Page 135 - Quick Insights Book 2022

5 Tendering Guidelines issued by ICAI

Annexure 5

Tendering Guidelines issued by ICAI

*A notification dated 7th April, 2016 issued by the Council of ICAI to monitor the tendering system for attest functions. The
Notification states as under:

GuidelineNo.1-CA(7)/03/2016
In exercise of the powers conferred on it under Item(1) of Part II of the Second Schedule of the Chartered Accountants Act, 1949,
the Council of the Institute of Chartered Accountants of India hereby issue the following guidelines for compliance by the members
of the Institute–

(i) A member of the Institute in practice shall not respond to any tender issued by an organization or user of professional
services in are as of services which are exclusively reserved for chartered accountants, such as audit and attestation
services. However, such restriction shall not be applicable where minimum fee of the assignment is prescribed in the
tender document itself or where the areas are open to other professionals alongwith the Chartered Accountants.
(ii) This Guideline shall come in to force with immediate effect.

The same is available at
https://www.icai.org/new_post.html?post_id=12547

Frequently Asked Questions (FAQs) on Responding to Tenders have been prepared for general guidance purpose for members,
for details, please visit

http://pdicai.org/docs/Frequently%20Asked%20Questions_18.6.2016_1862016135710211.pdf
Source: https://www.icai.org/new_post.html?post_id=12547

122 Quick Insights on Professional Opportunities for Chartered Accountants