India is all set to clinch the global bid for auditing the World Food Programme (WFP) for a six-year term from July 1, 2010 to June 30, 2016.

According to the Rome-based WFP, the total annual remuneration for India as an external auditor shall be $385,000, inclusive of fees and all other costs and expenses, to be paid in quarterly installments.

India has been selected after facing stiff competition from global players, Vinod Rai, Comptroller and Auditor General of India said on the sidelines of the diamond jubilee celebrations of the National Audit Institute in Shimla early this week.

About nine countries had bid for WFPs external auditor. Of the five shortlisted countries only three candidates including India were called for interaction.

The other two countries included South Africa and the Philippines.

The evaluation panel of WFP has already recommended Indias candidature for the position of external auditor.

The formal appointment will be made after endorsement of the panels recommendations by the Finance Committee of the Food and Agriculture Organization, advisory committee on administrative and budgetary questions of the United Nations, and then finally by the executive board of WFP.

The meeting of executive board of WFP is scheduled for June 11.

In its correspondence with WFP, CAG has stated that it does not expect its costs to rise significantly. However, it referred to the possibility of limited increases after 2010 due to variations in the cost of air travel, staff costs and rates of daily subsistence allowance, which it does not expect to exceed a cap of 8 per cent during its term of office.