ICMAI Invites EOIs for Internal Audit of ICMAI’s Regional Councils and 3 Chapters: Submit EOI by July 14, 2024

The firm should be a partnership firm registered with the Institute of Cost Accountants of India on the date of application and should be in existence for at least three years and may possess previous experience in conducting Internal Audit

By Navasree A.M - On June 27, 2024 11:24 am - 3 mins read

Accountants - Cost Accountants - ICMAI - internal audits - TAXSCAN

The Institute of Cost Accountants of India ( ICMAI ) invites Expressions of Interest ( EOI ) from cost accountant firms for empanelment to conduct internal audits of the ICMAI’s regional councils and 3 chapters ( Hyderabad, Bangalore and Jaipur ). The last date to submit the EOI is 14th July 2024.

MINIMUM ELIGIBILITY CRITERIA

The firm should be a partnership firm registered with the Institute of Cost Accountants of India on the date of application.
The firms should be in existence for at least three years and may possess previous experience in conducting Internal Audit.
The Firm must have a PAN and GST Registration number.
A firm will not be eligible for empanelment if any of its partners or staff (as a related party defined in Companies Act 2013) is/was associated as an office bearer in any Managing Committee of Chapter/Regional Council/Central Council of the Institute for the last 8 years. A declaration confirming such non association should be given by the managing partner along with the application for empanelment.
Firm has to apply for a local chapter according to the address of the firm for Internal Audit (details given in point N). However, the selection criteria will be as per (B) below.

SELECTION CRITERION

The norms for selection of firms for Internal Audit will be as follows:

Sl. No.	Particulars	Points Fixed	Maximum Point
1	Number of Partners		25
	(a) Equal to 2 partners	5
	(b) More than 2 partners	10
	Additional 2 points for every Fellow member Partner	10
2	Number of Qualified Assistants (Cost Accountants only) employed with the Firm	2 points per qualified assistant	20
3	Age of the Firm	2 points for every year	20
4	Experience in conducting Internal Audit:		25
	(i) Experience in Educational Institution /PSU / Autonomous & Statutory Bodies	15
	(ii) Experience in other organizations	10
5	No. of years of experience in Internal Audit		10
	3 – 5 years	3
	> 5 years	10
	Total Points		100

Note:

1. Documentary evidence of all the information as stated above is to be furnished along with the offer.

2. Where a Cost Accountant is a partner / owner of more than one firm, in such a case, only one firm carrying the highest marks shall be allowed to take part in the EOI process.

3. Each selected firm will be allotted only one work and can be appointed for a maximum period of two years as mentioned in Clause D below. Thereafter there will be a cooling period of two years.

4. If there is a tie, a firm with a higher number of Fellow Members of the Institute of Cost Accountants will be considered.

APPLICATION PROCEDURE

Eligible and interested firms are requested to submit their applications in sealed envelope super scribing “APPLICATION FOR EMPANELMENT AS INTERNAL AUDIT OF THE REGIONAL COUNCIL AND CHAPTER OF THE INSTITUTE OF COST ACCOUNTANTS OF INDIA” to the Director Finance along with Annexure 2, Certificate 1, Certificate 2 and all supporting documents in the following address through Speed Post/Courier only so as to reach the office by 3 p.m. on 14th July 2024 accompanied by all necessary documents duly signed by the authorised partner of the firm.

Each application should state the Regional Council/ Chapter for which the interested firm wishes to apply.

“Dy. Director – Internal Control

The Institute of Cost Accountants of India,

CMA Bhawan, 12, Sudder Street

Kolkata-700016.”

FEES STRUCTURE

Fees payable to the Internal Auditors are as follows:

For Regional Council : Rs. 75,000/- per year and for Chapters : Rs. 50,000/ per year
GST shall be paid extra as applicable on furnishing the registration number along with the bill.
The payments shall be released by the HeadQuarter Finance Directorate after receipt of clearance from the Internal Control Directorate and will be generally paid within 30 days of the receipt of the bill.

Bill should be raised yearly on submission of the Internal Audit report for the year 2024 – 25. In addition to the fees, auditors shall be entitled to out of pocket expenses, if any. No TA/DA, transportation charges will be payable.

SCOPE OF WORK & PERIOD OF AUDIT

The scope of work regarding Internal Audit is given in Annexure-1. The scope of work may increase depending upon the requirement. The initial period of engagement for internal audit shall be for one year which may be extended for further one year depending on the performance and on the mutual consent of both parties on the same terms and conditions.

AUDIT TEAM

In case of internal audit, the team should be led by a senior partner of the firm and should comprise one qualified/ semi qualified assistant.

TIME PERIOD FOR COMPLETION OF AUDIT

The Internal Audit shall be conducted on half yearly. The first half yearly report (April 1 2024 to 30th September 2024) needs to be submitted by 15th November 2024 and second half report (October 1st 2024 till 31st March 2025) needs to be submitted by 30th April 2025.

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