July 6, 2020
Blog
Application for appointment of Internal Auditor for the year 2020-21 Last Extend date of application : 31-07-2020
Application for appointment of Internal Auditor for the year 2020-21 Last Extend date of application : 31-07-2020.
Scope of Service
The scope of services for the proposing firms shall be as follows:
The responsibilities of the Internal Auditors shall include reporting on the adequacy of internal controls, the accuracy and propriety of transactions, the extent to which assets are accounted for and safeguarded, the level of compliance with financial norms and procedures for the operational guidelines. The Internal auditors so appointed for the purpose shall carry out the audit in terms of provisions laid down in the engagement letter issued by GPCB and shall ensure strict adherence thereto.
1. General guidelines for audit:
a. Internal audit shall be conducted for Head Office as well as Regional Offices. b. Internal audit shall be conducted keeping in view the delegation of powers, the purchase policy, the investment policy of the board and the guidelines issued by TW(PCP) ACT, 1974 and TW(CP) RULES, 1976 and other approved policies and ordinances binding the Board, from time to time. c. Internal Audit plan for the year shall be developed in consultation with the Chief Accounts Officer and Member Secretary to be reported to the Board and Finance Committee during the first meeting of the committees in any financial year. The Internal Auditor may obtain necessary details and conduct such study required to propose the same for the first financial year soon after their appointment. d. The audit of the finance & accounts department shall be an ongoing one throughout the year. However, for other departments, the internal audit should be based on the final plan of audit for the identified areas. e. Before the commencement of audit, the auditor shall send intimation to the concerned department regarding the date of commencement of the audit, the period covered by audit, the list of documents/ records that are required for audit. f. On the date of commencement of the audit, the auditor shall meet Member Secretary and discuss the audit schedule. g. At the end of the audit period, the draft observations shall be discussed with the Member secretary. h. Flash reports shall be submitted on a monthly basis to Member Secretary and Head of Accounts Branch highlighting important aspects post review of transactions and records. i. The auditor shall submit a detailed quarterly report highlighting any deviations from the systems and process as laid down by the board, TW(PCP) ACT, 1974 and TW(CP) RULES, 1976 any revenue loss or income leakage. The report shall also suggest improvement in processes, which will strengthen the overall system. The reports on systems & processes shall be submitted along with the quarterly report. j. The Internal Auditor shall make a presentation before the Member Sectary of the board on a quarterly basis summarizing the observations, action taken and highlights of the review period. k. The board has 27 Regional Offices located at Vadodara , Surat , Rajkot, Vapi , Bharuch ,Jamnagar , Godhara , Mehsana , Ahmedabad – City , Bhavnagar , Kutchh West (Bhuj) , Junagadh , Nadiad , Gandhinagar , Himmatnagar , Ankleshwar , Surendranagar , Porbandar ,Palanpur ,Anand , Navsari, Jetpur , Ahmedabad Rural (Sanand) , Ahmedabad East (Vatva) ,Sarigam , Morbi , Kutchh East
l. For any query / clarification , you may contact Head of Accounts Branch of the Board
2. Internal Audit – Review:
A. Monthly Review
a. Vouching of cash and bank transactions on test case basis- Receipts & Expenses This would cover all bank accounts with specific emphasis on the following:
i. Verify the adequacy and accuracy of accounting, financial controls including application of accounting standards and the General Financial Rules laid down by the Government of Gujarat to the extent applicable to GPCB
ii. Verification of authorization of payments vis-à-vis delegation of powers, Standard Operational Processing (SOP) requirements such as invoice, approvals, budgetary limits etc., especially in the case of capital expenditure
iii. Verification to assert compliance with Income Tax TDS, WCT TDS/ Cess, Goods and Service tax (GST) and other statutes relevant to the nature of transaction within the overall regulatory framework governing the Board.
b. All transactions pertaining to fixed assets accounting. This includes:
● Advance payment to suppliers
● Capitalizing the asset
● Sale / disposal of an asset.
Scrutiny of all fixed assets capitalized keeping in view whether the asset is delivered, installed and put to use and also whether the documentation pertaining to the asset is proper in terms of approval, purchase order and final invoice. Profit or loss on sale of assets is recognized correctly or not.
c. Surprise verification of cash at periodical intervals.
d. All transactions pertaining to investment accounting. This includes:
● Purchase of investment
● Sale/ redemption of an investment
● Income on investments
Checking whether all transactions are accounted for properly and income due in a month is received and accounted correctly. The auditor’s report should state details of income due in a month, which was not received or received but not, accounted. Investments for the purpose of verification will include all investments including funds parked with Gujarat State Financial Services Limited (GSFS).
e. Final settlements of employees
B. Quarterly Review
a. Verification of income from long duration Programmes and executive education Programmes. Checking whether all the parties have paid the fee within due date, in case of late payment whether late payment fee has been collected, in case of non-payment whether approval of the competent authority is on record. Auditor to report if there is any revenue loss or leakage.
b. Review of treasury operations including physical inventory checking of investment documents.
c. Review of Bank Reconciliation Statements
d. Review of statutory compliances
e. Sample review at specific departments covering transactions, internal controls, systems and processes based on the annual plan. List of departments included under Annual Review.
C. Annual Review
a. Review of the systems and process at the following departments (depending on areas chosen in the audit plan for the year to be broken into quarterly review) –
✔ Administration
✔ Accounts
✔ Establishment
✔ Stores
✔ Library
✔ Laboratories
✔ ICT (Information and Communications Technology)
✔ Regional Offices
b. Review the RFQ Procedure & processes in the respective departments where procurement activity takes place – end to end verification where values exceed Rs.10 lac and sample verification in other cases.
c. Verification of systems and processes with respect to ERP systems- adequacy in coverage, built in controls, authorities etc.
d. Review the workflow and current systems & processes and identify opportunities for process enhancements/optimization in the areas covered under audit
e. Physical verification of the assets of the board and submission of its report