Hiring of a firm of Charted Accountant on the approved list of C&AG for internal Auditing for Rail land Development Authority (RLDA) for FY 2014–15 and 2015–16

  

1. Rail land devel­op­ment Author­i­ty (RLDA), a statu­to­ry Author­i­ty under Min­istry of Rail­ways, is inter­est­ed in hir­ing a firm of Chart­ed Accoun­tants for the inter­nal Audit­ing work for the finan­cial year 2014–15 and 2015–16. A brief back­ground and rel­e­vant Act/regulations can be viewed from the RLDA’s Web­site www.rlda.in
2. The detailed Terms of ref­er­ence for the ser­vice pro­posed to be hired are enclosed at Annex­ure A.
3. Pay­ment for the ser­vice ren­dered would be made on quar­ter­ly basis after the end of the work for the quar­ter involved, on receipt of your invoice, net of any tax­es applicable.
4. Your offer, on the let­ter head of the firm indi­cat­ing the amount quot­ed per quar­ter, exclud­ing ser­vice tax, as well as the total for the year, may please be sent to DGM/Finance, Rail Land Devel­op­ment Author­i­ty, Next to Saf­dar­jung Rail­way Sta­tion, Moti bagh- I, New Del­hi ‑110021, so as to reach by 16.00 hrs on 05.12.2014. in a scaled cov­er. The offers received would be opened at 16.30 hrs on the same day. Late offers i.e. offers received after 16.00 hrs on 05.12.2014 would be returned unopened.
5. Only those firms who are on the approved pan­el of C&AG are eli­gi­ble to apply. The firms are required to sub­mit proof of the same togeth­er with their expe­ri­ence in Govt. Dept/PSU/Autonomous bod­ies for con­sid­er­ing their offers.

TERMS OF REFERENCE FOR INTERNAL AUDIT SERVICES

The objec­tive of Inter­nal Audit is to review the account­ing and inter­nal con­trol sys­tem as a ser­vice to the

Author­i­ty.

12. Account­ing: Prop­er account­ing of expen­di­ture and incomes accru­ing to the Author­i­ty and adher­ence on match­ing prin­ci­ple. Review of lia­bil­i­ties and pro­vi­sions to ensure that they are nei­ther under­val­ued nor over-estimated.
13. Statu­to­ry Com­pli­ances: Ensure com­pli­ance to all statu­to­ry oblig­a­tions applic­a­ble to the Authority,

assist/advice the Author­i­ty in formularizing/revision of account­ing poli­cies and in estab­lish­ing proper

account­ing prac­tice and pro­ce­dure as per chang­ing needs.

14. Vouch­ing: Post audit of all pay­ments includ­ing TDS cal­cu­la­tions, receipts vouch­ers, and their proper

accoun­tal.

15. Bank rec­on­cil­i­a­tion trans­ac­tions: To ver­i­fy that cash & bank trans­ac­tions are con­duct­ed prop­er­ly and sur­plus funds deposits with the bank. To rec­on­cile the entries in the detailed reg­is­ter of deposits with the books of Accounts and the term deposit cer­tifi­cate are phys­i­cal­ly tal­lied. Also to ver­i­fy that inter­est on deposits and TDS there­on has been cor­rect­ly cal­cu­lat­ed and booked in the books of the Authority.
16. Fixed Assets: Review the sys­tem regard­ing accoun­tal, cus­tody and safe­guard­ing of mon­e­tary and non-mon­e­tary assets of the Author­i­ty. Also check that the account­ed trans­fer of each (e.g. inven­to­ries for sale) is imme­di­ate­ly and prop­er­ly account­ed for.
17. Income Rec­on­cil­i­a­tion: To ver­i­fy that income recog­ni­tion is being made in con­for­mi­ty with account­ing policy/procedure and that trans­ac­tions are record­ed properly.
18. Strength­en­ing of Inter­nal Con­trol Sys­tem: To check the records of Exec­u­tive offices of RLDA and

iden­ti­fy weak­ness­es in con­trols which can lead to frauds and report the same to the man­age­ment for time­ly cor­rec­tive action.

19. Employee’s Pay­ments: To ver­i­fy that account­ing for salary and ben­e­fits admis­si­ble to employ­ees are

being done prop­er­ly and all sub­sidy records for loan/advances and oth­er deduc­tion to employ­ee are

rec­on­ciled properly.

20. Feed­back to Author­i­ty: To dis­cuss the obser­va­tions made dur­ing the course of check­ing with the

offi­cials of the Author­i­ty and offer sug­ges­tions for improvement.

21. Oth­er Mat­ters: Inter­nal Audi­tors are also required to con­tribute to rec­ti­fi­ca­tion of errors and omis­sions observed in the course of the Audit and to report any of the mat­ters com­ing to notice dur­ing ver­i­fi­ca­tion in order to strength­en inter­nal con­trol sys­tem and for improv­ing MIS, and ren­der any oth­er advice on account­ing mat­ters required by the management.
22. Report­ing Require­ment: The audi­tors shall be required to give input of min­i­mum 5 days per quar­ter of CA for guid­ance shall be for 1 day per quar­ter. The audi­tor should issue draft report for ver­i­fi­ca­tion of facts and fig­ures by audi­tee. The audi­tor shall dis­cuss con­clu­sions and rec­om­men­da­tion at lev­els of man­age­ment and final quar­ter­ly report shall be drawn in fol­low­ing manner.

Part A: Deal­ing with review, com­ments or advice on account­ing pro­ce­dures, sys­tems and poli­cies and con­tain­ing such issues which require the atten­tion of the top man­age­ment includ­ing the Board of Directors.

Part B: Deal­ing with defi­cien­cies in payment/receipts vouch­ers as well as TDS cal­cu­la­tion and their accoun­tal and issues which can be tack­led at the lev­el of the Accountants.