Bengal Chemicals & Pharmaceuticals Ltd.

(A Government of India Undertaking)

Notice inviting Expression of Interest (EOI) by Chartered Accountants/Cost

Accountants Firms for selection and appointment as Internal Auditors for the
year 2023-24 with option of renewal till 2025-26

EXPRESSION OF INTEREST (EOI)

Bengal Chemicals & Pharmaceuticals Ltd invites Expression of Interest (EOI) from
experienced Chartered Accountant/Cost Accountants Firms having specialization in
Internal Audit & Controls for empanelment / selection and appointment as Internal
Auditors, initially for the Financial Year 2023-24. The company reserves the right to
extend the appointment on yearly basis, maximum for further two years, if
performance of the firm is found to be satisfactory.

The format of application along with information on selection criteria, areas of

coverage, reporting requirements, terms of reference, etc are enclosed herewith. The
EOI document will be hosted on the BCPL website www.bengalchemicals.co.in. Any
updates to the EOI Documents shall be hosted on website. Interested firms are
requested to ensure that all updates are considered while submitting the EOI.

Interested Firms may send their applications in the prescribed format (to be dropped in
lock-box kept at Corporate Office) along with annexures under sealed cover addressed
to AGM (Finance), 6 Ganesh Chunder Avenue, Kolkata- 700013 latest by 20th
September, 2023, 16.00 hours.

Sd/
AGM (Finance)
Bengal Chemicals & Pharmaceuticals Ltd

Dated:
Kolkata

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
Notice inviting Expression of Interest (EOI) by Chartered Accountants/Cost
Accountants Firms for selection and appointment as Internal Auditors for the year
2023-24 with option of renewal till 2025-26

A. SCOPE OF WORK

1. The Scope of work of this EOI consists of Internal Audit in respect all the
Divisions/Departments/Factories/Depots & C&F of the Company as mentioned in
the below table:
Factories Offices *Depots *C&F (Clearing And
Trading) Agents

i) Panihati i)Head i) Guwahati i) Yamunanagar

ii) Manicktala Office at ii) Ranchi ii) Ahmadabad
iii) Kanpur Kolkata iii) Chennai iii) Raipur
i) Mumbai iv) Delhi iv) Indore
office v) Hyderabad v) Nagpur
vi) Jaipur vi) Bhubaneswar

Audit on site Onsite The Internal Audit will be conducted online and on
except for the basis of documents/information available on
Mumbai system at head office.

2. The Management reserves the right to add any other area to the Audit Program
within the scope of work or increase the number of audit assignments.

B. DETAILS ABOUT THE COMPANY:

Bengal Chemical & Pharmaceuticals Ltd.(BCPL),- the first pharmaceutical company of India
founded by the eminent scientist (Father of Indian Chemistry) - Acharya P C RAY in 1901.

BCPL is a Govt. of India enterprise under the aegis of Dept. of Pharmaceuticals - Ministry of
Chemicals & Fertilizers, Govt. of India.

The century old Company has now turned around from FY 2016-17 and continuously
earring profits since then. The Company is debt-free with positive net-worth. The Company
is having business verticals of industrial chemicals, disinfectants/FMCG products &
generic pharmaceutical formulations.

C. ELIGIBILITY CRITERIA

Existing Internal Audit firm/s or Internal Auditors or their affiliates are not eligible to
participate in the EOI.

1. The Firms should have Head Office in Kolkata and should have at least Four
Partners.

2. The Firms should be in existence for a minimum period of ten years and have
experience of carrying out minimum three Internal/Statutory Audits of any Central
Public Sector Undertaking (CPSU) having a turnover of at least Rs. 100 Crores

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
during any of the five preceding financial years till 2021-22 (i.e. 2017-18 to 2021-
22). To this effect, firm should submit copies of respective contracts, along with
documentary evidence in respect of satisfactory execution of each of those contracts.

3. The firm should have executed Internal Audit in any CPSE during the last 05
financial years till 2021-22 (i.e. 2017-18 to 2021- 22). To this effect, firm should
submit copies of respective contracts, along with documentary evidence in respect of
satisfactory execution of each of those contracts.

4. Annual turnover of audit firm shall be at least Rupees Fifty Lakhs (Rs. 50,00,000).
For the purpose of ascertaining parameter of Turnover of the firm, average turnover
for the previous three financial years till 2021-22 ( i.e. 2019-2020 to 2021-22 ) shall
be considered (copies of audited financial statements / other documentary evidence
in support thereof to be enclosed).

