Annexure 24

auditable units and should be structured to list the observations, the implications of the observations, the suggested recommendation and the management comments/agreed actions. The audit observations should be supported by instances and quantified, as far as practicable. The audit reports should be submitted within 30 days of the completion of the audit in each quarter.
 
III. Qualifications & Experience of Consultants for Internal Audit .
1) Qualifications & Experience of Consultants for internal audit is as follows:

  • The firm shall have a standing of at least ten years in the profession. 

  • The firm shall have at least 5  partners.

  • The firm shall have sufficient number of qualified staff to handle the audit of the project.  ( total number preferably not less than 10 numbers )

  • The firm should have handled internal & statutory audit of at least 20 Government Companies / Boards / Societies and shall be familiar with Government Rules & Regulations.

  • The firm should have handled audit of Externally Aided Projects preferably of a similar nature.

  • The firm shall not be involved in any legal cases in professional matters with its clients or others.

2)   Internal Auditor’s fees:
       The payment of the fees for the services of the CA firm will be done by the PCU (MSAMB)
3) Tenure:
Initially the appointment of CA Firm would be for a period of one year. It may be renewed thereafter periodically on satisfactory performance of the firm.
4) Project Audit Review Committee:
The audit committee at PCU will keep a watch on the audit objections raised by the auditor and take actions for the speedy settlement of the objections by timely follow up. Audit Committee will be set up under Project Director with following members.
 1) Chief Financial Controller, PCU- member
 2)  Finance Specialist, PCU- member
 3)  Nodal Officer PIU (Agri. Mktg. ) - member
 4)  Nodal Officer PIU

Dept/Cell: 
Finance