- Jul
- 17
- 2012
Empanelment – UCO Bank for CA firms as Concurrent Auditors
UCO BANK, HEAD OFFICE, KOLKATA
Last Date for Application – 31.07.2012
UCO Bank invites applications from practicing firms of Chartered Accountants of India, in the prescribed format, who are willing to have their firm empanelled as Concurrent Auditors, in the Bank. The CA firm already on our panel should also apply afresh.
I. ELIGIBILITY CRITERIA FOR EMPANELMENT :
1. CA firms should preferably, be a partnership concern having experience in the field. The Bank may also consider the sole proprietorship concerns and in that case they would be required to submit a declaration that they are full time practicing Chartered Accountants and not employed elsewhere and do not have any other business interest.
2. The firm should be preferably more than 2 years old.
3. The firm should have adequate manpower with knowledge of auditing computerized branches.
4. The firms should be preferably more than 2 years old.
5. The Headquarters or branch of the CA firm must be located at the place for which they want to take up audit work.
6. They should not have been disqualified by the Bank to take up work of audit on an earlier occasion.
7. CA firm should not have been appointed as the Central Statutory Auditors or Branch Auditor for our Bank during the year or previous year.
II. SCOPE OF CONCURRENT AUDIT:
1. Areas covered in the Bank’ standard formats for Concurrent Audit specifies the scope of concurrent audit. Concurrent Auditors would examine all the transactions undertaken by a branch for which they have been appointed on an ongoing basis and identify the ones which are not as per the Bank’s laid down rules/circulars and guidelines/instructions received from authorities like, Govt. of India, Reserve Bank of India & SEBI etc. from time to time.
2. Every quarter Concurrent auditor would also check if there is any wide variation in the cost of deposits and yield on advances with the previous periods as well as Zonal average figures. A copy of the guidelines on the manner of conduct of audit will be provided to the firm at the time of allotment of branches and from time to time thereafter.
3. The auditor will not evaluate the decisions taken by a branch manager or an authorized official of the branch. However, the auditor will be necessarily required to see whether the transactions or decisions are within the policy parameters laid down by Head Office and whether it violates the instructions or policy prescriptions of the RBI and that they are within the delegated authority.
III. REQUIREMENTS FROM AUDIT FIRMS:
1. Bank would provide to the concurrent auditors a suggestive/illustrative checklist of items/areas to be checked daily/weekly/monthly/quarterly/half-yearly/ and concurrent auditors should identify the deficiencies/irregularities in accordance with the checklist.
2. Concurrent Auditors shall be required to get rectified all the irregularities identified by them during the course of Audit and report the irregularities which remained uncertified with reasons as to why the same were not rectified within 7 days of the month succeeding the month of reporting.
3. The concurrent auditor would also be required to report immediately to the Bank’s higher authorities wherever any serious irregularity or transactions involving malafide, corrupt practices and gross indiscipline or any fraudulent transaction is detected by them.
4. The Monthly/Quarterly Audit Reports shall be required to be submitted in a pre-approved structured format, which would be provided to the auditors by the Bank. The reports should be submitted within 7 days from the end of the month to which the report relates.
IV. TERMS & CONDITIONS:
(a) Period of Audit/Assignment:
External Audit firms empanelled would be appointed for a period of one year for one branch.
(b) Performance Review:
The performance of the empanelled firms would be periodically reviewed, at least once a year and if found unsatisfactory, the Bank may remove the name of the Concurrent Audit firm from the panel of the bank for a period of minimum of two years.
(c) De-empanelment :
The empanelled firms may be de-empanelled at the Bank’s sole discretion. If any serious acts of omission or commission are noticed in their working, their appointments may be cancelled. If felt necessary, the matter may be reported to ICAI and/or RBI.
(d) Documents to be submitted with the application :
The CA firms shall submit the following documents along with the application.
i) General information as per format given in the document.
ii) Copies of certificate of experiences and conduct of Concurrent Audit etc., in relation to similar assignment performed elsewhere, if any.
iii) Copies of Registration Certificate issued to the firm by ICAI.
iv) Copy of constitution Certificate issued by ICAI.
(e) Submission of application :
The completed application, in the prescribed format, along with documents as specified in para(d) above in a properly sealed cover should be sent at the address given below so as to reach us on or before 31.07.2012. The envelope must state “APPLICATION FOR EMPANELMENT OF CONCURRENT AUDITORS”.
