Tender Notice for Financial Audit Services - Review of Financial Statements, Financial Reporting Framework, Audit rep in MUMBAI, MAHARASHTRA

The eligibility requirements include being a registered Chartered Accountant (CA) firm with valid registration from the Institute of Chartered Accountants of India (ICAI). Additionally, firms must possess prior experience in conducting financial audits, demonstrating knowledge in financial statements and regulatory compliance. Potential bidders are required to submit a detailed portfolio of past audit engagements along with references that testify to their experience.

In terms of technical specifications, bidders must demonstrate proficiency in financial auditing, particularly in reviewing financial statements as per applicable financial reporting frameworks. The firm should employ certified auditors with relevant qualifications and access to necessary auditing tools. Moreover, the bidder's team must have experience in handling similar projects, ensuring they are well-versed in compliance requirements and testing criteria.

The payment terms will be outlined in the contract post-selection, generally structured around milestone delivery of audit reports. Bidders may be required to furnish performance security to guarantee the timely delivery of services in compliance with the contract terms. This security, usually a percentage of the contract value, will be retained by the Ministry until successful project completion and acceptance of the final audit reports.

The selection process will consist of a two-stage evaluation: first, a technical evaluation based on the capability and experience of the bidder; second, a financial assessment of the submitted proposal. The technical bids will be scrutinized to ensure compliance with outlined standards, while financially viable bids will undergo further consideration. The final decision will be based on a scoring matrix, ensuring only the most suitable bidders are awarded the opportunity.

Yes, there are specific benefits for Micro, Small, and Medium Enterprises (MSEs) participating in this tender. The government encourages the participation of MSEs through relaxed conditions and the potential for financial incentives. This initiative aims to bolster local enterprises and support the Make in India policy, enhancing the contribution of small businesses in the market while ensuring compliance with local content procurement rules. MSEs possess distinct advantages during the evaluation process, promoting fairness in sourcing.