Last Date : Feb 13, 2017 Application for Empanelment of Concurrent Auditors with Oriental Bank of Commerce

Terms & Conditions for empanelment of Concurrent Auditors

a) Eligibility Criteria

The eligibility criteria shall be as under:-

  • The firm should be a Partnership firm/Company of Chartered Accountants.
  • The Partnership firm/Company must be in existence for at least 5 years.
  • The Partnership firm/Company should have minimum 3 years experience of Bank related audit like Statutory Audit/Concurrent Audit.
  • The Partnership firm/Company should have minimum (03) F.C.A. partners/directors.
  • One of the partners/directors of the Partnership firm/Company must be CISA (Certified Information System Auditor) from Information system Audit & Control Association (ISACA) or information system Auditor-ISA or DISA from the Institute of Chartered Accountants of India, or CISSP (offered by ISC2) with necessary exposure to the Systems Audit.
  • The Partnership firm/Company should be enlisted with the RBI and shall be considered for appointment as per Bank’s eligibility criteria.

Depending upon the size of the Branch/Cluster/Office e igibility criteria will be as under:-

Category of Branch/ Cluster/ Offices/HO Deptts Category of the CA
firm, assigned by RBI
Advances above Rs. 500 Crore I
Advances above Rs. 250 Crore & upto Rs. 500 Crore I/II
Advances above Rs. 100 Crore & upto Rs. 250 Crore I/II/III
Advances upto Rs. 100 Crore I/II/III/IV
Forex-CTC I/II/III
Service Branch, Depository Cell, HRDI I/II/III/IV
HO Deptts –

Integrated Treasury & Dealing Room, Fund Management Deptt. handling Investment portfolio, HO(MBD), COPEC, Primary Data Centre & Disaster Recovery Site

I/II/III
HO Deptts –

Accounts, Services, DIT & Reconciliation Deptt

I/II/III/IV
  • Partnership firm/Company should not have been disqualified by any Bank/IBA/RBI/ICAI, while taking-up audit work on earlier occasions.
  • Weightage will be given to a Partnership firm/Company having exposure in conducting concurrent audit of Bank branches for public sector / major private sector banks.
  • Weightage will be given to Partnership firm/Company where the partners/directors have completed “Certificate Course on Concurrent Audit of Banks” conducted by ICAI.
  • Partnership firm/Company engaged by bank for audit work of Forex Branches/Forex CTC should have partners qualified in “Certificate Course on Forex and Treasury Management” by ICAI with necessary exposure to Forex/FEMA audit.
  • Weightage will be given to Partnership firm/Company having more number of qualified (CISA/DISA/CISSP) partners/directors.
  • Weightage will be given to the Partnership firm/Company where the partners/directors themselves were ex-bankers(Retired as Scale-V or above).
  • The Partnership firm/Company should not have Statutory Audit assignment with any branch/office of the Bank during the same financial year and also shall not be considered for appointment as Concurrent Auditor during their cooling period of 2 years.
  • Any sister / associate concern / network firm of the Partnership firm/Company should not be conducting the statutory audit of the Bank or any office/branches of the Bank.
  • If any of the Directors of Oriental Bank of Commerce is a Director/Partner in a Partnership firm/Company, such firm/company shall not be considered for appointment as Concurrent Auditor.
  • Besides Chartered Accountants, the Partnership firm/Company 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.
  • The Partnership firm/Company should not have any professional or commercial relationship either direct or indirect with borrowers/beneficiaries of the Branch/Cluster/Office under audit and also shall not have in future, as far as possible, for a minimum period of three years.
  • The Office/Branch of the Partnership firm/Company should preferably be situated

The Bank reserves the right to amend or modify the eligibility criteria as deemed fit to suit its requirement.

  • The respective Partnership firm/Company will not send the hard copy of the application/annexures to the Bank without being called for.
  • Only the Partnership firm/Company provisionally selected for empanelment will be communicated through email. No correspondence/communication from the applying firms/companies will be entertained by the Bank whatsoever.
  • A unique acknowledgement number for each completed application will be generated and the same will be displayed on the website immediately after submitting the application. This shall serve as a future reference number for the Bank/Firm/Company.
  • The applicant Partnership firm/Company can take printout of the completed / submitted application along with the acknowledgement number for their reference.
  • Mere submission of application by the Partnership firm/Company for appointment as Concurrent Auditor in the Bank shall not entitle them automatically for assignment.
  • The application will be processed and Partnership firms/Companies selected for empanelment will be communicated in due course. Accordingly, the filled in application downloaded from the system along with system generated acknowledgement slip and scanned copies of below mentioned documents to be sent to Head Office, Inspection & Control Department along with following enclosures:‑

