Bids Are Invited For Custom Bid For Services - The objectives of the statutory audit for the financial year 2023-24 is to express a professional opinion on the financial statement of National Rural Infrastructure Development Agency and to ensure that funds received and expenditure incurred are in accordance with the laid down financial regulations, prescribed procurement procedures, and other orders issued from time to time as well as to ensure proper maintenance of books of accounts and other relevant documents at all levels. Scope The statutory Audit of the NRIDA Annual Accounts for FY 2023-24 will be carried out in accordance with the Generally Accepted Auditing Principles and will include tests and controls, as the auditors feel necessary under the circumstances. The major areas to be covered are as under:- 1. Statutory Audit to cover the areas ensuring that, (a) Transactions are recorded as per principles of Generally Accepted Accounting Principles and are booked to proper accounting heads. (b) Utilization of external funds is in accordance with financing agreements. (c) Goods and services have been procured in compliance with the financing agreement. (d) Transactions are dully supported by proper supporting documents. (e) Propriety of the transactions. (f) Checking the maintenance of books of accounts and records. (g) Checking the bank reconciliation statements. (h) Checking of component wise, category-wise and account head wise expenditures. (i) Checking of investments, short term deposit etc. made from time to time. (j) Checking of various taxes/statutory compliance. (k) To check all statutory records, registers including Minute Books and to see that accounting effects of all the decisions taken at General Body Meeting /Executive Committee meeting are given in the Books of Account. (l) To give executive summary incorporating all points/ matters; which are of very important nature. 2. Financial Books (a) Verification of Bank Book Journal, Vouching of Imprest Cash. (b) Scrutiny of General Ledger, Staff Advance Registers, Commenting on loan outstanding entries etc. 8 6 (c) Verification of cash, cheques on hand etc. as on 31st March every year. (d) Verification of computer vouchers and sheets ensure correct coding and accounting head. (e) Scrutiny of general ledger and Verification of Income and Expenditure Statement, and Balance sheet and other Schedules. (f) Verification of Salary, Consultancy payments, P.F, I.T., TDS, etc., and verification of submission of various return to the competent authority in time. (g) Verification of all financial information completely, promptly and after the necessary authorisation was recorded. 3. Accounting policy & standard (a) To review and help the management in implementing proper accounting procedures, internal check control and computerized systems. (b) Review of Accounts. (c) Check all recorded entries comply with accounting standards. 4. System Improvement The selected Auditor(s) will report any lacuna noticed in the existing procedures and suggest improvement. Any duplication of work noticed or work or unnecessary data noticed will be highlighted and reported. 5. The Chartered Accountant firm so appointed would be required to give:- i) Audit Certificates and issue any other certificate as may be required by the society from time to time without any additional fee to be paid by the society. ii) A summary of funds received, showing the grant in aid/loans iii) The Chartered Accountant firm so appointed would be required to look into the compliance of previous audit objections raised (if any) and have to verify or comment on the supporting documents/vouchers submitted a later stage, to settle the audit qualifications in the Statutory Audit report of this assignment. 6. Filing Income Tax Return In addition of above, The Chartered Accountant firm would also be required to submit the annually Income Tax Returns. 7. Assessment Cases All assessment cases of TDS and Income Tax( if required ) will be dealt by the firm and a separate fees will be paid as per prescribed rates by (Committee for Members in Practice (CMP) of ICAI time to time. 8. Reporting After finalization of Audit, the Statutory Auditors shall submit Audit Report on the Accounts Audited. GENERAL Auditor would be given access to all Books of Accounts, Procurement documents, Legal documents, and all other documents and information which they think 7 necessary for the purpose of audit. The auditors may make specific observations with respect to the efficiency of financial procedure, the accounting system and in general, the administration and management of the organization. Other terms & conditions: 1. Time Schedule regarding the Assignment: Firm is required to start the Statutory Audit assignment immediately after the appointment and need to complete it with in one month (except if there are any Government extensions regarding the filing of return). Audit of NRIDA shall be carried out in the office of NRIDA only. 2. Appointment of Firm: The Appointment will be for Statutory Audit of NRIDA Annual Account for FY 2023-24 and submission of Annual TDS Return for FY 2023-24. However, it may be renewed or extended for further two years as per the mutual agreement. 3. Payment of the Fees: For carrying out the Statutory Audit and other works mentioned in the Scope of Work: • For Statutory Audit and Filing of Income Tax Return for the Financial Year 2023-24 fees will be paid on receipt of bill subsequent to the submission of Audit Report (i.e. Form 10-B), Submission of Form 10 & Income Tax Return on the income tax portal and submission of independent Audit Report to NRIDA. • For any other work, payment of fees will be decided by the Competent Authority of NRIDA on the basis of minimum fee recommended by the Committee for Members in Practice (CMP) of ICAI. 4. Obligation on the Firm: The CA firm cannot Assign/outsource/sublet the work entrusted or sub-contract in any manner task within stipulated period. 5. Confidentially: The Appointed CA Firm, their sub-consultants, partners or either of them, shall not, of this contract, disclose any confidential information relating to any of the project(s)/ Scheme(s) of the contract, or the NRIDA’s operations without prior written consent of the management. All reports and other documents submitted by the firm shall, notlater than upon termination or expiration of this contract, deliver all such documents and reports to 8 NRIDA together with a detailed inventory thereof. The Firm may retain a copy of such report and documents but shall not use these reports and documents for purpose unrelated to this contract without prior written approval of NRIDA. The Appointed Firm has to undertake that all the knowledge and information not within the public domain, which may be acquired during the execution of the assignment(s), shall be, for all time and for all purposes, regarded as strictly confidential and held in confidence, and shall not be directly disclosed to any person whatsoever, except with the prior written permission from the Appointing Authority. 6. Penalty: In case the deliverables as per this bid document are not completed within stipulated time or any extension thereof, Penalty of 10% of the contract value will be deducted. The above provision is not withstanding the right of NRIDA to get the work executed at the risk and the cost of the Bidder and to avail of the other remedies/provisions laid down in the terms of bid/contract. If CA Firm or the partner thereof is found guilty of gross negligence, lack of duty of care, misrepresentation and misstatement of facts, hiding the facts, falsification, undue delay in performance of duties, using or giving the details gathered during the assignment to other parties without permission of NRIDA, non-observation of instructions given by NRIDA, unauthorized retention of records of NRIDA, violating the terms and conditions of this assignment, unauthorized changes in the records of NRIDA, indulging in malafide practices or any other cognizable offence or breach, CA Firm will be punishable with any or all of the following consequences: i) Removal form the statutory audit assignment with immediate effect/form the date specified. ii) Removal from any other assignment with immediate effect/from the date specified. iii) Deduction of percentage of fees as determined by the Competent Authority of NRIDA. iv) Ban from accepting the future assignment of NRIDA for the period as specified. v) Any other legal consequences (if applicable) vi) Any other action deemed appropriate by the Competent Authority of NRIDA. The selected Chartered Accountant firm has to complete Statutory Audit within specified timeline and after that firm has to submit the relevant Form No. 10, 10B & Income Tax Return of NRIDA. ---- Total Quantity :
