• Jun
  • 08
  • 2012

Empanelment for Concurrent Audit in Central Bank of India

Request for Assignment of Concurrent Audit- Central Bank has hosted online form for Assignment Of Concurrent Audit  to CA Firms in India. The Term and Condition for Empanelment are as follows:-

TERMS & CONDITIONS FOR CONCURRENT AUDITORS’ ASSIGNMENT

The following norms shall be applicable for appointment of firms of Chartered Accountants as Concurrent Auditors:

(i) The firm should be either a proprietary or a partnership firm having Chartered Accountant(s) as proprietor partner(s).

(ii) The firm or its proprietor/partners have not been the subject of inquiries in the past by the Institute of Chartered Accountants of India as per the provisions of Section 21 of the Chartered Accountants Act, 1949, and no such inquiry is pending, initiated, or contemplated by the Institute as on the date of application as well as date of acceptance of assignment.

(iii) Where there are group of firms of Chartered Accountants having common partners, only one of the firms in the group will be eligible for assignment of Concurrent Audit;

(iv)The Firm would normally be allotted Concurrent Audit of only one branch of the Bank;

(v)Besides Chartered Accountants, the firm should have other qualified and experienced staff, infrastructure and office within an approachable distance from the location of the auditee branch / office to undertake Concurrent Audit;

(vi)The firm which conducts Statutory Audit of Central Bank of India shall not be considered for appointment as Concurrent Auditor by the Bank during that year and the next year;

(vii) The firm which has a partner / proprietor who is also a partner / proprietor of the firm entrusted with the Statutory Audit of Central Bank of India shall not be considered for appointment as Concurrent Auditors in Central Bank of India. In other words, associate concerns of the firm carrying out Statutory Audit of Central Bank of India shall not to be considered for appointment as Concurrent Auditors as in (vi) above;

(viii) If any of the Directors of Central Bank of India is a partner / proprietor in a firm, such firm shall not be considered for appointment as Concurrent Auditor;

(ix) The tenure of Concurrent Auditor shall be for 06 months. The tenure may be extended on the basis of performance at the discretion of the Management. However, in case the performance of the Concurrent Auditor falls short of the expectation of the Management or the Audit Committee of the Board, the Management may replace the Concurrent Auditor at any time.

(x) The Concurrent Auditor shall not be entitled for any additional benefits or perquisites.

(xi) The Concurrent Audit should be conducted on daily basis (on all working days) by audit assistant & Partner/Proprietor shall visit branch atleast for 6/5/4 days in a month for Metro/Dist. Centre /others branches respectively.

(xii) The location-wise eligibility criteria will be as under:-.

For Metro City Branches

Professional Standing : More than 7 years

Minimum No. of Partners : 5

Of which FCA/s : 2

DISA or CISA : 2

Minimum 5 Public Sector Banks as Concurrent Auditors or Statutory Auditors

For District Head Quarter Branches

Professional Standing : More than 3 years

Partnership Firms Only

Of which FCA/s at least : 1

& DISA or CISA : 1

Minimum 3 Public Sector Banks as Concurrent Auditors or Statutory Auditors

For Branches other than above

Professional Standing : More than 2 years

Partnership/ proprietorship firms Individuals possessing FCA & DISA or CISA Qualification

At-least 1 Public Sector Bank as Concurrent Auditors or Statutory Auditors

(Experience of the Firm only as Statutory and Concurrent Auditors is to be taken and not that of individual partner shall be counted.)

(xiii) The assignment of concurrent audit given by us should not be given to anybody on subcontract basis.

(xiv) Mere submission of application for Concurrent Audit & fulfilling the criteria thereof does not, in any way, constitute guarantee for assigning any type of audit of the Bank.

(xv) The online applications only shall be considered. Allotment will be made for the listed branches in the area of your choice, prioritizing and selecting from the online applications. No correspondence shall be entertained in the matter. The Bank reserves the right to add ! delete name of branch(s) from the list.

(xvi) All the applications submitted and received in physical form prior to this process of inviting online applications stand cancelled.

(xvii) If firm or partners are availing any credit facility(s)from any branch of Central Bank of India or have guaranteed any credit facility, please furnish the following information in a letter addressed to General Manager, (CA&ID) and dispatch by Regd. Post.

Name of the partner

Name of Bank’s Branch

Nature of dealings/Facilities

Banking since with A/c No.

(xviii) The monthly fee payable shall be evaluated on the business figures of the branches as on 31.03.2012. Service Tax, if applicable, shall be paid separately provided the firm furnishes the Service Tax registration number. TDS shall be deducted as per rules.

Important :

1) At the exigency of the management, application may be considered even for another branch at same or nearby station.

2) if we do not receive complete set of documents in a single lot as mentioned in assignment letter within 15 days of receipt of the mail, assignment will stand cancelled automatically without giving any reason thereof and no correspondence shall be entertained on this issue.

3) If above terms and conditions are acceptable to you than only file your application “On-line”. Please don’t send hard copy of the On-line application to our office but save on your system, so that it can be retrieved, if required.

4. Please furnish address for communication only in the application.

5. Online Applications can be submitted upto 17/06/2012 only.

6.Bank reserves right to change/ delete/ add any term and condition at any stage regarding assignment of Concurrent Audit.

Sandeep Kanoi

5 Responses to “Empanelment for Concurrent Audit in Central Bank of India”

  1. T.S.RAJAMAHESWARAN says:

    Dear Sir,
    What is the postion of Empanelment application

  2. T.S.RAJAMAHESWARAN says:

    Dear Sir,

    What are the norms for Concurrent Audit of STATE BANK OF INDIA,TAMIL NADU REGION.tO WHOM THE APPLICATION TO BE ADDRESSED

  3. CA.M.KANAGA RAAJA & CO says:

    SIR , EMPANELMENT OF CONCURRENT AUDIT

  4. CA.M.KANAGA RAAJA & CO says:

    EMPANELMENT OF CONCURRENT AUDIT

  5. PUSHPAK BAKLIWAL says:

    EVEN AFTER FILLING THE FORM CORRECTLY, AN ERROR MESSAGE ‘COULD NOT BE DONE SUCCESSFULLY’ IS DISPLAYED ON CLICKING THE SUBMIT BUTTON.

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