Documents to be submitted with the application :-

i)  Copy of Registration Certificate issued to the firm by ICAI.

ii) Copy of constitution Certificate issued by ICAI.

iii) Copies of certificate of qualification & experience

The envelope must be superscribed with “APPLICATION FOR EMPANELMENT OF CONCURRENT AUDITORS” & be sent by Registered Post/Speed Post at the following address within 7 days from the date of e_mail

The General Manager(I&C),
Oriental Bank of Commerce,
Inspection & Control Deptt,
2na Floor, Annex Building,
Plot No-5, Institutional Area,
Sector-32, Gurgaon-122 001.
e_mail : insp@obc.co.in

Merely meeting the eligibility criteria shall not automatically entitle the Partnership firm/Company for empanelment. After empanelment, the work will be allotted as and when need arises at the sole discretion of the Bank. The empanelment will not give any right to the empanelled firms/companies for carrying out the assignments. The Bank reserves it’s right to cancel any or all the offers without assigning any reason whatsoever. However, in case of non-availability of suitable firm/company at the local centre, the audit firm/company from nearby centre may be assigned the job.

b) Fee Structure

The fee structure is given hereunder:-

i) Fee Structure for Branches(Classic/Udbhav*/LCB/MCB/Forex) & Clusters(MSME/RAG)

S.No. Level of Advances Monthly Fee in Rs.
1. Upto Rs.100 crore 20,000
2. Above Rs.100.00 crore & upto Rs.300.00 crore 25,000
3. Above Rs.300.00 crore & upto Rs.500.00 crore 30,000
4. Above Rs.500.00 crore & upto Rs.1000.00 crore 35,000
5. Above Rs.1000.00 crore & upto Rs.3000.00 crore 40,000
6. Above Rs.3000.00 crore & upto Rs.10000 crore 45,000
7. Above Rs.10000 crore 50,000

*In case of Udbhav Branches Level of Advances for fee purpose will be decided on the basis of Total Exposure of OGC/OKGC Advances only.

Audit Fee shall be decided based on the level of Advances of branches/clusters as per the period mentioned hereunder:-

Period of Audit Level of Advances as on
Jan’17 to Mar’17 31.12.2016
For FY 2017-18 31.03.2017

ii) Fee Structure for Departments of HO/Forex-CTC/Offices/Cells

S.No. Departments of HO/Offices/Cells Monthly Fee in Rs.
1 Service Branch – Full Time 15,000
2 CASA Back Office 20,000
3 Forex-CTC-Full Time 20,000
4 Integrated Treasury & Dealing Room – Full Time 40,000
5 Reconciliation & Draft Accounts Cell – Full Time 15,000
6 Depository Service Cell. 30,000
7 COPEC 30,000
8 HO DIT Deptt 20,000
9 HO Services Deptt 20,000
10 HO MBD Deptt 20,000
11 HO Accounts Deptt 20,000
12 Primary Data Centre & Disaster Recovery Site 20,000
13. HRDI 15,000

The Bank shall pay the Service Tax, as applicable in addition to the fee. This consolidated fee is for audit, certification, etc. as per policy & guidelines of the Bank.

c) Declaration of Fidelity & Secrecy by the Partnership firm/Company

Following documents duly signed by authorised person shall be submitted to HO, I&C Deptt for empanelment of Concurrent Auditor:-

  • Acceptance letter on Partnership firm’s/Company’s Letter Head mentioning the name of Partners/Directors alongwith his signature who will conduct the audit.
  • Latest Constitution Certificate duly verified.
  • Declaration of Fidelity & Secrecy (as per performa)
  • Terms & Conditions (as per performa)
  • Do’s & Don’t (as per performa)

d) Term of Allotment & Performance Review

The allotment of Concurrent Audit of a Branch/Cluster/Department of Head Office/Back Office shall normally be initially for a period of one year. The term may be extended for a further period of two years subject to satisfactory performance to be reviewed annually. The Bank shall always have the right to cancel the allotment, at any time, during the currency of Concurrent Audit.

