Indo U S Science and Technology Forum IUSSTF
RFP - Appointment of Internal Auditors for Indo-US Science & Technology Forum (IUSSTF) for the Financial Year 2020-2021
Technology Associate, Technical Assistant,
India
Application Email : mprasad@indousstf.org

Job Type

Full Time

Closing Date

Jun 22 2021

Description

Request for Comprehensive Proposal:

 

The Indo-U.S. Science and Technology Forum (IUSSTF) (www.iusstf.org), established under an agreement between the Governments of India and the United States of America in March 2000, is an autonomous bilateral organization jointly funded by both the Governments that promotes Science, Technology, Engineering and Innovation through substantive interaction among government, academia and industry. The Department of Science & Technology, Governments of India and the U.S. Department of State are respective nodal departments.

 

Proposal:

 

Appointment of Internal Auditors for Indo-US Science & Technology Forum (IUSSTF) for the financial year 2020-2021.

 

Proposals are solicited from practicing Chartered Accountant firms to serve as the Internal Auditor of the Indo-US Science and Technology Forum for the financial year 2020-21.

 

Scope of Work:

 

To assist and advise the IUSSTF Financial Review Committee and Management with an independent and objective opinion addressing risk management, internal control, and governance which will ensure a robust System of Internal Checks and Controls; assure propriety;ensure economical, effective and efficient operations by following professionally acceptable Auditing Standards; and objective examination, evaluation on the adequacy of the control environment as it relates to the proper, economic, efficient and effective use of resources.

 

The Scope of work shall include verification of financial transactions, assurance of statutory compliances, contracts, grant awards and assessment of internal control environment around financial, administrative and grant systems.

 

DEFINITIVE:

 

COMMON AREAS:

  • Examine Chart of Accounts and its sufficiency for the Accounting Activities of the Organization

  • Verify Cash, Bank and Journal Vouchers

  • Examine documentation and control in the use of forms for purchase orders/work orders/contracts etc.

  • Support and authorization for all Payments/Journal vouchers

  • Verify Authority Matrix and delegation of powers

  • Review Conflict of Interest Policy

  • Validate adherence to written Internal Controls Policy

TREASURY:

  • Verify processes, policies and procedures for inflow of funds

  • Determine the adequacy of controls over treasury to ensure compliance with the financial framework and treasury policy

  • Review effectiveness of Imprest policy

  • Examine authority limits for creating financial obligations and commitments

  • Verify Authority limits for authorizing cash and other fund outflows and payments

  • Examine supporting documentation for substantiation of expenses

  • Verify legality of cash receipt, if any

  • Verify cash and bank reconciliation

  • Assess adequacy of internal control procedure for periodical physical verification of cash

  • Assess need of Cash in Transit insurance

BANK:

  • Verify authorization matrix for operate bank accounts and testify control issues

  • Check vouchers and supporting documentation of payments

  • Assess adequacy of mode of disbursement/dispatch

  • Verify system of accounting Stale Cheques

  • Reconcile bank statements with books and check periodicity of reconciliations vis-à-vis segregation of duties

  • Assess adequacy of monitoring of Foreign Fund transfers

  • Verify actual dates of statutory payment for deductions like TDS, PF, etc. for checking any defaults

  • Examine quality of financial reporting

FIXED ASSETS:

  • Review procedure for acquisition of fixed assets and compliance with financial policy

  • Examine process of placing Purchase Orders for acquisition

  • Verify effectiveness of budgetary control system

  • Review journal entries for Capitalisation

  • Verify property numbering/tagging

  • Validate adequacy of property records – Fixed Assets Register

  • Verify the practice of impairment, disposal and upgradation of properties/assets

HUMAN RESOURCES:

  • Examine adequacy of HR files (Personnel Information System)

  • Review effectiveness of Attendance Recording System

  • Check leave rules/records

  • Assess quality of employee Income Tax computation and periodic deduction

  • Validate provision for Gratuity and leave encashment

  • Testify Payroll process and records

GRANT REVENUE AND EXPENDITURE

  • Overview the process followed by IUSSTF for the grant of funds/ project advances and other project expenditure check for adherence to the approved processes.

  • Check disbursal of allocated funds to various beneficiaries in line with the accepted guidelines.

  • Review the periodic utilization reports provided by beneficiaries and completion of projects as per timelines.

  • Examine quality of expenses verification and validation against approved budgets.

