Tender Title: Financial Audit Services - Review of Financial Statements
Reference Number: GEM/2025/B/6133482
Issuing Authority: Panchayats and Rural Housing Department, Gujarat
The Financial Audit Services - Review of Financial Statements tender aims to engage proficient audit firms for a comprehensive financial audit. The core objective is to analyze and validate financial statements prepared under the existing financial reporting framework, ensuring compliance with established auditing standards. The appointed firm will need to deliver an in-depth audit report that highlights any discrepancies, evaluates the accuracy of reports, and offers insightful recommendations to enhance financial practices.
Scope of Work and Objectives
The contractor will undertake a thorough review of financial statements, primarily focusing on adherence to financial reporting frameworks. The objective is to ensure transparency and commitment to best practices in financial reporting within government projects. The audit should identify any potential risks associated with financial management, offering constructive feedback that aligns with governance standards.
Eligibility Criteria
To be eligible for this tender, firms must be registered and recognized as CAG empaneled audit agencies or qualified Chartered Accountant (CA) firms. Additional eligibility requirements include a proven track record in performing financial audits and compliance with local professional regulations.
Technical Requirements
Auditing firms must possess expertise in financial audit practices along with knowledge of the relevant financial reporting framework. They should demonstrate the ability to conduct audits unit-wise and provide detailed reports of findings. The firm must also have relevant certifications that attest to their operational capabilities.
Financial Requirements
Bidders are expected to present their financial stability as part of the submission process. This includes providing proof of financial health and capability to manage audit projects efficiently. The detailed financial proposal should clarify the cost structure, inclusive of all fees and potential expenses.
Document Submission Details
All required documents must be submitted electronically, following the specified formats outlined in the tender. Each submission should include proof of eligibility, technical qualifications, and a financial proposal. Late submissions will not be considered.
Special Provisions
Micro, Small, and Medium Enterprises (MSEs) and startups will benefit from provisions aimed at fostering inclusivity in bidding. These initiatives encourage participation from smaller firms and enhance the diversity of service providers available for government projects.
Evaluation Process
The evaluation will consist of a systematic review of the submitted documentation based on eligibility, technical ability, and financial proposal. Special emphasis will be placed on the quality of the audit approach, understanding of compliance requirements, and the completeness of submitted documents.
Delivery Locations
The audits will be conducted in various locations within Gujarat, as specified in the project framework. The awarded firm must confirm their logistical arrangements to effectively perform audits in these sites.
Contact Information
For further inquiries, interested bidders are encouraged to refer to the official contact avenues provided in the tender announcement.
General Information
Financial Information
Evaluation and Technical Information
Tender Documents
4 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 include being a registered entity as a CAG empaneled audit agency or a qualified Chartered Accountant (CA) firm. Firms should possess the necessary licenses, demonstrate experience in conducting financial audits, and comply with local professional regulations. It is vital that bidders also maintain a good standing within their respective professional frameworks.
Firms are required to follow established technical specifications that pertain to financial audit practices. This includes adherence to the relevant financial reporting frameworks, the use of standardized auditing methodologies, and compliance with audit quality standards. The audit must encompass unit-wise evaluations and provide comprehensive reports detailing observations, deficiencies, and recommendations for enhancing financial practices.
MSEs will be granted specific benefits in the tender process to encourage their participation. These may include relaxed eligibility criteria, access to financial assistance for bidding, or preferential scoring during evaluation. This approach aligns with the government’s initiative to promote small enterprises and foster competitive bidding within the public sector.
The evaluation process is designed to be transparent and multifaceted, assessing bids based on eligibility, technical capabilities, and financial soundness. Each bid is scored against a pre-defined rubric that prioritizes quality of audit methodology, compliance with requirements, and clarity of the financial proposal. The selected bidder will be the one that demonstrates a thorough understanding of the audit scope while providing a competitive offer.
Bidders are required to submit their proposals via electronic methods only. The accepted document formats should adhere to the guidelines specified in the tender announcement, ensuring that all submissions are legible and complete. It is critical that all required documentation is submitted on time, as late submissions will not be accepted.
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