Tender Title: Financial Audit Services - Review of Financial Statements
Tender Reference Number: 191561a77
Issuing Authority/Department: Employees State Insurance Corporation (Ministry of Labour and Employment)

Scope of Work and Objectives

The purpose of this tender is to procure external financial audit services focusing on the review of financial statements. The selected audit firm will be responsible for ensuring compliance with prevailing accounting standards and regulations. The main objective is to achieve a thorough and independent review which will enhance the credibility of the financial statements submitted by the Employees State Insurance Corporation.

Eligibility Criteria

To be eligible for participation in this tender, bidders must meet the following requirements:

• Must be a CAG Empaneled Audit Firm or a qualified Chartered Accountant (CA) firm.
• The entity must possess a valid registration and comply with the statutory norms pertaining to financial audits.
• Previous experience in similar financial audits will be highly regarded.
• Bidders must demonstrate their capability in managing audits for Government agencies or similar entities.

Technical Requirements

Participating firms are required to adhere to specific technical standards that encompass:

• Application of Generally Accepted Accounting Principles (GAAP)
• Proficiency in International Financial Reporting Standards (IFRS) where applicable
• Capability to present a detailed audit report aligning with the governmental financial framework
• Staff involved must have relevant qualifications and experience in financial auditing.

Financial Requirements

Bidders will also need to present a comprehensive breakdown of their expected costs associated with providing the audit services. This includes:

• A detailed proposal including the fee structure for services rendered.
• Clear terms regarding payment schedules and conditions.
• Evidence of financial stability and qualifications to undertake the project.

Document Submission Details

Interested participants are required to submit their proposals according to the guidelines specified in the tender documentation. The submission must include:

• Completed tender forms
• Relevant qualifications and certifications
• Detailed technical and financial proposals

Documents should be submitted in electronic format through the designated procurement platform. Failure to comply with submission guidelines may result in disqualification from the tender process.

Special Provisions

The tender includes provisions aimed at promoting participation from Micro, Small, and Medium Enterprises (MSEs) and startups. These provisions may include relaxed eligibility criteria and potential grants or benefits awarded for participation.

Evaluation Process

Proposals will undergo a thorough evaluation based on established criteria including:

• Relevance of the audit firm's qualifications and experience
• Completeness and clarity of the proposed audit methodologies
• Financial proposals and value for money aspect
• Compliance with stipulated eligibility and technical requirements

Bidders are informed that this tender will follow a two-stage evaluation process, with technical proposals first being appraised, followed by financial proposal assessments.

Delivery Locations

The services are required to be rendered primarily at the offices of the Employees State Insurance Corporation, with potential requirements for site visits or regional audits as designated in the future.

Contact Information

For any inquiries or further clarification related to the tender, prospective bidders are urged to reach out via the official communication channels maintained by the Employees State Insurance Corporation. Contact details can be accessed through the official government procurement platform.