the 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 will lead to rejection of the application.

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 the 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 ICAI:

• 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 the Institute’s policies,

• the safeguarding 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 reliable financial information.

The detailed scope of the audit shall be shared at the time of engagement. The audit report shall be submitted on a half-yearly 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 the final audit report.

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