Revised Link to Apply Online for empanelment as Concurrent Auditors with Oriental Bank of Commerce

http://elearning.obcindia.co.in/icd/ca_form.aspx

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16 responses to “Empanelment of Concurrent Auditors with Oriental Bank of Commerce”

  1. CA MBG Tilak says:

    OBC is one of the very good public sectors banks in our Country with good track record of work -performance & maintaining good customer relations. I would like to suggest the following steps , if found useful may be implimented. (1)It is resonable to include proprietory CA firms also with 5 years standing & with one FCA member as Proprietor in the list eligible firms to do Concuurent Audit-This practice is being adopted by Andhra Bank at present. This practice enables the OBC to have wide choice of selecting Audit Firms situated near the Branches subjected to concurrent Audits.The proprietory firms will have more flexibility & commitment to discharging its professional work & however only one CA proprietory firm may be given one/two audit work assignment(s) at the maximum.
    (2)In respect of Systems Audit & Control , it is requested to enlarge the scope of eligibility qualification of IS Auditors as DISA(ICAI) or DISA(ICMAI-Now being awarded by Institute of Cost & Management Accountants of india.,Calcutta, a full one year comprehensive Diploma Course offered & examined rigorously with multiple choice questions of 4 hr duration,with exacting standards ,for the members Institute of Cost & Management Accountants of India exclusively , with the collabaration of ISACA , or CISA etc and the requirement of 2 years of IS /Forensic Audit experience may be removed to encourage more & more CA Firms to apply for the same , since a number of proprietors/partner CAs already have more relavent experience & OBC will have a wide choice in selecting IS Audit Firms situated near the Branches subjected to IS/Forensic Audits. These steps , it is requested to be considered & issue afresh a new advertisement , if considered positively by Management of OBC.
    (3)The panel maintained on account of (1) & (2)above may be gainfully utilised by any near by OBC Branch,with discretion for any other miscellaneous professional assignment by entrusting the same to the nearest CA firm of its choice to avoid extra overhead costs.Alteranatively the empanelled audit firms for statutory branch audit assignments can also gainfully utilised provided they satisfy other conditions such as that they are not appointed as statutory auditors of that Bank etc.
    These steps , it is requested to be considered & issue afresh a new advertisement , if considered positively by Management of OBC.

  2. Kumar.R says:

    Please provide list of branches for Concurrent audit

  3. APMH says:

    Dear Sir,
    The site for filling the online application form is not orking. Kindly send the correct link

  4. BHASIN HOTA & CO. says:

    Dear Sir,
    the link u provide for application is not working…..there are something wrong with the website……..plz. look into the matter….if possible kindly mail application form to bhasinhota90@gmail.com

    thank u

  5. CA Manish K says:

    site is not responding.

  6. CA Manjiri Joshi says:

    The link for filing application form is not working.

  7. Kiran says:

    Sir,Proforma for
    1.Declaration of Fidelity & Secrecy (as per performa)
    2.Terms & Conditions (as per performa)
    3.Do’s & Don’t (as per performa) has not been provided with the notification.

    Please provide the same.

    Thanks.

  8. SVR & Associates says:

    we are notable get the online application to apply for empanelment of concurrent auditors for 2017-18.
    Kindly mail the application to our email ID svrcakrs@gmail.com

  9. CA. M. Lakshmanan says:

    1. Constitution Certificate & Registration Certificate are one and the same.
    2. Why copies of qualification certificates are required? Unless the CAs are qualified ‘Constitution Certificate’ will not be issued by ICAI.
    3. What is meant by ‘copies of certificate of experience’? Whether copies of appointment orders for ‘Concurrent Audit’, ‘Statutory Audit’ etc. are to be sent?

  10. GOPI says:

    1)The portal is not functioning Properly.
    2) How could category III and IV audit firms have 3 FCA’s as partners?….
    3) How could scanned copies of documents be sent through Post?..

  11. Khaja Anwar Mohiuddin says:

    Sir, The under noted proforma not enclosed to the notification.
    Acceptance letter on Partnership firm’s/Company’s Letter Head mentioning the name of Partners/Directors alongwith his signature who will conduct the audit.
    Latest Constitution Certificate duly verified.
    Declaration of Fidelity & Secrecy (as per performa)
    Terms & Conditions (as per performa)
    Do’s & Don’t (as per performa)
    – See more at: http://taxguru.in/chartered-accountant/empanelment-concurrent-auditors-oriental-bank-commerce.html#sthash.8pQ4gKAZ.dpuf

  12. R. SUNDARARAJAN says:

    Sir

    Please post the URL for empanelment as concurrent auditor for Oriental Bank of Commerce.
    Thanks

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