5. The selected firm should not hold any office of profit in the Company at present and
in last preceding three financial years.

D. BID SUBMISSION

Submission of offer in Two Bid System:

1. The offer/bid must be submitted in two parts, Part - I (Techno-Commercial Bid) &
Part – II (Price Bid), The technical bid and the financial bid should be sealed in
separate cover duly super–scribed and both these are to be put in a bigger cover
which should also be sealed and duly super-scribing the Tender No, Due date &
Time and addressed to AGM (Finance), 6, Ganesh Chunder Avenue, Kolkata-
700013, should be Deposited in the tender box kept at Corporate Office on or before
20th September, 2023, 16:00 hrs.

2. The technical bids are to be opened at the first instance and evaluated by a
committee or authority of BCPL.

3. At the Second stage financial bids of only those technically acceptable offers will be
opened after intimating to the technically eligible bidders about the date and time of
opening the financial bid through e-mail.

Part-I -Techno-Commercial Bid: This part should contain the following:

Details of the Firm (as per Application Format) along with self-attested copies of all
supporting documents and certificates.

Note:

i. BCPL has a right to verify authenticity of the documents with respect to original
submitted against this tender.

ii. The bidder is requested to ensure that only those documents asked for are
submitted and same are clear, legible & duly signed (i.e. self-attested). All
supporting documents must be indexed and reference must be given. The bidder is
also requested not to submit unnecessary documents not asked for. Any
missing document of the tender may lead to rejection of technical offer.

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
SCORING : Further to the above eligibility criteria, firms will be evaluated based on
Combined Technical and Financial Score(CTFS) achieved as per Technical parameter-score
matrix as provided in table below and Financial bid(converted to Financial Score) where
weightage of Technical Score and Financial Score will be 70:30.

Technical Parameters/Scoring Criteria Maximum Individual

Score 60% Firm Score
(60 Marks (Marks)

01 Past experience of the CA/CMA Firm (Track Record )

A Years of existence of 1 point for every year over and 20% 12

CA/CMA Firm (Min. above 10 years
10 yrs)

B Experience as 5 points for each such 50% 30

Internal Auditors of internal audit per company
a Central Public irrespective of the years.
Sector companies
(CPSU) having
turnover exceeding
Rs.100 crore
C Experience of 03 points for each such audit 30% 18
Statutory Audit of per company irrespective of
Central Public the years.
Sector Companies
(CPSU)

General Profile of qualification, experience and

02 number of Partner/Qualified Members ( AS ON 40%
31.12.2023 ) (40 marks)
A No. of Partners (at 01 point each for each 20% 08
least four partners) partner (including FCA/
FCMA from 5th partners
onwards)
B No. of Partners with 02 points each for each 40% 16
FCA/FCMA partner
C Full Time CA/CMA 01 point for each CA/CMA 20% 08
Employees Employee
D CISA or CIA or DISA 02 point each for each such 20% 08
partner / employee
Qualified Partners /
employees (dual
qualification for the
same person will be
considered as one)
Total Score 100% 100

1. From amongst the firms who have responded to the EOI and satisfied all pre-
qualification criteria, the firms will be allotted scores as per scoring parameter
specified in above table. Firms having technical score of minimum 50 marks will be
considered for opening of price bid.*

* In case the number of available (technically qualified) firms are less than 03 then
marks criteria will be relaxed to 40 Marks for getting more participation.

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
2. Bid Evaluation Criteria:

Successful Bidder will be determined as the one with highest score on the basis of
Combined Technical and Financial Score (CTFS) with the following methodology:

(a) Technical Score

Bidder details Technical Score based on Firm‟s Profile Parameters

Bidder 1 100
Bidder 2 90
Bidder 3 39 (Rejected *)
Bidder 4 80
*Since the eligible technical score should be 40 & above, bidder 3 is rejected.

