NA Tenders (GEM/2025/B/6120443)
Financial Audit Services - Review of Financial Statements, Financial Reporting Framework, Audit rep
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Tender Title: Financial Audit Services - Review of Financial Statements, Financial Reporting Framework, Audit Report
Tender Reference Number: GEM/2025/B/6120443
Issuing Authority: Ministry of Civil Aviation
The Ministry of Civil Aviation is seeking qualified entities to provide Financial Audit Services focusing on the review of financial statements, the financial reporting framework, and the preparation of an audit report. This tender aims to ensure that the financial activities and documentation of the ministry are evaluated comprehensively, adhere to regulatory standards, and offer transparent financial reporting.
Scope of Work and Objectives
The primary objective of this tender is to engage a professional auditing firm with expertise in financial audits to thoroughly review the financial statements prepared by the ministry. The scope of work includes:
- Evaluating compliance with established financial reporting standards.
- Assessing the efficiency and effectiveness of financial reporting processes.
- Providing recommendations for improvement and compliance.
Eligibility Criteria
To qualify for this tender, the bidders must meet the following eligibility criteria:
- Registration as a legal entity in the country.
- Previous experience in providing financial audit services to governmental bodies or large enterprises.
- Valid registration with relevant professional accounting bodies.
Technical Requirements
Bidders must adhere to specific technical requirements, including:
- Demonstrating a comprehensive understanding of auditing standards and practices.
- Employing certified accounting professionals with relevant qualifications (e.g., CA, CPA).
- Providing evidence of prior audit engagements with audited financial statements.
Financial Requirements
The bidders should submit details regarding their financial stability and capacity to undertake the project. This includes presenting:
- Last three years' financial statements.
- Proof of adequate insurance coverage for professional indemnity.
Document Submission Details
All submissions must be made in the prescribed format outlined in the tender documentation. Bidders should ensure that their proposals include the following:
- Bidder’s profile and history.
- Evidence of compliance with the eligibility criteria.
- All required certificates and supporting documents.
Special Provisions
This tender encourages participation from Micro, Small, and Medium Enterprises (MSEs) and startups by providing special considerations in the evaluation process. Bidders falling into these categories may benefit from relaxed criteria to support the growth of new businesses.
Evaluation Process
The evaluation process will initially consist of a compliance check against the mandatory requirements. Successful bidders will then undergo a qualitative assessment based on their financial capacity, technical expertise, and prior performance. Proposals will be judged not only on cost but also on methodologies and added benefits.
Delivery Locations
The successful bidder will carry out the audit services primarily at the Ministry of Civil Aviation’s headquarters and any additional locations as required throughout the audit process.
Contact Information
For further inquiries regarding this tender, please refer to the provided tender document.
General Information
Financial Information
Evaluation and Technical Information
Tender Documents
3 DocumentsDocuments Required from Seller
- Experience Criteria
- Bidder Turnover
- Certificate (Requested in ATC)
- Additional Doc 1 (Requested in ATC) *In case any bidder is seeking exemption from Experience / Turnover Criteria
- the supporting documents to prove his eligibility for exemption must be uploaded for evaluation by the buyer
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Frequently Asked Questions
The eligibility requirements for this tender include being a registered entity within the country, demonstrable experience in delivering financial audit services, and valid membership in related professional accounting bodies. Bidders must also provide documentation showcasing their past performance with government projects or large enterprises.
Bidders must meet various technical specifications, such as demonstrating a sound understanding of auditing standards, employing certified accounting professionals, and providing relevant evidence of previous audit engagements. It is crucial to ensure that the proposed methodologies align with recognized auditing practices to fulfill the tender requirements successfully.
The Earnest Money Deposit (EMD) is a standard requirement for vendors participating in the tender. It protects the interests of the issuing authority by ensuring that the bidders are serious about their submissions. Details regarding the EMD amount, acceptable payment methods, and refund conditions will be provided in the tender documentation.
The evaluation process will involve a detailed review of each submission based on compliance with mandatory requirements, qualitative assessments of technical capabilities, financial stability, and overall proposals. Price evaluation will be a significant factor alongside the quality of the proposed audit methodologies, ensuring that the most competent bidders are selected for the contract.
Micro, Small, and Medium Enterprises (MSEs) will have specific provisions during the evaluation process. This may include relaxed eligibility criteria to encourage their participation, thus promoting fair competition. The tender aims to support the development of start-ups and smaller firms, aligning with the broader goals of enhancing local business engagement in government projects.
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