Proposal Submission for Internal Auditor Role at BRLF

RFP for Hiring of an Internal Auditor
Organization: Bharat Rural Livelihoods Foundation (BRLF)
Apply By: October 27, 2024

About the Organization

• Bharat Rural Livelihoods Foundation (BRLF) is an autonomous body established in 2013 under the Ministry of Rural Development, Government of India.
• Mission: To transform the lives and livelihoods of vulnerable populations across India, focusing on partnerships with civil society and government institutions.
• Objectives: Bridge gaps between program outlays and outcomes, improve implementation of government programs, support civil society organizations (CSOs), and promote inclusive, sustainable development.
• Geographical Focus: While BRLF has a pan-India mandate, efforts prioritize tribal geographies, especially the Central Indian Tribal Belt and Northeast India.

About the Proposal

BRLF invites proposals from Chartered Accountant (CA) firms to conduct an internal audit at its headquarters in Delhi. The audit aims to provide an independent assessment of BRLF's financial management, internal controls, and compliance mechanisms for alignment with its mission and stakeholder expectations.

• Coverage: The audit will cover three consecutive financial years starting from FY 2024-25.
• Engagement Terms: Initially for one year, with an option to renew for the remaining two years based on satisfactory performance.

Audit Objectives

1. Independent Assessment: Provide an independent and objective evaluation of financial records.
2. Risk Identification: Assess internal controls and identify operational risks.
3. Risk Mitigation: Recommend measures to mitigate risks and improve control efficiency.
4. Financial Accuracy: Ensure the fairness and accuracy of financial statements.
5. Compliance Verification: Verify compliance with grant agreements, statutory obligations, and internal policies.
6. Financial Management Systems: Review the adequacy and effectiveness of financial management for stakeholders' benefit.

Methodology: A Risk-Based Approach (RBA) is recommended for a focused, systematic assessment of financial and operational processes.

Scope of Work

The internal audit will comply with standards for autonomous bodies and the Technical Guidance on NPO Accounting and Audit by ICAI. The work includes:

• Compliance with MoU and Donor Conditions: Review adherence to agreements with the Ministry of Rural Development and other donors.
• Fund Utilization: Verify the efficient and economic use of funds for intended purposes.
• Expenditure Verification: Ensure expenditures comply with policies and are backed by adequate documentation.
• Financial Record Maintenance: Assess compliance with Rule 17AA of the Income Tax Act for record maintenance.
• Financial Statements Preparation: Check if accounts follow consistent accounting principles and reflect a true financial position.
• Internal Controls Review: Examine the adequacy of internal controls and suggest corrective measures.
• Statutory and Regulatory Compliance: Ensure compliance with taxation, FCRA, and other statutory requirements.
• Procurement Procedures Verification: Confirm procurement follows General Financial Rules (GFR).
• Asset Verification: Maintain asset records, conduct sample physical verification, and comment on utilization.
• Risk Assessment: Evaluate internal and external risks, recommending mitigation strategies.
• Other Support Services: Provide assistance in issuing audited utilization certificates for grants, income tax assessments, and legal opinions when needed.

Eligibility

To qualify, firms must:

• Be empaneled with the Comptroller and Auditor General of India (CAG) for FY 2024-25.
• Have a minimum of 10 years of practice.
• Have prior experience in internal audits for the Non-Profit Sector.

Proposal Submission Requirements

Proposals should include separate technical and financial sections:

1. Technical Proposal:

   • Firm Profile: Legal status, number of partners, infrastructure.
   • CAG Empanelment Details: FY 2024-25 empanelment information.
   • Experience in the Non-Profit Sector.
   • Key Staff CVs: Profiles of audit team members.
   • Approach and Methodology: Outline of the proposed audit approach.

2. Financial Proposal:

   • Audit Fee: Proposed fee for the internal audit.
   • Additional Costs: Any other expenses for support services.

How to Apply

Submit proposals via email to procurement@brlf.in by October 27, 2024, 6:00 PM. Mention “Proposal for Hiring CA Firm as Internal Auditor of BRLF” in the subject line.

For clarifications, contact procurement@brlf.in or call 011 4606 1935.

For more details, visit RFP Document or join their WhatsApp Channel for updates.