FORENSIC AUDIT-INVITATION FOR BIDS

The Forensic Audit should investigate into the number of frauds perpetrated on the Bank by several borrowers (numbering about 300) in a specific product offered by the Bank during a course of 4 years. All the frauds were perpetrated in certain 8 branches in Andhra Pradesh. The investigation is expected to establish the relationships/links, if any, between the various borrowers within a branch/across these 8 branches and indicate the trail of money disbursed.

Due Date- 24/03/2016

“FORENSIC AUDIT-INVITATION FOR BIDS”

Scope of Forensic Audit:

The Forensic Audit should investigate into the number of frauds perpetrated on the Bank by several borrowers (numbering about 300) in a specific product offered by the Bank during a course of 4 years. All the frauds were perpetrated in certain 8 branches in Andhra Pradesh. The investigation is expected to establish the relationships/links, if any, between the various borrowers within a branch/across these 8 branches and indicate the trail of money disbursed.

The objectives of the investigation will include:

  • identifying the type of fraud that has been operating
  • how long it has been operating for
  • how the fraud was concealed for the duration
  • identifying the fraudster(s) involved
  • quantifying the financial loss suffered
  • gathering evidence to be used in court proceedings including trail of money
  • providing advice to prevent the re-occurrence of the fraud

The following will be the basic parameters for Technical Bid:

  • The Audit firm should be in existence for more than 10 years
  • Should have carried out at least 3 Audits of the Commercial Banks
  • Should have completed at the least 3 Forensic Audits with each assignment involving a minimum exposure of Rs.500 million

The Investigation should be completed within 45 days from the date of signing of the agreement

Penal Clause: In the event of failure to submit report within scheduled time, penal clause @ 10% of fee amount per week shall apply.

Interested Chartered Accountant firms may submit their (Technical & Financial) bids in sealed cover and send on or before 24th March, 2016 to

The General Manager Andhra Bank

Inspection & Audit Department

4th Floor, Koti Building, Sultan Bazar, Koti

HYDERABAD-500 195”

(Y.Amarnath)

General Manager (Inspection) Andhra Bank

Cell No.9666688424 040-23252031

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