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Internal Audit

Shibabrata Bardhan (Finance Controller) (24 Points)

02 January 2021

Whether any guidelines of ICAI regarding quoting below the minimum price on internal audit tender.

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Yasaswi Gomes new (Finance ) (4492 Points)
Replied 06 March 2024

Certainly! The Institute of Chartered Accountants of India (ICAI) has issued guidelines regarding the quoting of fees for internal audit tenders. Here are the relevant points:

Minimum Fee Recommendations:
- ICAI has proposed a range of charges for audit and certification services, starting from Rs. 2,000 and going up to Rs. 80,000 as the minimum amount. fee can vary
- However, it’s essential to consider the specific context and requirements of each tender.
Compliance Guidelines for Members:
- According to the guidelines set by the Institute of Chartered Accountants of India (ICAI), a member in practice should refrain from participating in tenders issued by organizations or users of professional services for areas exclusively reserved for chartered accountants, such as audit and attestation services. It is essential to adhere to these guidelines to maintain the integrity and professional standards of the accounting profession
- These guidelines ensure that the integrity and professional standards of the accounting profession are maintained during the tendering process.

Remember to review the specific tender documents and any additional guidelines provided by the organization to ensure compliance with both ICAI recommendations and legal requirements.