भ रत य ब ध स थ न क ष क ड़

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1 भ रत य ब ध स थ न क ष क ड़ आई आई एम क ष क ड़ क पस- प ओ INDIAN INSTITUTE OF MANAGEMENT, KOZHIKODE IIM Kozhikode Campus P.O, Kozhikode, Kerala NOTICE INVITING EXPRESSIONS OF INTEREST (EOI) (Re-Tender) 1. Tender No & Date 2. Name of the work No (06)/EoI-Audit/2017-IIMK.GA dated Empanelment of Audit Firm / Company (registered or empanelled with ICAI) for undertaking Internal Audit of Indian Institute of Management Kozhikode for a period of three years. 3. Period of issue / downloading of EoI forms From to (till 3:00 PM) Prequalification Bid Document can be downloaded from IIMK Website 4. Cost of EoI Document `560/- [ (GST-12%)] (Rupees five hundred sixty only) by way of Demand Draft/ Bankers Cheque / Online. Fee should be submitted along with the EoI. 5. EMD `3,000/- (Rupees Three Thousand only) 6. Deadline for Submission of the EoI upto 3:00 PM 7. Date of Opening of the EoI at 4:00 PM 8. Mode of Submission of the EoI 9. Address to which EoI is to be sent Can be sent by Speed Post/Registered Post/ Courier or dropped in the Box titled Purchase Section in the Admin. Block, IIMK Chief Administrative Officer Indian Institute of Management Kozhikode IIM Kozhikode Campus P.O., Kozhikode , Tel: No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 1 of 11

2 भ रत य ब ध स थ न क ष क ड़ आई आई एम क ष क ड़ क पस- प ओ INDIAN INSTITUTE OF MANAGEMENT, KOZHIKODE IIM Kozhikode Campus P.O, Kozhikode, Kerala Introduction Indian Institute of Management Kozhikode, an autonomous body under MHRD, Government of India, invites Expression of Interest from Chartered Accountants Firms/Company for conducting Internal Audit of the Institute by Appointment of Internal Auditors as per the terms and conditions specified below :- 2. Eligibility Criteria: 2.1 The firm must be empanelled with ICAI, without which the application of the firm would not be considered. 2.2 Firms must qualify following minimum criteria: Sl. No 1 2 Particulars Number of Full Time Fellow Partners/full time employees associated with the firm for not less than 3 years (As per Certificate of ICAI as on ) Turnover of the firm per year (Last two Financial years) (Based on activities within India) 3 No. of years of firm existence 4 No. of assignments of Statutory Audit of Corporate/ PSUs entities except Bank Branch Audit in the last 3 years Minimum Criteria 15 Min.`15 Crores (Fifteen Crores) Minimum 10 years as on date of application Any firm not qualifying these minimum criteria need not apply as their proposal shall be summarily rejected. 2.4 Supporting Documents for Eligibility Criterions: Following supporting documents must be submitted by the firm along with the technical proposal: For Sl. No. 2.2 (1) above, the firm must submit an attested copy of Certificate of ICAI as on For Sl. No. 2.2 (2) above, the firm must submit a copy of the balance sheet for the last two years For Sl.No. 2.2 (4) above, the firm must submit a copy of the appointment letters/audit completion certificate etc., from the auditee organizations. Branch Audit of any Bank shall not be considered while taking into account the total number of assignments. No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 2 of 11

3 2.5 The firm or any partners of the firm should not be black listed by any PSU or Government, Corporate or any other organization in respect of any assignment or behavior. 2.6 Documentary proof for the above shall be produced along with the tender document, failure of which the tender may be disqualified. 3. Procedure for submission of EoI: 3.1 The Audit Firm/Company willing to submit EoI may submit the same in the form attached along with the following documents to The Chief Administrative Officer, Indian Institute of Management Kozhikode, IIM Kozhikode Campus P.O, Kozhikode by speed post/courier/in person, superscribing Expression of Interest for appointment as Internal Auditor of IIMK. 3.2 Those who wish to submit the EoI in person shall drop it in Tender Box (Purchase Section) kept in the Reception Counter of IIM Kozhikode. (a) Duly filled in EoI Form (b) Brief profile of the Audit Firm/Company and all relevant documents with regard to their experience, annual turnover/financial statements at least for the last Five years, clientage list & their performance certificates etc. 4. General Instructions 4.1 The acceptance of EoI shall rest with the Institute and the Institute reserves the right to reject the proposal(s) or cancel a part or whole of the process at any stage without assigning any reason, whatsoever. Prospective bidders are advised to visit IIMK website regularly for any notice / addendum / corrigendum / amendments etc, if any. No separate advertisement / press notification will be made in this regard. 4.2 The Institute shall not be responsible for EoI received in damaged condition or any delay in transit. 5. Instructions for Internal Auditors 5.1 Audit is to be conducted immediately after the end of each quarter, i.e. first week of next quarter. 5.2 Internal Auditor is to depute competent audit personnel headed by Chartered Accountant for the audit work. 5.3 Audit has to stress more on systems and processes. All gaps, lapses and departures from approved standard Accounting Practices, Institute MOA are to be reported to the Board of Governors (BOG). The competent audit team must meet the Chairperson, BOG before every BOG Meeting. 5.4 Comprehensive replies and clarifications are to be obtained from various departments as well as IIMK Kochi Centre and the same has to be reported. 5.5 All aspects specified in Point 3.2 (below) should be adhered to while reporting. No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 3 of 11