(b) Financial Bid Evaluation:

Bidder details Financial Bid Amount

Bidder 1 X
Bidder 2 Y
Bidder 4 Z(L1 – say)
(c) Conversion of financial bid amount to score

Bidder details Financial Bid Amount Financial Score (LFB/F*100)

Bidder 1 X Z/X*100 = 76.92
Bidder 2 Y Z/Y *100 = 83.33
Bidder 4 Z (L1 – say) Z/Z = 100
LFB = Lowest Financial Bid, F = Quoted Amount

(d) Consolidated Technical & Financial Score

Bidder details Technical Score Financial Score

Bidder 1 100 76.92
Bidder 2 90 83.33
Bidder 4 80 100

(e) Combined Technical and Financial Score (CTFS) with Weightage 70:30

Bidder Applying weights for the Technical CTFS Rank of the

details Score & Financial Score Bidder(with
highest
score)
Bidder 1 100*(70/100) + 76.92*(30/100) 93.07(70+23.7) 1
Bidder 2 90*(70/100) + 83.33*(30/100) 87.99(63+24.99) 2
Bidder 4 80*(70/100) + 100*(30/100) 86(56+30) 3

Note: 1) If the Price quoted by a firm found to be freak low, the price bid shall not be
considered (freak low means L1 price is lower by 30% or more of L2 price, as well
as lower by 30% or more of estimate.)
2) The Company reserves the right to negotiate the quoted fees with the selected
Firm.

E. BID INFORMATION Part I : Technical Bid

The Chartered Accountants / Cost Accountants firm is to provide the following information
per pro-forma given below

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)

„APPLICATION FORMAT’

1. Name of CA / CMA Firm :

2. Status of Firm (LLP etc) :

(Firm Composition certificate to be attached)

3. Registration No. :

4. Date of Establishment / Registration :

5. Name & Address of Principal Office & Branch Office (s) [Please attach ICAI‟s certificate
/ CMA certificate

Office type (HO/Reg. Address Year of Contact details

Office/Branch) Establishment : In-charge
Name,
Tel., Fax, Email.

6. Particulars of Partners

Sl Nam CA/CMA Membership Date of DISA/CISA Other

. e Membershi Status Joining or CIA or qualifications
p No. job/specializatio
(Fellow/Associat as other
n & experience
e) Partner qualificatio
& n
branch
office
attache
d to

7. Particulars of qualified assistants.

Sl Nam CA/ CMA Membership Date DISA/CISA Other

. e Membershi Status of or qualifications
p No. (Fellow/Assoc) Joinin Other job/specializatio
g firm qualification n & experience
.

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)

8. Income Tax PAN ( attach copy of PAN Card):

9. GST Registration No. (attach copy of Registration Document):

10. Internal Audit experience (immediate five preceding financial years till 2021 -
22) in Central Public Sector Undertaking (CPSU) having turnover exceeding Rs.100
crore, specifying nature of the assignment, year of audit and name of the company.

Name of Company Unit / Plant Period of Total Experience

Audit (Yrs)

(Attach documentary evidence in support of the above data which should be

corresponding to the information given)

11. Statutory Audit experience (immediate five preceding financial years till 2021-
22) of Central Public Sector Undertaking ( CPSU )

Name of Company Co. Turnover Period of Total Experience

Audit (Yrs)

(Attach documentary evidence in support of the above data which should be

corresponding to the information given).

12. Assignment as Internal Auditor (immediate preceding financial year till 2021-
2022 of Central Public Sector Undertaking (CPSU).

Name of Company Co. Turnover Period of Total Experience

Audit (Yrs)

(Attach documentary evidence in support of the above data which should be

corresponding to the information given).

UNDERTAKING

1. It is confirmed that all the information provided above are true and comply with
requirements the EOI.

2. We confirm that we have not made any deviation from the specified terms & conditions
of EOI documents. A copy of complete EOI document duly signed and sealed on all pages
as a token of acceptance of all terms and conditions is attached.

Signature of Partner with Name

& Seal of Audit Firm

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)

F. Part II : PRICE BID

Format for Price Bid

(to be given on Firm Letterhead)

We M/s ………………., Chartered Accountants / Cost Accountants hereby quote our

professional fees at Rs…………………(Rupees…………………..only) plus taxes/GST extra
per annum for the Internal Audit Assignment to be carried out as per Audit plan given
in this EOI

In case of any travel required for conducting internal audit of outstation

units/divisions/depots of BCPL, the travelling expenditure will be reimbursed at actuals (III
AC fares by Express) & accommodation at 3* Hotels on twin sharing basis subject to
maximum room rent of Rs. 4000 excluding taxes. Fooding at actuals upto max of Rs. 750
per person per day & transport @ Rs. 500 per team of two persons.