Assistant General Manager
UCO Bank, Inspection Department,
Head Office, 10 B,T.M. Sarani (1st floor)
Kolkata – 700 001
(f) Evaluation of applications :
The applications received by the Bank would be screened by a Committee of Executives constituted for this purpose, who will consider empanelment of CA firms based on their experience, CISA/DISA qualifications, number of staff members employed, number of partners, seniority etc. and any other factors deemed suitable by the Committee and the decision of the Committee shall be final.
Merely meeting the eligibility criteria shall not automatically entitle the firm for empanelment and 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 for carrying out the assignments. The Bank reserves its right to cancel any or all the offers without assigning any reason whatsoever.
V. Payment Terms :
The audit fees shall be paid to the firm as decided by the Bank from time to time and mentioned in offer letter for allotment of assignment and on submission of the relevant audit reports and the relevant Bills along with supporting documents. The following schedule of fees being paid by the Bank depending on the volume of advances at the branch, per month, is given below:
| 1. Advances upto Rs. 150 Crores |
Rs. 9,000/- p.m. |
| 2. Adv. above Rs. 150 Cr. and upto Rs. 500 Cr. |
Rs.12,000/- p.m. |
| 3. Adv. above Rs. 500 Cr. |
Rs.15,000/- p.m. |
| 4. Treasury Branch |
Rs.15,000/- p.m. |
| 5. Service Branch | Rs. 9,000/- p.m |
No TA/DT or any other out of pocket expenses would be paid. However the above fee is exclusive of Service Tax, which is payable Extra.
Sandeep Kanoi+
Rs. 200/- per day is not even paid to some articles like me
, but it is true Rs. 200/- per day is very less for an experienced CA, according to the amount of work to be done in the concurrent audit of a Bank.
There is a chance of “Some fresher are accepting- they SUBLET some TRAINEE- bank accept such report”- the person fixing the fees did not think this.The payment is decided on basis of VOLUME , QUALITY , ABILITY and not by DEMAND & SUPPLY situation.
I am surprised, We are complaining for the fees at the same time We apply for getting the audit. The bank confirms that the C.A. firms are in queue for getting the job of concurrent audit.The applicants are much more than the requirement of the bank . The things will not improve unless we all decline to accept ,but Who will bell the cat.l
Our institute must intervene in concurrent audit allotment procedure. Work is concentrating in the hands of few while others are starving resuting acceptance of audit at such low rate.All the banks must in advance inform RBI about no of branches to be audited & on the basis Bank audit allotment procedure work will be assigned to diffrent firms . This will reduce concentration of work in the hands of few.
kuch to sharam karo
To all of above professionals
Kindly support the mission of centralised allotment of tax audit & bank audit the problems will be solved automatically
Regards
CA lalit Chawla
CA profession is not so cheap. The bank must think over before deciding any fee structure. This is a noble profession and bank must respect it.
Bank official should see what packages they are offering to CA employee and other staff before framing such remuneration policies .
Also elected members at Institute has opportunity & authority to do something to enhance image of the profession. Because in the world of competition it is the institute alone which can do something for collective bargaining
Colleagues, We should de-empanel UCO Bank from our Institute’s list…
Even a daily wage worker will be paid more (200/- per day)…
think abt it
UCO Bank wants everything in accounting and auditing to be carried by a Qualified CA and they would like to pay Rs.6,000/- PM as audit fees. This is mere peanuts. It is true that even a peon or attendent and the bank clerks get more salary than the audit fees.
IN MY OPINION, NO CHARTERED ACCOUNTANT SHOULD APPLY FOR THIS CONCURRENT AUDIT.
WELL, I DID NOT APPLY AT ALL. OF COURSE, I AM CONCURRENT AUDITOR OF SO MANY OTHER BANKS. HOWEVER, THIS FEES STRUCTURE IS THE LOWEST, I HAVE EVER SEEN.
CA S.V.RAMAN
no panel is finalised till date by uco bank for concurrent audit.
Very unfortunate for CAs so low fees is offered. RBI should look into the matter
Hi Proffesinal Colleagues,
I agree that the fees quoted is quiet low or infact least..
I urge our institute to take this up with the banks or RBI.
