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
|Advances above Rs. 250 Crore & upto Rs. 500 Crore
|Advances above Rs. 100 Crore & upto Rs. 250 Crore
|Advances upto Rs. 100 Crore
|Service Branch, Depository Cell, HRDI
|HO Deptts –
Integrated Treasury & Dealing Room, Fund Management Deptt. handling Investment portfolio, HO(MBD), COPEC, Primary Data Centre & Disaster Recovery Site
|HO Deptts –
Accounts, Services, DIT & Reconciliation Deptt
- 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 : email@example.com
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)
||Level of Advances
||Monthly Fee in Rs.
||Upto Rs.100 crore
||Above Rs.100.00 crore & upto Rs.300.00 crore
||Above Rs.300.00 crore & upto Rs.500.00 crore
||Above Rs.500.00 crore & upto Rs.1000.00 crore
||Above Rs.1000.00 crore & upto Rs.3000.00 crore
||Above Rs.3000.00 crore & upto Rs.10000 crore
||Above Rs.10000 crore
*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
|For FY 2017-18
ii) Fee Structure for Departments of HO/Forex-CTC/Offices/Cells
||Departments of HO/Offices/Cells
||Monthly Fee in Rs.
||Service Branch – Full Time
||CASA Back Office
||Integrated Treasury & Dealing Room – Full Time
||Reconciliation & Draft Accounts Cell – Full Time
||Depository Service Cell.
||HO DIT Deptt
||HO Services Deptt
||HO MBD Deptt
||HO Accounts Deptt
||Primary Data Centre & Disaster Recovery Site
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