Signature of Partner with Name

& Seal of Audit Firm

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)

TERMS OF REFERENCE

The terms and conditions for conducting Internal Audit are indicated here-under:

1. Reporting & Timeframes

Internal Audit shall be conducted on a continuous basis and to be reported on quarterly

basis. The activity is required to commence from start of respective quarter.

The preliminary audit observations shall first be discussed with the Auditees and to be
finalised progressively after joint deliberation with the Sections/ Departments / Unit In-
Charges. The salient observations and audit findings firmed up will be discussed with
Director Finance, BCPL.

After joint deliberation with concerned Department / Unit Head and Director Finance, final
signed report to be submitted within a month from the end of the quarter.

Internal Audit Reports would be divided into the following parts :-

A. Part I : Important Observations/ Findings :

This part shall contain all such significant discrepancies observed during the current audit
and observations in which, the auditor feels the need of immediate attention of management
specifying the financial implications, if any. The Auditor shall bring out the important areas
requiring improvement and their recommendation, if any. Furthermore, the Auditor will also
report any lack of policy, observations on deviations from policies, systems and procedures
of the Company.

B. Part II : Compliance (follow-up) Report :

This part shall cover the comments of the Auditors on the adequacy of the compliance and
action taken for rectification of errors/ discrepancies pointed out earlier. It shall also
contain the confirmation regarding the implementation of policies, systems, controls etc to
avoid recurrence of such irregularities in future. It may be ensured that the compliance report
on audit observations pointed out in reports relating to earlier audits is made and corrective
actions taken on those points are furnished in the Audit Report.

2. Audit Team

The firm is required to deploy suitable teams for undertaking the audit as per deployment
requirement given in the table below:

Location Frequency Deployment of Duration of

Manpower audit

Corporate HO Quarterly 1 article & 1 Semi - One month of

Qualified every quarter

MFY Quarterly 1 article & 1 Semi - One month of

Qualified every quarter

PFY Quarterly 1 article & 1 Semi - One month of

Qualified every quarter

KFY Yearly (Full period 2 articles & 1 Semi - 7 to 10 days

coverage) Qualified

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)

3. Extent of coverage of Internal Audit (indicative)

As per SOW attached and any other matter which may be decided by the Audit Committee/
Management

4. Payment Terms

The fees shall be pro-rated quarterly upon performance of the assigned jobs as per given
scope of work. Fees (quarterly) will be paid after completion of work assigned / allocated in
terms of the Scope of work and submission of signed report as per timelines specified
earlier.

5. Tenure

The offer for carrying out assignments would initially be given for one year i.e. for the FY
2023-2024.

Management keeps the right to extend the tenure for further two years i.e., 2024-25 and
2025-26 depending upon the performance of the Firms. Management also keeps the right
for pre-mature termination of the appointment.

G. GENERAL TERMS AND CONDITIONS

(i) Firms are to fill in all relevant particulars / information in appropriate places and submit
documentary evidence (attested by a partner) where specifically asked for.
(ii) This EOI is only for the purpose of short-listing/empanelment of Firms and does not
carry any assurance for allotment of Internal Audit Assignments.
(iii) Only successful firms will be intimated about their selection in due course.
(iv) The Company reserves its right to accept or reject any application(s) without assigning
any reasons. The decision of the Company for empanelment of the Firms will be final and
binding upon the parties participating in the short-listing/ empanelment.
(v) The Internal Auditor will ensure that the information obtained in respect of the Unit is
maintained in strict confidence and secrecy. A certificate towards maintaining
confidentiality is to be provided by the Internal Auditor at the time of acceptance of Audit
Assignment.
(vi) To complete the assignment as per scope of Audit the firm has to engage sufficient
manpower as mentioned earlier for timely completion of the assignment.
(vii) Final signed report to be submitted within a month from the end of the quarter
(viii) The appointment of the Audit Firm will be initially for 2023-24. The Company reserves
the right to extend the appointment on yearly basis, maximum further two years if
performance of the firm is found to be satisfactory.
(ix) If progress/ performance of audit is not found to be satisfactory, the Company reserves
the right to terminate the appointment of the Firm.
(x) No extras / out of pocket expenses will be payable on any account whatsoever.
(xi) The firm will be debarred in future, from getting any assignment in BCPL in the
following cases :
a) The Audit Firm obtains the appointment on the basis of false information/ statement at
the time of submission of application/ documents for the EOI.

b) The Audit Firm is found to have sub-contracted the work, including on networking basis.

