Online Empanelment for Concurrent Audit of Branches of Punjab & Sind Bankfor concurrent Audit is been started on 16.05.2016 and last date for online application is 31.03.2016.  Existing CA firms have to apply afresh for empanelment. Link to Apply Online is given at the end of the Article.

The following criteria shall be adopted while selecting a firm for concurrent audit assignment:

i.The Chartered Accountants firm should preferably be a partnership firm with at least one FCA partner

ii.The Sole Proprietorship Chartered Accountant firms will be discouraged, however, in case proprietor is a FCA and has employed an ex-banker of scale-II & above for conducting concurrent audit, the ACE, on merit of each such case, would consider the application.

iii.The auditor has to attend branch/office for at least 14 days in a calendar month. Further, in such cases the FCA would visit the branch personally at least 4 times in a month or as decided by the bank.

iv.The firms will preferably be selected from the RBI panel as per gradation suggested for Branch Statutory Auditor appointment.

v.The firms should have qualified Information System Auditor (CISA/DISA) with adequate exposure of more than 1 year in systems audit. IS audit would be conducted in accordance with IS Audit policy of the Bank & as per format provided by the bank, which will form an integral part of concurrent audit.

vi.The firms should have been established for at least 3 years prior to the date of application. The audit firm or any sister / associate concern / network firm should not have been debarred/de-panelled and is not conducting the statutory audit of the Bank or any of its Branches. Preference will be given to the firms where the partners themselves were ex-bankers or the firm has got tie-up with ex-bankers, of scale-II & above, with requisite experience and exposure

vii.The present fee for concurrent audit ranges from Rs.10000/- to Rs.18000/-.

viii.The tenure of the concurrent audit would be initially for one year and would be extended for a further period of TWO years (overall THREE years) after which auditor could be shifted to another business unit subject to satisfactory performance. However, after having conducted concurrent audit for THREE years continuously, the concerned CCA will be given one year break (cooling period), before reappointing them or their associate concern(s).

a. At any point of time, not more than one audit assignment would be awarded to any single firm.

b. An audit assignment that needs to be carried out across the branches / units at different locations would be considered as a single assignment for this purpose. Cooling period of two years would be observed for a firm to become eligible for appointment in the same audit unit purely at the discretion of the Bank and no rights whatsoever accrue to the firm for such appointment.

c. The selection of the auditors will be reviewed every year.

ix.It is to be ensured that:

a. The firm is not in any case disqualified under provision of Sec. 141 of Companies Act, 2013.

b. The firm or any of its associate firm(s) have never been de-panelled due to poor performance.

c. That the license of the proprietor / Key Person of the partnership concern have been issued for Full Time practice by The Institute of Chartered Accountants and the proprietor/ Key Person of the partnership firm is not in another Full Time Service.

d. That the firm exists on the given address and the main occupation of the firm is Accountancy.

e. The firm is not doing Statutory Audit of the bank for the year 2014-15 & 2015-16.

f. That in case your firm is doing auditing work/providing any professional Services to any of the customers of the bank, this must be disclosed with relevant details on firm’s letter head.

x.Preference will be given to those firms who have adequate exposure in conducting concurrent audit of the Bank branches of Public Sector / major Private Sector Banks.

xi. The firms should have necessary office set up within same city or periphery of the allotted branch/office and adequate personnel to ensure proper deployment and timely completion of the assignments.

xii. In addition to above, the audit firms shall:

a. Execute undertaking of fidelity and secrecy on its letterhead in the format prescribed by the Bank.

b. Not sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified Chartered Accountants.

c. Furnish a declaration that credit facilities availed by the firm or partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantor/s have not turned or are existing as non- performing assets as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would get terminated besides the firm being liable for any action under ICAI / RBI guidelines.

d. Mandatorily sign the Do’s & Don’ts & abide by the Do’s & Don’ts issued by the Bank.

xiii.Since large number of on-line applications is received for limited number of branches identified for concurrent audit, as such, no communication will be sent by the Bank and no correspondence will be entertained in respect of firms, which are not being selected. The applicant is mandatorily required to submit the following documents/information through speed-post/courier Latest by 31.05.2016 at the address given below:

Duly signed & stamped PRINT of On-Line application

a. ICAI Constitution Certificate

b. ICAI Membership Certificate

c. CISA/DISA Certificate

Deputy General Manager
Punjab & Sind Bank
HO. Inspection Department
06, Scindia House, Connaught Place
New Delhi-110001
Phone: 011-23716646/23716647/23718685

(Please note that scanned copies sent through mail are not acceptable & may result into cancellation):

xiv.  Scope of work, audit fee, Dos & Don’ts, any Certificate/Declaration required by the Bank and the terms & condition of the assignment will be communicated along with appointment letter to selected candidates.

Link to Apply Online

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  • Abhishek Tripathi

    Online Empanelment for Concurrent Audit of Branches of Punjab & Sind Bankfor concurrent Audit is been started on 16.05.2016 and last date for online application is 31.03.2016. How Come ?

  • deepdut

    Last date 31-3-16 or 31-05-16

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