4 5.6 Executive Summary should contain only important observations involving Financial Loss Systems Failure and Major Non-Compliance of Processes. 5.7 Reports, complete in all respects should definitely be submitted within 30th of next month from the end of the quarter. 5.8 Any fraud, defalcations, cash shortages, theft, major anomalies and failure in systems and process are to be immediately reported by way of flash report to the Board of Governors of the Institute. 5.9 Quarterly audit report is to be placed before the BOG for timely assessment Administrative support and coordination for the internal auditors will be provided by F&A Department of IIMK. 6. Scope of Work 6.1 Purpose : The purpose of audit of centers is to ensure that: (a) Activities are carried out as per the MHRD rules and regulations and in accordance to the rules for Autonomous Bodies. All activities are carried out after considering the relevant statutory provisions of Income Tax, GST etc., which are applicable as per law. (b) All the transactions are properly accounted for as per the statutory requirements. (c) All investments are made as per the approved policy of the Institute. (d) There is no leakage of revenue. (e) Bank accounts are reconciled timely. (f) All statutory compliance are made in time. (g) All contracts for projects purchases and services are awarded as per GFR Rules. (h) All expenditure is duly supported, approved by the authority as per delegation of powers and properly accounted for. (i) Books and accounts and all statutory records are timely updated and maintained properly. 6.2 Guidelines for Audit: Revenue item: The Internal Auditors is to review and report the followings: (a) That invoice for various consultancy services, MDPs, FDPs, and Placement have been raised in time and accounted. (b) PGP Fee, EPGP Fee and all other revenue has been properly collected and accounted. No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 4 of 11

5 (c) That interest income and other income have been properly accounted for. (d) That all reconciliation stated in reconciliation section has been carried out and reported Expenses: Internal auditor has to carry out the following and report on same: Review of internal check and control procedures with an objective to assess their adequacy and strengthen, in respect of: (a) Passing and payments of establishments bills, (i) viz., salary, TA/LTC, Medical and local conveyance, staff lease and office rent, (b) Payment for procurement of services and supplies like data link, telephone, printing and stationery, vehicle maintenance, office maintenance, consultancies, travels etc., (c) Contractor/Supplier bills. (d) Consultancy fees bills. (e) Staff advances. (f) Capital Expenditure. (g) Vouching of receipts, payments and journal vouchers for proper coding/ allocation, authentication and accounting. (h) Check payroll of employee, leave record, attendance registers etc., and report deficiencies if any. (i) Review the application of tendering system and examine various contracts awarded for expenses, projects purchase, obtaining data link services, etc., and confirm that these are awarded as per applicable guideline of GFR 2005, and IIMK systems and practices, (j) Examine ad comment on the incidence of single tender awards and comment on the reasonableness of the justification given in single tender contracts. (k) To carry out post audit immediately after completion of the project covering the following aspects: (i) Time over run (ii) Cost over run (iii) Timely billing and recovery (l) Review and confirm that all the expenses are booked as per various applicable accounting standards issued by the institute of Chartered Accountants of India. (m) Review and confirm that no item of revenue nature has been capitalized and also that no item of capital nature has been accounted for as revenue. No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 5 of 11