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)

Scope of Internal Audit Work

Sl.# Particulars Coverage Periodicity
1 BANK – Receipts / i) Check all receipt and Payments Monthly
Payments recorded are accurate and timely in
the Books (incl. all online
transactions).
ii) All payments are authorized as per
Schedule of Authority.
iii) Bank Charges levied by the Bank
as per agreement with the Bank/s.
(BG/LC/CC etc.).
2 Bank Reconciliation i) Checking BRS (prepared monthly) & Quarterly
Statements whether reviewed and approved
independently.
ii) To ensure the BRS statement does
not contain any un-related
Debits/Credits.
iii) Scrutiny of JVs passed in all Bank
Accounts.
iv) Balance Confirmation from Banks
are obtained and matches with Books
of accounts/BRS
Scrutiny of NEFT Returns and re-
execution of such NEFT
3 Investment of i) Verification of Quarterly (any 1
surplus fund/ investment certificates/documents month bills)
investible surplus ii)Calculation and accounting
Accounting for treatment of Interest on FD,
income from Dividend from MF (including
investments Redemption), Unrealized income (NAV
based
4 Payments to i) Check the transactions related to Quarterly
vendors/ contractors payments to Contractors / vendors. (based on
and checking ii) The sample size and list of vouchers sampling @25%
procurements. considered for checking should be of payments
(Verification of based on a scientific sampling tool/ mode. Sampling
payment of bills ) assessment. The auditors should plan will be
i) Suppliers‟ (Mtl) indicate the details of the same in the communicated
bills report. subsequently.
ii) Sub- iii) The number vouchers to be
contractors‟ (LL) bills selected of different types/ categories
iii) Service and value of payments.
Providers‟ bills iv) Verification/Vouching of bills
(sample size for payments )
v) Compliance with Provisions of
MSME Act for payment within
stipulated timeframe and interest
Provision / payment for default.
5 Vendor Advance i) To review the creditors and Half Yearly

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
Advances outstanding.
ii) Review Creditors balances with
ageing of open items/non moving
balances.
iii) Check if Confirmation of balances
has been obtained in a periodic
manner to cover the vendors during
the financial year.
iv) Advance to Domestic Vendors
v) Whether advance is as per the
stipulation/s in the corresponding
vendor agreement. Review of
movement of advances – given vs
adjustment with bill payments /
material supplies.
vi) Identify the cases where both credit
and debit balances are lying against
any vendor, reasons thereof.

6 Security Deposit / i) Checking of advances / deposits to Annually

Other Deposits & Miscellaneous Organization / Service
Advances Provider / SD deposited by BCPL
ii) Verify Confirmation of balances
obtained periodically to cover all the
advances (existing balances and fresh
cases in financial year).
iii) Scrutiny of Advances (Employee
related)
a) TA/DA/Medical Advance/Festival &
their realisations Quarterly
7 Fixed Assets, CWIP, a) Capitalization Annually
Investment Property Q4 (Feb/March)
& Intangible Assets  Receipts, installation &
(incl. under commissioning (where ever
development required) and acceptance, date of
put to use certificate and
capitalization w.r.t. to the Assets to
be checked as per company policy.
 Updation of Fixed Asset Register
w.r.t. additions, deletions /
transfer etc. to be checked for
correctness.
b) Depreciation/ Amortization:
Completeness and correctness in
accounting depreciation /
amortization based on policy.
c) Impairment
Impairment to be checked in line
with Company policy & accounting
standards/ IND AS and valuation

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
effect.
d) CWIP

• The items which are under CWIP

and not capitalized to be analyzed
in details item-wise and bring out
reasons for non- completion/
capitalization, the EDC etc. Any
abnormal delays to be highlighted.

• All CWIP lying for more than one

year to be reviewed & reported
individually including reason for
non-capitalization.