I wonder what quality would the bank expect, by quoting such low fees !!!
kindly infrom through mail to each member
Fees for concurrent audit is VERY low comparing the present inflation and requisition of high standard,and also low than what is available for the work done in the office. However, if for any one who do not want this fees for his/her survival, then this fees can be used for providing employment opportunities for some employee. If we are able to get another bank concurrent audit in addition, service of the staff to whom the salary paid can also be used for other bank audit work also, then few of the additional fee receivable may fill our pocket reasonably. Other wise we must satisfy with the creation of employments for some people without any benefits to us. Hence CA is deemed as practically involving social services to the general public. But who saves us!. I request the relevant persons are required to be taken this comment as “REAL” and not as criticising fees structure that is not the purpose by this comment.
The fees structure is very low looking to the works and job responsibility of the CA firms. We are poorly paid since there are unhealthy competition in our profession even though we know very well that no body else can carry out this assignment and cost of their bank’s staff is more than double per month. Miserable thing is this, that we are being low paid even though we are standing in queue to get the assignment at their terms and condition. There is no say and our institute should initiate the issue with appropriate authority at the earliest since presently we are being exploited by bankers.
It is a matter of shame for the CA Pofession . Even our leaders are not looking towards these facts. All the CA’S are required to introspect and raise these matter at all the forums.
Again the same old story, the fees is the lowest posssible, the quality demanded is the best. The responsibity the higest. Would not even cover the conveyance cost at the basic level.
Before even applying do a cost value analysis.
Elected ICAI regional and central council members should do something about it. Hey guys, do justice to members for having being elected. Prove that atleast you are different from regular politicians.
The scope of work and the responsibility is clearly defined.The bank is very particular to extract of work from members without giving sufficient remuneration. ICAI should look into the matter in order to avoid the exploitation of the members.
I have carried earlier this audit, this is the lowest fees, with highest ache. Calculating such audit fees only on advances are illogical, where u have to certify everything. They not pay less but cut fees on delayed submission of Report (fact is tat most of time delay occurred due t Branch). At my time it wsw 3 days for reaching report at Bhubneshwar.(wheas courier takes 4 days) I got Rs. 11K in 10 months. In my opinion PDC of ICAI should interrupt. So till their action, my friends think yourself.
I reqeust no CA to apply for this assignment. ICAI to look into the fee structure.
It is suggested that the RBI should prescribe fees in consultation with ICAI to avoid exploitation.
The work has been nicely spelt out. NPA Quarterly Certification is missed out. For a work of this volume where a qualified person is required to conduct the concurrent, the fees least to say is pathetic. We are Concurrent Auditors for Cooperative Scheduled Banks and even they pay better. Not only un-remunerative but burdensome. Except for experience no one gains anything. Sad for UCO Bank, as they will miss quality. But good for SME Firms practicing for at least 2 years as they get a foothold. Some win some lose.
Remuneration ranging from Rs.6000 to 15000 is not only for experienced CA; but for group of technically & professioanly qulified staff of CA office. again it is full-time job!!
There is good case for enhancement of fees. If the smae work has to be done by an Inspector of the Branch the bank has to shell out not less than Rs.25,000 p.m. plus perks, etc.
The quamtum of work and the responsibility is clearly stated. Good! Then what about the compensation. Even for a class IV staff, the bank will be paying more. Unfortuate for the CAs; such a quote from a Nationalised bank.
The fees quoted as above is the lowest in the industry . I hope bank has reduced its fee structure as compared to its earlier schedule. The minimum fee should be atleast Rs.8,000.00 and then the same should be increased considering the total business of the branch i.e. including both advance and depoisits. We the professional members should strongly oppose to the fee structure.
I still wonder that every one cries of audit fees being too low even then there is no dearth of application for allotment of audit. Either ICAI should do something or one should not apply if it is unremunerative.
Probably the lowest in the industry, which was not subjected to revision atleast for the last 10 years. The fees would not cover even the stationery cost, computer and printer wear and tear, electricity expenses on feeding and printing the report and assistants’ travelling expenditure (leave alone what the CA finally saves for himself.)
A QLY NPA st. is also certified to be sent to RBI. no extra rem. is recd. by us.
even after firm applying are not less.
i don’t agree with the fees structure provided with the Bank, even an helper working in a local factory earns on an average Rs. 200/- or more per day than the fees provided i.e Rs. 6000/- pm for advances upto Rs. 50 crores pls think over it.