The Institute Of Chartered Accountants Interview Questions and Answers

The tender process is a formal process of inviting bids from potential suppliers to provide goods or services.

• The process starts with the organization issuing a request for tender (RFT) or request for proposal (RFP).

• Potential suppliers then submit their bids, which are evaluated based on criteria such as price, quality, and delivery time.

• The organization may then shortlist the bidders and invite them to make a presenta...read more

The vendor should be given a clear scope of work, timeline, budget, and any necessary resources.

• Scope of work document

• Timeline with milestones

• Budget allocation

• Necessary resources such as equipment or software

• Communication plan

Mobilization advance is an upfront payment made to a contractor to cover initial expenses.

• It is a payment made to a contractor before the start of a project

• It is meant to cover initial expenses such as equipment, materials, and labor

• The amount of mobilization advance is usually a percentage of the total contract value

• It is typically paid back to the client through deductions from future payments

• Example: A construction ...read more

The process to recover Mobilization advance

• Review the contract to determine the terms of the mobilization advance

• Ensure that the mobilization work has been completed as per the contract

• Submit a request for the recovery of the mobilization advance

• Provide supporting documentation to justify the request

• Negotiate with the client if there are any disputes or issues

• Receive the recovered mobilization advance

The process to consider extra items involves identifying the need, evaluating the impact, obtaining approval, and incorporating into the project plan.

• Identify the need for the extra item

• Evaluate the impact on the project timeline, budget, and resources

• Obtain approval from stakeholders or change control board

• Incorporate the extra item into the project plan and adjust accordingly

The process to consider extension time of contract period involves several steps.

• Review the terms and conditions of the contract

• Identify the reason for the extension request

• Assess the impact of the extension on project timeline and budget

• Negotiate new terms and conditions if necessary

• Obtain approval from all relevant stakeholders

• Amend the contract to reflect the extension

• Communicate the extension to all parties involve

PMC stands for Project Management Consultancy.

• PMC refers to the services provided by a third-party consultant to manage a project on behalf of the client.

• PMC involves planning, organizing, and overseeing the project from start to finish.

• PMC ensures that the project is completed on time, within budget, and meets the client's requirements.

• PMC is commonly used in construction, infrastructure, and engineering projects.

• Exam...read more

Arbitration is a legal process of resolving disputes between parties outside of court.

• Arbitration involves a neutral third party who listens to both sides and makes a decision.

• It is often used in business and commercial disputes.

• Arbitration can be binding or non-binding, depending on the agreement of the parties involved.

• It is typically faster and less expensive than going to court.

• Examples of organizations that offer ...read more

The parties involved in a dispute can appoint an arbitrator.

• Arbitrator can be appointed by mutual agreement of the parties involved in a dispute.

• In some cases, the appointment of an arbitrator may be specified in a contract or agreement.

• If the parties cannot agree on an arbitrator, a court may appoint one.

• The arbitrator must be impartial and independent.

• The arbitrator's decision is binding and enforceable.