OTHER RELATED FINANCIAL ACTIVITIES:

  • Review periodic reconciliation of current assets and current liabilities

  • Any other checks, planned or instantaneous, as the auditors feel necessary

  • Check Compliance with the Foreign Contribution Regulation Act (FCRA), 2010

  • Review the financials and other related documents provided by the beneficiaries

  • Review the Statutory Audit Report and follow up for the implementation/compliance of the suggestions made by the Statutory Auditors of IUSSTF including follow-up with respect to earlier period recommendations and corrective actions.

FREQUENCY OF INTERNAL AUDIT

  • Annual: Audit performed between within 45 days during July-August 2021 as per the start date agreed with IUSSTF.

  • Audit Report with recommendations submitted within 15 days from end of the Audit.

REPORTING AND REVIEW

  • Submit a draft report with observations, assessments and suggestions to the IUSSTF Management seeking management response seeking their clarifications, views and acceptance on the report before finalizing the report.

  • Any major weaknesses must be reported to the Financial Review Committee, Management and the IUSSTF Board.

  • Any irregularity or suspected fraud must be immediately reported to Management and the co-Chairs of the Financial Review Committee as well as the co-Chairs of the IUSSTF Governing Board.

MANAGEMENT FOLLOW-UP ACTION

  • Within 30 of the issuance of the Audit Report, IUSSTF Management shall respond to acknowledge the issues in the audit report and identify how it will address them.

  • Audit Report shall include recommendations and actions taken in response to findings documented in the prior report.

ROLE OF THE FINANCIAL REVIEW COMMITTEE

  • Approve (but not direct) internal audit’s strategy, plan and performance

  • Review summary internal audit reports and the main issues arising, and seek assurance that action has been taken where necessary

  • Consider the external audit and inspection agencies’ reports

  • Consider the effectiveness of the authority’s risk management, arrangements, the control environment and associated anti-fraud and anti-corruption arrangements. Seek assurances that action is being taken on risk related issues identified by auditors and inspectors

  • Be satisfied that the authority’s assurance statements, including the Statement on Internal

  • Control, properly reflect the risk environment and any actions required to improve it

  • Ensure that there are effective relationships between external and internal audit, inspection agencies and other relevant bodies, and that the value of the audit process is actively promoted

  • Review the financial statements, external auditor’s opinion and reports to members, and monitor management action in response to the issues raised by both, internal and external audits.

TERMS AND CONDITIONS:

  • IUSSTF has the right to ask for clarifications and/or any missing information in the proposal from the bidders.

  • IUSSTF believes in high quality and credibility of the service and goods providers and is not bound to select the bidder on lowest commercial proposal criteria.

  • IUSSTF is not legally bound or to assign reasons for rejecting the proposal.

  • The commercial offer quoted by the bidder will be applicable for the entire duration of the contact and will remain valid for up to 3 months from the date of commercial proposal and no request for revision shall be entertained.

  • TDS and other applicable taxes/levies will be withheld as per Indian laws before processing payment of the invoices.

  • In the event of any dispute, decision of the Executive Director, IUSSTF will be final and binding.

  • Only shortlisted bidders will be contacted for further discussions through a virtual pre-bid meeting. Queries from non-shortlisted/non-selects will not be entertained.

  • The commercial proposal should contain full details, as requested. During the validity of the commercial proposal, no price variation due to escalation, relaxation, inflation or any other market factors shall be accepted by IUSSTF. All taxes, and out of pocket expenses (if any) should be clearly shown in the commercial proposal.

  • Services offered shall be reviewed based on completeness and quality of the proposal submitted through proper channel with the minimum specifications described. Any follow up documents will not be considered after submission of bids.

  • The proposal that complies with all of the specifications, requirements and offers the best price, as well as meets all other evaluation criteria indicated, shall be selected. Any offer that does not meet the minimum requirements shall be rejected.

  • The detailed proposal should be submitted to Mr. Manoj Prasad at mprasad@indousstf.org by 22nd June 2021.

Annexures for submission along with the Bid:

  • Organisational Resume and Organigram

  • Three references with full contact details

  • Self-certification on Letterhead that the firm was never debarred by the Institute of Chartered

  • Entity registration certificate (self-attested)

  • PAN card (self-attested)

  • GST registration (self-attested)

  • Last 2 years’ proof of ITR submission (self-attested)

  • Last 2 years’ proof of GSTR submission (self-attested)

  • MSME Certificate, if applicable. If not, a certificate that you are not registered under the MSME Act 2006 or 2020. 


Job Email id: mprasad@indousstf.org