Tender Monitoring Directorate

Ans. Yes, Members of the Institute can respond to tender and request made by the user of professional work subject to conditions laid down by the Council from time to time.

Ans. Yes, a notification published in Part III Section 4 of the Gazette of India: Extraordinary dated 7th April, 2016 has been issued by the Institute containing the guidelines on responding to tender.

Ans. The said notification/ guideline has come into force with immediate effect from date of publication of the notification in the official gazette (7th April, 2016). In other words, all tenders issued on or after 7th April, 2016 will be covered under this notification/ guideline.

Ans. No, a Member of the Institute shall not respond to any tender issued by an organization or user of professional services in areas of services which are exclusively reserved for Chartered Accountants by statute viz. Audit and Attestation Services such as audit under Companies Act, 2013, Income Tax Act, 1961, etc. It is clarified that in any State under the local statue if audit and attestation services are exclusively meant for Chartered Accountants only, the Member will not be allowed to respond to such tender.

Ans. Exclusively reserved areas for Chartered Accountants are those which are reserved by the statute viz. Audit and Attestation Services such as audit under Companies Act, 2013, Income Tax Act, 1961, etc.

Ans. Yes, a Member of the Institute may respond to any tender issued by an organization or user of professional services in areas of services which are exclusively reserve for Chartered Accountants by statute viz. Audit and Attestation Services such as audit under Companies Act, 2013, Income Tax Act, 1961, etc. wherever the minimum fee for the assignment is prescribed in the tender document itself.

Ans. All those areas are non-exclusive for Chartered Accountants which are not reserved under any statue or provision of any law or where any statue or provision of law opens such areas to other professionals along with Chartered Accountants.

Ans. No, a Member cannot participate in such tender process as the Chartered Accountant being an auditor of any organization cannot undertake the work of the preparation of accounts thereby leading to self-review threats.

Ans. Yes, the Member of the Institute can respond to such tenders.

Ans. Non-adherence to the tendering guidelines could lead to disciplinary action as this is a Council decision.

Ans. Yes, a Member can participate in such tenders. However, a member can undertake only one assignment at a given time i.e. either Internal audit or Statutory audit of the same organization.

Ans. Yes, a Member of the Institute in practice can respond to such assignments based on individual letters issued.

Ans. No, a Member is not permitted to undertake audit assignment of one branch simultaneously with book-keeping assignment of another branch of the same organization, as it is prohibited as per the ‘Guidance Note on Independence of the Auditors’.

Ans. No, a Member is not permitted to undertake the internal audit assignment of one branch simultaneously with statutory audit of another branch whether pertaining to the same branch or different branch.

Ans. No, a Member is not permitted to participate in tender process for statutory audit of certain branch(es) of an organization while he is already the Revenue Auditor of different branch(es) of the same organization.

Ans. Yes, a Member of the Institute in practice can respond to such tenders.

Ans. No, a Member cannot participate in the tender process wherein the minimum fee is not prescribed in the tender document itself.

Ans. In the absence of any explicit mention, it must be taken as exclusive of GST.

Ans. No. The minimum fee mentioned in the tender document and the revised recommendatory professional fees are not the same. The minimum fee mentioned in the tender document is the fee indicated by the organization whereas the revised recommendatory professional fee (classified city-wise) is the recommendation of the fee to be charged as per the work performed for various professional assignments suggested by the Council of the Institute.

Ans. Yes, the revised recommendatory professional fee (classified city wise) is the fee to be charged as per the work performed for various professional assignments suggested by the Council of the Institute.

Ans. Yes, a specific/standard format of the cost sheet is prescribed by the Institute. A cost sheet is be maintained by the Members of the Institute while responding to the tenders and accepting the professional work based thereupon, incorporating the details of the costs being incurred therein having regard to the number of persons involved, hours to be spent, etc.; the same may be called for by the Institute for perusal.

Ans. Yes, as per the decision of the Council taken at its 301st meeting held in December 2010, the preparation and maintenance of cost sheets for various tenders is mandatory for the Members of the Institute.

Ans. The latest tenders floated by the organizations for hiring of professional services of Chartered Accountants are available at the TMD Portal – www.tmd.icai.org

Ans. The Tender Monitoring Directorate endavours to procure and host the latest RFP/ Tenders for hiring CA services to the extent possible; however, the same are indicative and not exhaustive.

Ans. No, the TMD portal only provides the information about the latest tenders floated by the organization for hiring CA services; submission of bids have to be done as per the requirements of the tender documents.

Ans. To get all the latest information about the tenders for hiring CA services, Members can subscribe to the TMD portal by following the steps mentioned hereinbelow: (i) Open TMD portal on the browser https://www.tmd.icai.org; (ii) Find Sign-Up option at the top of the Home page above menu bar; (iii) Fill the necessary information and make sure that you are entering the correct email ID; (iv) After completing the registration, you will get a system generated email on the entered email address for activating your account; (v) Find the activation link in email and complete the verification process; (vi) Again you will receive a system generated email which will contain the log in details; (vii) After completing the verification, newsletter service will start. Those who are already registered in PD Portal (www.pdicai.org), can use the same login credentials for accessing TMD Portal.

Ans. The Professional Development Committee maintains the master Multipurpose Panel of Chartered Accountants/ firms on PAN India basis. A tailor-made panel can be drawn based on the broad requirements of the organization/ Government Authority/ regulator for the given tender assignment(s).

Ans. Firstly, the Member should abstain from participating in such tender process as it is not permissible to bid in the tender where the minimum fee is not prescribed. Secondly, it should be brought to the notice of the Tender Monitoring Directorate by writing to tender.enquiry@icai.in / 011-30110557, 011-30110408.