• Verify the process of conversion of

CWIP to FA – basis of conclusion of
“Available for Use”

f) Check whether capital expenses are

being passed off as maintenance
(review of maintenance GL etc. )
g) Check the Fixed Asset entry /
accounting for intangible assets
procured during the year (Software,
License etc.) as well as those
existing to be used.
9 Sale of Scrap & Full audit of Scrap Collection & Annually
Condemned Capital disposal thru E- auction transactions, (March/April)
Assets. and normal auction disposals
10 Compliance of  Compliance of TDS-as per IT Act., All quarter
statutory Law P. Tax/ PF / ESI / LWF
deposits/LIC Premium (SSS)
Deductions
 Compliance related to deduction at
appropriate rates, Deposit within in
Due dates, submission of Returns
etc.
11 Taxation / Indirect  Returns , Records as per statutory Half-yearly
Tax – GST/Direct provisions; Input credit on (Oct / Apr)
Tax (procurement or payments) and
payment of GST
 Review of Assessments and status
of Refunds/Demand (as applicable);
GST Reverse charge liability &
payment
 Deposit of Advance Tax w.r.t.
Quarterly Profits etc
 Review of pending tax cases both
Direct & indirect (demand /

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
refunds sub-judice) report yearly
YE March
12 Payroll Audit  Employee Master - Updation of Any one
(Employee Benefit employee master verification Qtr
Expenses ) (Check procedure followed &
documentation )
 Audit of entire payroll process with
review of Controls (One Month) and
Reports generated. Payment &
Recovery of Advances, Monitoring
for unrealized recoveries/advances.
 Long absenteeism and payroll
generation, Validity of Payment to
separated employees
 Addition of employees to the Roll to
be verified from the Appointment
order of New Joining.
 Processing of Salary - Updation of
inputs for processing of salary i.e.
attendance, Leave, OT Hours,
recoveries, Misc. payments etc.
within the time lines.
 Payment of Salary & other
Recoveries - Accurate and timely
Payment of salary and advances
and remittance of recoveries.
Review outstanding loans and
advances to employees and to be
reported.
 Payment to Contractual employees
(direct as well as through job
Contractor)

13 PF & related  Monthly Collections (Thru payroll) & Half yearly

investments & settlements;
monthly fund-flow planned &
actual, idling of funds to check.
 Loans disbursed (type, eligibility &
documentation) and settled
(monthly realisations & F/F on
separation).
 Verification of investments held &
matured (based on copies of
statements)
 Compliance with PF guidelines
regarding furnishing RC &
investment pattern (MF, Bonds,
Securities).
 Interest calculation on balances
(yearly).

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
 Taxability of Interest to fund
members after separation and
playability.
14 Marketing and i)Appointment of Half yearly
Distribution Stockiest/Distributors
ii) Payment of LD Commission
15 Sales Accounting LD provisions with respect to delivery Half yearly
timeline
16 Scrutiny of Based on sample selection basis, Quarterly
Purchase Proposals sampling criteria to be provided later
on
17 Raising of bills per contract/PO, Q4(Feb/March)
Revenue from
Operation & Rent realization and accounting entries for
bills. (GST compliance).

Sales billing for MFY, Invoicing:

PFY and KFY. • Invoices are raised with proper
documents & supporting and issued
Rent Billing for HO to the Customers on timely basis
and Mumbai wrt • To check the status of invoicing for
tenancy agreement. the sales set up and deliveries made
against various orders.
Master Occupancy • To highlight invoices not raised after
Chart sales set up with reasons and time
taken after setting up sales.
• Review the Provisions for doubtful
debts whether made on a timely basis Yearly
with approval of Competent Authority.
• Ageing of Trade Receivables &
Year end (4qtr)
examine follow- up for realisation
18 Incoming material • Abnormal Delay reporting and YTD
(from job- worker & validity of grounds;
others)
i)Time taken for • Reason for rejection , action & time
ICGRN taken for rectification
ii)Materials rejected
after delivery
19 Work in Progress Verification/Valuation of WIP Yearly
20 Other area of • Checking & Recognition of expenses Half Yearly
internal audit & revenue in timely manner for
ensuring monthly/quarterly cost
matching for monitoring
profitability.
• Review of Internal Audit will ensure
that internal control system in
respect of recording of Billings,
material procured/consumed.
• Review of Goods procured material
consumed/utilised, position of
material in-hand.
• Checking of Sales Budgets /

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in
 Bengal Chemicals & Pharmaceuticals Ltd.
(A Government of India Undertaking)
Production Budgets and actual
procurements/production by
various Factories of the Company.
• Transactions have been executed in
accordance with the terms of clauses
of purchase orders. If not whether
approval of the Competent Authority
exists.
• Checking/Reconciling Inventory
Transferred to each Depot/C&F
Agents from Factory Distribution
Department with respect to
Distribution Manual Provisions.
• Sales Audit of Retails stores

6, Ganesh Chunder Avenue, Kolkata- 700013

E-mail: [email protected]/[email protected]
Website: www.bengalchemicals.co.in