Empanelment as Concurrent Auditor of New India Assurance for Chartered Accountants

The company is engaged in General Insurance Business with its operations spreading all over India and abroad. The company is on look out to appoint a firm of Chartered Accountants as concurrent auditor to carry out the concurrent audit of investment department of the company. The investment portfolio of the company is Rs. 20,000 crore (approx.)

Quotations are invited by the company for appointment of concurrent auditor broadly on the following terms and conditions:
The firm should have minimum 10 years of experience in the audit
field and minimum 3 years of experience in investment audit.
The firm should not possess any place of profit in the company or its Subsidiaries/Associates/Joint ventures etc.
The firm should not have any relationship with investment intermediaries.
The appointment will initially be for a period of one year and renewable yearly at the discretion of the management.
The appointment will be effective from 1 April 2012.
The auditor will be required to submit quarterly report to the management.
The fees will be payable on quarterly basis on completion of each quarter and submission of the report.
The audit shall be carried out in compliance with the Insurance Regulatory and Development Authority ([RDA) requirements and various other applicable Acts to the insurance company.
The agreement for appointment may be terminated by either party by giving 3 months’ notice.

The firm of Chartered Accountants will not be eligible for appointment as concurrent auditor of the company if it has conducted the following assignments for the company during a period of previous two years
i.Statutory audit
ii.Any internal audit
iii.Any concurrent audit
iv.Any consulting assignment, whether or not related to audit functions
v.Review of certification of investment risk management systems and process

Interested firms may send quotation with brief profile of the firm at the following address:

Mr. Dinesh R. Waghela
Deputy General Manager
The New India Assurance Company Limited Head Office, Ist floor
87,MGRoad
Fort, Mumbai 400001

Contact no. 22708212 / 22708216
Website : www.newindia.co.in