{"id":2974,"date":"2024-02-20T10:46:18","date_gmt":"2024-02-20T10:46:18","guid":{"rendered":"https:\/\/www.newindiaoman.com\/?page_id=2974"},"modified":"2024-02-20T11:25:42","modified_gmt":"2024-02-20T11:25:42","slug":"tender","status":"publish","type":"page","link":"https:\/\/www.newindiaoman.com\/?page_id=2974","title":{"rendered":"Tender"},"content":{"rendered":"\t\t
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TENDER PARTICULARS FOR SOURCING AND APPOINTMENT OF STATUTORY AUDITOR<\/b><\/span><\/p>

1 st April 2024 TO 31st March 2027<\/strong>
<\/b><\/span><\/p>

(A) INTRODUCTION<\/b><\/p>

In accordance with the Commercial Companies Law of 1974 and Insurance Companies law issued by Royal
Decree No:12\/79, all insurance companies operating in Sultanate of Oman requires to appoint qualified
Auditors for its accounts audit for every financial year. In light of this, New India Assurance Company
Ltd., Oman Branch (referred hitherto as \u201cNIAO\u201d) Oman Branch, through this process invites tenders from
qualified and experienced Audit Firms operating in Oman for the financial years starting 2024 through and
till 31st March 2027.<\/p>

(B) BACKGROUND OF THE COMPANY<\/b><\/p>

The New India Assurance Company Ltd., is the first composite insurance licensee in India, which was established in the year 1919. Presently NIA is the largest General Insurance Company in India with operations in 25 countries across the globe. The company was nationalized in the year 1973 as part of the Insurance Nationalization Drive by the then Central Government of India. Currently NIA is a publicly traded company with over 85% of the shares held by the Government of India in the name of the President of India. NIAO started operating in the Sultanate of Oman in the year 1974 and operates in the Sultanate under an Appointed Representative business model. The renowned Abdul Aziz and Brothers LLC, Oman is NIAO\u2019s Appointed Representative and the company has been associated with them since the inception in Oman. There are eight branches open to the public for the company in Oman. The Net Premium for the year 2022 stood at OMR 11 Million. The operation in Oman is helmed by the Chief Operating Officer deputed on a fixed term by the Head Office of the company. NIAO\u2019s accounts are presented on two fronts. One the calendar year (31.12.YYYY) and one for the purposes of Head Office in India reporting (31.03.YYYY).\u00a0<\/span><\/p>

(C) TENDER INSTRUCTIONS<\/b><\/p>

The tenderer must comply with the requirements of this Tender request. If any Tenderer fails to comply
with the requirements of this Tender Document, the failure may be taken into account by NIAO when
considering this or any subsequent Tender by the Tenderer and may result in the Tenderer being passed
over.<\/p>

(D) CONFIDENTIALITY<\/b><\/p>

All material facts outlined in this document is for the sole purposes for the Tenderers to present an informed
quote for the subject outsourcing. Thus the information provided herein is deemed confidential and all the
Tenderers are expected to conform to confidentiality. Any breach of the terms of this clause shall deem the
quotation null and void.\u00a0
<\/span><\/p>

(E) SUBMISSIONS OF QUOTATIONS<\/b>
All quotations are to be relayed including the supporting documents electronically to:
COO, The New India Assurance Co. Ltd., Oman, email address: coo@newindiaoman.com<\/p>

(F) DEADLINE FOR SUBMISSIONS<\/b><\/p>

All the quotations must be submitted at the latest by 5.00 PM, 28
th February 2024.\u00a0<\/p>

(G) BID TERM<\/b>\u00a0<\/p>

The validity period of the tender is 6 months from the last date of submission.\u00a0<\/p>

(H) TENDER EVALUATION & DELIBERATIONS<\/b>\u00a0<\/p>

The Tenderer may have to attend an evaluation meeting at NIAO upon request.<\/p>

(I) PRECONDITION FOR SELECTION AND APPOINTMENT<\/b><\/p>

In accordance with IFRS and the disclosure requirements of the Capital Market Authority and the
Commercial Companies Law of 1974, the licensees are required to obtain the explicit approval of the
Capital Market Authority before appointing its Auditor. Thus collection of quotations or company\u2019s
engagement in talks will be subject to final appointment approval by the Capital Market Authority,
Company\u2019s Head Office.<\/p>

(J) SCOPE OF WORK<\/b>
1. OMAN REPORTING (CMA & INCOME TAX)
<\/b>All type of statutory audit and reporting requirements as per the regulations and directives of the Capital
Market Authority of Oman and Ministry of Finance and\/or any other authority as and when required during
and for the engagement period. Financial Statements to be prepared based on IFRS 4 \/17 \/ IFRS 9
requirements.<\/p>

