Request for Proposals
External Audit Services for Borlaug Institute for South Asia (BISA)
Closing Date: 8 July 2026
Objective:
The objective of this Request for Proposal (RFP) is to invite qualified audit firms to participate in the selection process for the appointment of External Auditors for a period of five financial years, commencing from FY 2025 and ending in FY 2029. The selected firm will be responsible for carrying out the statutory audit and related audit/assurance services in accordance with the applicable professional standards.
BISA Background and Status:
BISA was established on October 5, 2011, through an agreement between the Government of India (GoI) and the International Maize and Wheat Improvement Center (Spanish acronym CIMMYT) and was bolstered by the globally credible name of Nobel Laureate Norman Ernest Borlaug. The institution draws on the decades of experience and success by BISA, and a global network of partners in using research to generate tangible benefits for farmers internationally. BISA is supported by a growing number of national stakeholders in South Asia. It is committed to stronger collaborations for accelerated impact, most prominently with the Indian Council of Agricultural Research (ICAR) and the three state governments (Punjab, Bihar, and Madhya Pradesh) where BISA farms are located.
The Government of India, through Notification S.O. 2815(E) issued under the United Nations (Privileges and Immunities) Act, 1947, granted certain privileges and immunities to the International Maize and Wheat Improvement Center, the Borlaug Institute for South Asia, and their internationally recruited officers. This was done in support of the Memorandum of Understanding signed on 5 October 2011 for establishing BISA in India, providing an official legal framework for its operations in the country.
BISA operates through multiple locations in India, including:
1.Ludhiana, Punjab,
2.Jabalpur, Madhya Pradesh, and
3.Pusa, Bihar.
1. Scope of Services/ Terms of Reference (TOR)-
The BISA Board Working Group on Audit, Finance, and Risk Committee matters (hereinafter: “Board Working Group”), on behalf of the Board of Trustees , invites prospective accounting firms to submit proposals to provide external audit services under International Standards of Auditing (ISA) to obtain reasonable assurance and issue an opinion on the financial statements, commencing in the 2025 financial year (The contract period is for five (5) years, subject to annual renewal/reappointment by the Board of Trustees, based on performance, compliance with international audit standards, and alignment with BISA’s audit objectives. BISA reserves the right to re-tender if contract terms or performance are unsatisfactory.
Preference will be given to firms with prior experience in auditing international non-profit organizations and entities engaged in operations similar to those of BISA.
- Annual external audit (“audit”) of BISA financial statements:
- The main objective is to provide an independent opinion on whether BISA’s financial statements fairly present its position as of 31 December and the outcomes for the year. BISA maintains its books of account and prepares its financial statements on a calendar year basis, i.e., from 1 January to 31 December.
- The assessment is based on Indian Accounting Standard and relevant national laws, where applicable.
- The audit includes examining financial statements, assessing internal controls, compliance, and risks.
- The auditor reports significant transactions, control deficiencies, material disagreements, non-compliance, and accountability issues to Management and the Board, providing recommendations.
- Report issues in a management letter.
- Routine consultation with BISA’s financial team on developments in accounting, tax, and new pronouncements/policies by accounting standard setters where applicable to BISA.
- Support BISA with implementation of new accounting standards as required.
- BISA maintains financial accounts in QuickBooks Online and is migrating in 2027 to a new ERP (Microsoft D365)
- BISA can facilitate the audit process remotely through the online sharing of information and documents via a centralized shared drive for all three BISA farms located at Jabalpur, Ludhiana, and Pusa. Physical visits to each individual farm may not be necessary, as the books of accounts are centrally maintained in QuickBooks online and managed by the BISA Head Office at Ludhiana. However, if the auditors require visits to the BISA farms, the BISA management will facilitate such visits for audit purposes.
- Books and records for each of the three BISA farms are maintained at their respective farm locations and accounting is done in QuickBooks Online. However, certain high-value transactions are processed at the BISA headquarters in Ludhiana.
- Only shortlisted firms from the RFP may be invited for the presentation.
10. Terms & Conditions:
1. The signed, stamped and sealed quotation on the firm’s letterhead should be submitted by courier/by hand to the following latest by 8 July 2026, 3PM.
Managing Director BISA
BISA, G-2, B-Block,
NASC Complex, DPS Marg
New Delhi 110012
2. The envelope should be superscribed, and the subject line should clearly mention: “Proposal for External Audit Work for BISA”.
3. Validity of Quote should be mentioned: clearly minimum 60 days.
4. Payment terms should be clearly mentioned.
5. Applicable taxes if any (including GST) should be mentioned extra.
6. The following corporate documents must be submitted along with the quotation:
- Articles of Incorporation/Firm Registration Certificate
- Power of Attorney/authority letter (Who will sign the contract)
- ID Proof of Legal Representative
- Proof of Address (Electricity bill, telephone bill or any other government bill)
- Bank Statement / Cancelled Cheque
- Copy of GST Registration, PAN, and Aadhaar Card
For detailed information, please check the complete version of the RFP attached below.