ECGC LIMITED ‘formerly
EXPORT CREDIT GUARANTEE CORPORATION OF INDIA LIMITED ‘
Regd. Office: 10th
Floor, Express Towers, Nariman Point, Mumbai – 400021 CIN:
Selection of Auditor
for the Concurrent Audit
transactions and related Systems
ECGC Limited (formerly Export Credit Guarantee Corporation
of India Limited; ‘ECGC’ or ‘the Corporationl invites Expression of Interest
(E0I) from reputed firms of Chartered Accountants based in/having office in
Mumbai for appointment as Concurrent Auditor for auditing the Investment
transactions and related systems of the company.
The terms and conditions for appointment as Concurrent
Auditor are as follows:
1. The Chartered Accountants firm shall be a firm,
registered with ICAI.
2.The Chartered Accountants firm shall be based in
Mumbai or have a branch office in Mumbai headed by a Chartered Accountant with
sufficient number of qualified and trained staff in this respect.
3.The Audit firm should have experience, for at
least five years, in conducting concurrent audit of Treasury Dept./Investment
Dept. in Bank / Mutual Fund / Insurance Company or on behalf of IRDA have
conducted investment inspection of insurance companies.
4.On the date of appointment as an auditor as
concurrent auditor, the auditor must not hold more than two audits of Internal,
Concurrent and Risk Management Systems Audit, all taken together. Hence, the
audit firm can at the maximum hold not more than three audits (i.e. Investment
Risk Management Systems and Process Audit, Internal Audit, Concurrent Audit – all taken together), apart from Statutory Audit at any point of time.
5. The Auditor should
not have been prohibited /debarred by any regulating agency including IRDA,
RBI, SEBI, ICAI etc.
6. The Auditor appointed as concurrent auditor for
investment functions should not have conducted the following assignments for
the Corporation during a period of two years immediately preceding his
appointment as internal or concurrent auditor:
a) Statutory Audit
b) Any internal audit
c) Any concurrent audit
d) Any consulting assignment,
whether or not related to audit functions
e) Review or Certification of
Investment Risk Management Systems and Process.
Attention is invited to the minimum
scope of concurrent audit as detailed in the ‘Technical Guidelines on
Internal/Concurrent Audit of Investment Functions of Insurance Companies issued
by ICAI (in consultation with IRDA)D Additional scope depending upon the
company’s need may be included.
Concurrent Auditor is expected to cover
100% of transactions of the investment functions of the company.
9. The ‘Technical’ bid shall be sent along with ‘Financial Bid’in two separate closed/sealed envelopes clearly superscribed ‘Technical
Bid’and ‘Financial Bid’. However, at the same time it
may also be noted that Financial Bids will be for consideration from the
firms who qualify in Technical Bid.
Firms who comply with the above
should send the E01 as per the format given in ‘Technical Guidelines on
Internal/Concurrent Audit of Investment Functions of Insurance Companies’ so as
to reach our office before 05.30 PM on Friday, January 08, 2016 either by post
or in person at the below-mentioned address. Any application received/presented
after the above-mentioned time stands rejected. The Company reserves the right
to reject any application or relax the parameters without assigning any
Shri Dharmarajan V.,
General Manager – Internal Audit,
ECGC Limited (formerly Export Credit Guarantee
Corporation of India Limited),
5th Floor, ‘Nirmal’ Building, 241/242 Backbay Reclamation,
Nariman Point, Mumbai – 400021.