Autonomous Institute Invites Expressions of Interest for Empanelment of Chartered Accountant Firms

1. Core Facts & Background

• The department invited expressions of interest for the empanelment of a chartered accountant firm to manage regular accounting support and pre-audit functions.
• The engagement encompasses concurrent maintenance of books of accounts in accounting software, grant-wise accounting, and bank reconciliations.
• The selected entity is tasked with statutory tax return filings, fixed asset register reconciliations, and preparing annual financial statements.
• Tender submissions were invited in sealed envelopes to be delivered ahead of the stipulated closing deadline.

2. Revenue / Department’s Action

• The department mandated that participating firms possess at least eight years of professional practice with a registered head office within the state.
• The department prescribed mandatory empanelment with the Comptroller and Auditor General alongside minimum annual turnover criteria.
• The department constituted a dedicated evaluation committee to screen applicants and conduct interactive sessions prior to final selection.
• The department reserved administrative discretion to extend submission deadlines and notify only successfully shortlisted applicants.

3. Assessee’s Defense & Arguments

• The assessee must demonstrate active partnership status registered with the relevant statutory accounting body with a valid certificate of practice.
• The assessee must establish an unblemished professional history free from disciplinary misconduct or penalties under direct and indirect tax statutes.
• The assessee must substantiate prior professional experience with universities, government departments, or public sector undertakings.
• The assessee is required to furnish necessary software, hard copies of financial reports, and audit working papers at its own operational expense.

4. Final Ruling & Outcome

• The empanelment process will culminate in a finalized panel following shortlisting and structured interactions by the designated committee.
• The selected entity will provide ongoing support for financial reporting, audit liaison, and tax advisory functions.
• The operational engagement requires strict conformity with standard financial reporting norms and guidelines governing educational institutions.