PROPOSAL FOR APPOINTMENT OF INTERNAL AUDITOR FOR FY 2020-21 FOR MUMBAI METRO RAIL CORPORATION LIMITED (MMRC)
Invitation for Proposal
Mumbai Metro Rail Corporation Limited invites Proposals from the Practicing Chartered Accountant Firms / Cost Accountants Firms in Mumbai, who are willing to take up the following assignments for the FY 2020-21: a) Internal Audit of the Accounts, Banking Transactions, including Bank Reconciliation, Vouching, Trial Balance Checking. b) The Internal Audit is to be conducted to comply with the applicable provisions of the Company Act, 2013 and other statutory compliances. It should also check for timely payments and filing of statutory returns and other compliances. c) The brief scope of the Audit and description that should be part of the audit scope to be submitted along with the RFP is enclosed as Annexure I. The audit scope mentions the methodology, staff deployment, and the areas where there will be 100% verification.
Place of Audit:
The Audit shall be conducted at the Corporate Office and Site Offices, if any, of the Company in Mumbai.
The payment shall be released quarterly on submission of report for the quarter.
No advance shall be paid for the assignment.
No travelling allowance/ halting allowance shall be paid to the audit firms for carrying out the assignment. However, goods and service tax and applicable statutory levies shall be paid as applicable from time to time in addition to basic fees.
Payment to the auditors shall be subject to deduction of tax at source at appropriate rates then applicable.
The Audit fees fixed will be for the initial period of appointment.
Periodicity of Audit
The appointment of the selected Internal Audit firm shall be for a period of one financial year i.e FY 2020-21.The appointment may be extended based on satisfactory performance and depending on the decision of the Managing Director of the Company for FY 2021-22 and FY 2022-23 with escalation of 5% p.a.