6 c Statutory Compliances: Internal auditor is to review and report on following: (a) Whether all relevant statutory compliances have been made as per all rules (Income Tax, GST, PF/NPS etc.); (b) Whether estimation of income and expenses and TDS has been correctly reported to the Institute; (c) Provision of Depreciation is to be verified specifically with reference to the compliance of statutory requirements Others: Internal Auditor is to cover following other areas: (a) Review of Bank, reconciliation and scrutiny of old unlinked amount and bank balances, (b) Scrutiny of books of accounts for their completion, reconciliation, correctness and adjustments, (c) Review of Fixed Assets records is to be done. Confirmation is to be made that physical verification of fixed assets is being carried out as per the system laid down in this regard. This aspect needs to be checked and included in the report. It should also be checked and reported if any old provisions are still to be adjusted. Internal Auditors should comment on the adequacy of coverage, both in terms of number of items as well as value of assets, (d) Report compliance of internal audit observations reported in earlier Internal Audit reports but outstanding for compliance, (e) Verify and comment on compliance of the same in respect of Recognition and Disclosure of Provisions, Contingent Liabilities and Contingent Assets, as per Account Standard AS 29, (f) Confirm that apart from the cases reported by them specifically in their report, there are no other cases of violation of the Delegation of Powers of IIMK, (g) Check/endorse/comment on the provision, if any, lying in the books towards Work-in-progress especially from the point of view whether such provision is needed to be retained or written back, (h) Examine and report on whether balances in the Contractor Accounts in the General Ledger have been duly reconciled, (i) Review the Work-in-progress and point out old cases whether there is no movement in the account and work has been stopped/abandoned for over a year, (j) Review of fee outstanding, retention money, amount recoverable, security deposits (Receivable & Payable), No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 6 of 11

7 (k) IIMK Manual lays down the systems and procedures to be followed in specific areas. Internal Auditors are advised to verify compliance with such systems and report thereon, 6.3 Reconciliation and other details 7 Advisory Role Internal Auditors is to review and to give following reconciliation statement, complete the formats and other information in their audit report. (a) Review and Reconciliation of the fixed assets gone beyond repair and needs to be written off and report the same to IIMK, (b) Review and Reconciliation of incubation income and report on same in the format of IIMK, (c) Review and Reconciliation of Projects & Consultancy income as per agreement and report deficiencies, (d) Review and Reconciliation of interest earned on FDR and report on same to IIMK, (e) Verification of Bank reconciliation and report on same, (f) Verifying Balance Sheet and Profit & Loss Account giving details of Ageing analysis of Sundry Debtors (Format of IIMK), Details for Provision for Doubtful Debtors/Advances. Ageing analysis of Sundry Creditors (Format of IIMK), Details of Outstanding liabilities and their subsequent payments (Form of IIMK), Details of statutory liabilities and their subsequent payment along with copy of challans, (Format of IIMK) Auditors should obtain the details and verify the same and report in the format stated above. (g) The volume of the business will be around 10,000 number of transaction per year which includes journals, invoices, receipt vouchers, payment vouchers, adjustment vouchers and credit notes. The internal auditors will provide advice and guidance to the staff and concerned officials on matters pertaining to Financial accounting, taxation and updates/audit for necessary statutory compliances. 8 EoI Security /Earnest Money Deposit: 8.1 The EoI must be accompanied by Earnest Money Deposit (EMD) of `3,000/- (Rupees Three Thousand only). The EMD would be accepted in the form of Account Payee Demand Draft, Fixed Deposit Receipt, Banker s Cheque or Bank Guarantee from any of the Commercial Banks drawn in favour of Indian Institute of Management Kozhikode or Payment online in an acceptable form. Earnest Money in the form of Cheque will not be accepted. The Earnest Money shall be kept deposited till the validity of the tender. No request for adjustment of earlier dues in place of Earnest Money will be entertained. The Earnest Money shall be refunded to the unsuccessful Tenderer after finalization of tender, without any interest. The EMD of the successful Tenderer shall be retained and converted towards the security deposit. No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 7 of 11

8 8.2 The EMD shall be forfeited if: (a) The bidder revoked during its validity period. (b) The fees are increased unilaterally by the Tenderer after the tender opening and during validity period the tender. (c) IIMK accepts the Tenderer s proposal and the Tenderer refuses to execute the order after the order placement. 8.3 The online payment details for IIM Kozhikode is: Name of Bank : State Bank of India Name of Branch : IIM Kozhikode Branch Address : IIMK Campus PO, Kunnamangalam, Kozhikode A/c No. : ; Type: S/B Branch Code : NEFT IFSC Code : SBIN SWIFT Code : SBININBB392 9 Submission of EoI: 9.1 The firm shall submit their EoI only after carefully examining the whole of the EoI documents and the conditions of EoI and contract, scope of work etc., All the documents submitted (whether original or photocopy) in the EoI must be legible and self attested. Alterations/corrections, if any, in the EoI should be attested by the tenderer. The tenderer is advised to inspect, examine the site and its surrounding and satisfy themselves before submitting their tenders. 9.2 Bids should be sent by post/courier in one sealed cover and supper scribed as Empanelment of Audit Firm / Company for undertaking Internal Audit of Indian Institute of Management Kozhikode for a period of three years. and addressed to: The Chief Administrative Officer Indian Institute of Management Kozhikode IIMK Campus PO Kozhikode The bidder shall give the total composite price inclusive of all levies and taxes. The offer shall be in Indian Rupees only. Rates shall be quoted in words and figures. The amount to be worked out to whole number. 10 General Terms & Conditions: 10.1 The tender documents shall be treated as confidential Bidder may enclose the following: (a) (b) (c) (d) Copy of certificate on Registration of the Company/firm. Copy of PAN Card. Copy of Service Tax/VAT Registration. Copy of the IT Return, P&L account and balance sheet. No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 8 of 11