Ans. Yes, a Member can participate in the tender process where Earnest Money Deposit (EMD) has been asked for by the organization. However, if the EMD is exorbitant, the same may be reported at tender.enquiry@icai.in and will be looked into by Institute on individual case basis.

Ans. Yes, a Member can participate in the tender process where Security Deposit has been asked for by the organization. However, if the security deposit demanded is exorbitant, the same may be reported at tender.enquiry@icai.in and will be looked into by Institute on individual case basis.

Ans. In such cases, the same may be reported to the Institute and the Institute will take up the matter with the concerned organization on individual case basis.

Ans. The minimum fee should be such that it is commensurate with the size, value, volume, manpower requirements and nature of work (as decided by Council of ICAI at its 388th meeting held in February, 2020).

Ans. As per the CVC guidelines, the pre-qualification criteria specified in the tender document should neither be made by very stringent nor very lax to restrict/ facilitate the entry of tender; it should be exhaustive and there should be fair competition.

Ans. Yes, the Institute can call for any papers/ documents related to bid submitted by the Member in response to the respective tender.

Ans. Yes, the Institute can order Peer Review of tender assignments conducted by the Members, in case the deferential between the lowest quote (L1) received for a tender (on which the tender is ultimately allotted) and the next lowest quote (L2) is considerable.

Ans. The tenders are broadly of three types: (i) Open Tender (ii) Limited Tender (iii) Single Tender

Ans. Open Tender is a tender which is open for all the eligible bidders. Such tenders are usually made by advertising in newspapers, websites/ portal of the relevant organization.

Ans. Limited Tender is a tender which is addressed to limited number of bidders who are the reliable source of providing the services.

Ans. Single Tender is a tender wherein invitation is given to one firm only and as per CVC guidelines, this is resorted to mostly on grounds of urgency or operational or technical requirements.

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FAQ's

1 Whether a Member of the Institute can respond to tender for hiring professional services?

2 Are there any guidelines issued by the Institute for participation in tendering for professional services by Chartered Accountants?

3 What is the effective date of the said notification/ guideline?

4 Whether a Member of the Institute in practice can respond to tenders floated in exclusive areas of practice of Chartered Accountants where minimum professional fee is not prescribed in the tender document?

5 What are the exclusively reserved areas for Chartered Accountants?

6 Whether a Member of the Institute in practice can respond to tenders floated in exclusive areas of practice of Chartered Accountants where minimum professional fee is prescribed in the tender document?

7 What are the non-exclusive areas for Chartered Accountants?

8 Whether a Member can participate in a tender process where the bids are requested for both internal audit as well as finalization of accounts in a single tender document?

9 Whether a Member of the Institute in practice can respond to such tenders which are open to other professionals apart from CAs. However, in the tender document, only CAs have been invited to respond.

10 Whether a Member of Institute in practice can respond to such tenders which are open to CAs and other professionals and in the tender document other professionals along with CAs have been invited to respond?

11 What are the consequences of non-adherences to Notification dated 7th April, 2016 issued by the Institute on responding to tender?

12 Whether a Member can participate in a tender process where the bids are requested for both internal as well as statutory audit by the same organization through separate tenders?

13 Whether a Member of Institute in practice can respond to such assignments where quotations have been called for from practicing members/ firms through individual letters?

14 Whether a Member can undertake audit assignment of one branch simultaneously with book-keeping assignment of another branch of the same organization?

15 Whether a Member can undertake internal audit assignment of one branch simultaneously with statutory audit assignment of another branch of the same organization?

16 Whether a Member of the Institute can participate in tender process for statutory audit of certain branches of an organization while he is already the Revenue Auditor of different branch(es) of the same organization.

17 Whether a Member of the Institute in practice can respond to such tenders where only technical bid has been asked for from the Members which is followed by financial quotations request from the shortlisted members through individual letters?

18 Whether a Member can undertake audit assignment through a tender wherein estimated cost is mentioned instead of a minimum fee?

19 Minimum fee is given in tender but not explicitly given whether it is GST inclusive or exclusive. How should it be treated?

20 Are the minimum fee mentioned in the tender document and the revised recommendatory professional fee same?

21 The minimum fee mentioned in the tender document is very low. Are there any prescribed rates by the Institute based on which I can prepare the quote?

22 Is there a specific/ standard format of the cost sheet to be prepared while participating in the tender process?

23 Is preparation of the cost sheet mandatory?

24 Where can I find the tenders floated by the organizations for hiring of professional services?

25 Are all the tenders floated by the organizations for hiring of professional services available at the TMD portal?

26 Whether there is a facility of submission of bids at TMD portal?

27 How can I get all the latest information about the tenders floated for hiring CA services?

28 As a tender floating organization, how can I get a panel of Chartered Accountants on specified criteria laid down by my organization?

29 What should be done in case the tender for statutory audit has been floated by any organization without minimum fee?

30 Can I participate in a tender which calls for an Earnest Money Deposit (EMD)?

31 Can I participate in the tender which calls for a Security Deposit?

32 What is to be done in case the organization has restricted the participation in the tender process on the basis of net worth/ number of partners/ demographical presence of the CA firm, among other restrictive conditions?

33 What are the parameters for calculation of the minimum fee?

34 What are the principal covenants enumerated by CVC?

35 Can the Institute ask any document besides the cost sheet?

36 Can the Institute order Peer Review of tender assignments conducted/ undertaken by Members?

37 What are the various types of tenders floated by users of professional services?

38 What is an Open Tender?

39 What is a Limited Tender?

40 What is a Single Tender?