2. HEAD OFFICE REPORTING \u2013 INDIA\u00a0<\/b><\/p>

  1. \u00a0<\/b>A limited audit review should be submitted for each quarter.\u00a0<\/li>
  2. In addition to local requirement, the reporting framework should follow Indian Regulations
    prescribed as per I-GAAP for the Parent Company for reporting at periodic intervals.<\/li>
  3. Audit report along with annexure I to II (Report on Internal Financial Control and Direction
    and Additional Directions under Section 143 (5) of Companies Act 2013.<\/li>
  4. \u00a0Compliance Certificate<\/li>
  5. \u00a0Long form audit report along with Annexures\u00a0<\/li>
  6. Disclosures (16B and 16C)\u00a0<\/li>
  7. SA 600 Using the work of Another Auditor along with Questionnaire\u00a0<\/li>
  8. Cash flow statement as per format<\/li>
  9. Management representation letter relating to IFC<\/li>
  10. Management report\u00a0<\/li>
  11. \u00a0NIA accounting policy\u00a0<\/li>
  12. Form 23 & form 24<\/li>
  13. All 5 series schedule<\/li>
  14. Any other requirement from Head office statutory auditor<\/li><\/ol>
    (K) CONTRACT CONDITIONS<\/b>\u00a0
    1. The contract will be for the provisions of appointment of the statutory auditor for the NIA Oman branches
    for three years, starting from 2024 to 31st March 2027. The appointment shall be subject to the approval of
    NIA head office and the Capital Market Authority of Oman.\u00a0
    2. Clauses mentioned in Article 2 shall be given due consideration to assess the skills, competence and the
    independent nature of the auditor. The nomination of the quotations shall be only pursuant to this
    evaluation.
    3. No portions of the audit exercise must be sub contracted by the auditor without the knowledge of NIAO
    and without the explicit approval of the Capital Market Authority of Oman.\u00a0
    4. The information contained in this tender document must be held in strict confidentiality by the tenderer
    at all times.\u00a0
    5. Collusive tendering is strictly prohibited and any knowledge of the tenderer involved in such actions
    could render the proposal null and void. And the company shall resort to any available legal measures for
    indemnity of the damages caused by such actions.\u00a0
    6. NIAO shall retain the title of the contract and due care and entitlements shall be explicitly mentioned
    about the data, information, records that form part of the prudential records of NIAO.\u00a0
    7. The tenderer, should it be an overseas-based entity, must satisfy NIAO on the data confidentiality
    maintenance ability of theirs and the prevailing data security measures of their National Government.\u00a0
    8. NIAO, directly or through its internal auditor and the Capital Market Authority of Oman shall have direct
    access to the auditor related to records and activities related to the audit function of NIAO.\u00a0
    9. Tenderers those are overseas-based must confirm vide the proposal that there are no legal impediments
    in their jurisdiction to NIAO or its internal auditor or the Capital Market Authority of Oman in accessing
    the information as mentioned above.\u00a0
    10. The proposal must contain detailed Business\/Service Continuity plan and any other alternative
    arrangements that the tenderers might have.\u00a0<\/div>
    11. The proposal must explicitly state the conditions that NIAO shall have all the rights to terminate the
    contract at the event that the auditor (1) Undergo an ownership change (whether direct or indirect) that pose
    a potential conflict of interest. (2) Becomes insolvent, or (3) Goes into liquidation or administration, and
    (4) Gets known to have been exposed to any reputational risks. (5) NIAO retains the right to remove the
    Auditor in case the Auditor\u2019s work is found inefficient or on any other justifiable grounds.<\/div>
    12. NIAO reserves its right to withhold the payment of professional fees and impose penalty, if the CMA
    instructed, in case quarterly and annual reports are not submitted as per statutory and regulatory
    requirements of Indian Accounting Standards for the Head Office Reporting.\u00a0<\/div>
    13. All the reporting deadlines for the local CMA requirements shall be adhered to.\u00a0

    <\/div>
    (M) SUPPORTING INFORMATION REQUIRED<\/b>\u00a0
    The proposal from the tenderer shall contain the following;\u00a0
    1. Details, professional qualifications of the engagement team;
    \u00a02. Details of any censoring or disqualifications from engaging (by any competent bodies or the client
    themselves) in internal audit or external audit services to any given client;\u00a0<\/div>
    3. Details of the active clientele.<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    TENDER PARTICULARS FOR SOURCING AND APPOINTMENT OF STATUTORY AUDITOR 1 st April 2024 TO 31st March 2027 (A) INTRODUCTION In accordance with the Commercial Companies Law of 1974 and Insurance Companies law issued by RoyalDecree No:12\/79, all insurance companies operating in Sultanate of Oman requires to appoint qualifiedAuditors for its accounts audit for every financial … Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":2985,"parent":12,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-innerpage.php","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=\/wp\/v2\/pages\/2974"}],"collection":[{"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2974"}],"version-history":[{"count":15,"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=\/wp\/v2\/pages\/2974\/revisions"}],"predecessor-version":[{"id":2997,"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=\/wp\/v2\/pages\/2974\/revisions\/2997"}],"up":[{"embeddable":true,"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=\/wp\/v2\/pages\/12"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=\/wp\/v2\/media\/2985"}],"wp:attachment":[{"href":"https:\/\/www.newindiaoman.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}