9 10.3 The rate of Service Tax/VAT/GST etc., prevalent on the date of tender, should be clearly indicated in the tender itself, if it s not mentioned; it will be treated as inclusive EoI validity shall be for 120 days Tenders should be free from correction and erasures. Corrections if any, should be attested Incomplete tender will be summarily rejected More than one bid shall not be accepted from one party Conditional bids will not be accepted. 11 IIMK s Right to Accept or Reject Any or All EoIs: 11.1 IIMK reserves the right to accept or reject any EoI and to annul the tendering process and reject all EoIs, at any time prior to award of contract without assigning any reason whatsoever and without thereby incurring any liability to the bidder or bidders Any deviations/irrelevant specifications in this tender will not be accepted Final decision of accepting or rejecting any/all EoI(s) will be at the discretion of IIMK. 12 Clarification of EoI Documents by IIMK To assist the examination, evaluation and comparison of EoIs IIMK may, at its discretion ask the bidder for the clarification of its bid. The request for clarification and the response shall be in writing. However, no post bid clarification at the initiative of the bidder shall be entertained after opening of the tender. 13 Placement of Work Order IIMK shall consider placement of work order on the bidder whose offer has been found technically and financially acceptable. IIMK has full rights to place order on fully or partially. Initially the contract shall be for a period of three years which may be extended further based on their performance and as per the same terms and conditions. 14 Delivery Terms The Audit shall be carried out at IIMK Campus P.O., Kunnamgalam, Kozhikode as per the direction of the Director. The date of commencement of work will be within 10 days from the date of Work Order. 15 Payment Terms: 15.1 No advance payment will be made. Payment may be made within 15 days after submission of invoice and on successful completion of the audit Income Tax etc., if applicable shall be deducted at the prevailing rate. No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 9 of 11

10 16 Termination of Work Order / Contract IIMK reserves the right to terminate the contract with one month notice, if the services are found dissatisfactory. 17 Settlement of Disputes Clause If, dispute arises out of or in connection with this contract, or in respect of any defined legal relationship associated therewith or derived therefrom, the parties agree to submit that dispute to arbitration under the ICADR arbitration rule, The venue of the arbitration shall be at Kozhikode. The language of the arbitration proceedings shall be in English. 18 Details of the Firm/Company: Details of the Firm/Company shall be attached as per Annexure-I to this EoI. 19 Bill of Quantities The Rate quoted shall be inclusive of all the taxes and charges, if any. Item or Activity AUDIT FEE for the financial year Service Tax/GST Total Total Amount ( in Rupees) Both in numeric and words `.. (Rupees.. only) I/We certify that all the terms and conditions of the tender documents are acceptable to us. Signature of the authorized person Date : Place: Name : Designation : Company Seal: No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 10 of 11

11 Annexure-I (Ref para 18) Sl. No PARTICULARS (Supporting documents required to be submitted along with this form) 1 Name of the Firm 2 Address of the Firm Head Office: Phone No.: Fax No.: Mob. of Head Office in-charge Branch Office at Kozhikode, if any Phone No. Fax No. Mob. of Branch Office In-charge: Copy of Registration/ Incorporation Certificate of the firm (Attach copy of Registration) Firm Income Tax PAN No. (Attach copy of PAN card) Firm Service Tax Registration No. (Attach copy of Registration) Registration No. with ICAI (Attach Copy of Registration) Turnover of the Firm in last two year (Attach Balance Sheet of the two years) No. of years of firm s existence minimum 10 years (Enclose copy of appointment letters/work orders) No. of assignments of statutory audit of Corporate/ PUSs entities except Bank Branch Audit in the last three years. Number of Full Time Fellow Partners associated with the firm for not less than 3 years (As per Certificate of.) 11 Details of EMD 12 Details of Cost of Form 13 Any other related documents DD No. Dated.. DD No. Dated.. No: 06 01(06)/EoI Audit/2017 IIMK.GA dated Page 11 of 11