The Jammu and Kashmir Bank has issued a non-committal Request for Quotation (RFQ) to engage external auditors for reviewing its Internal Audit & Compliance (Follow-up) functions for the period from 1 April 2022 to 31 March 2025 under its Quality Assurance and Improvement Programme. Eligible bidders include partnership firms, LLPs, or companies with at least two FCA-qualified professionals. The proposed audit aims to assess the effectiveness, adequacy, and quality of internal audit processes in line with the Bank’s Internal Audit Charter. The scope covers review of audit policies, procedures, reporting structures, audit planning and execution, risk and fraud focus, HR and training adequacy, and compliance with RBI and other regulatory guidelines. It also includes evaluation of branch risk rating frameworks, identification of gaps or redundant procedures, and recommendations for system-level remediation. Post-audit, findings must be discussed with the Head of Internal Audit, followed by a final report containing opinions and improvement suggestions.
J&K Bank
Online Request for Quotation (e-RFQ) For Engagement of external Auditors for conducting Audit of Internal Audit & Compliance (Follow-up) Functions covering the period from 01.04.2022 to 31.03.2025 with regard to Quality assurance & improvement Programme
e-RFQ Ref. No.: JKB/CHQ/S&C/Auditors/2025-1615 Dated: 30-12-2025
Issued by:
J&K Bank Ltd.
Supervision, Control & Audit Department,
Corporate Headquarters,
M.A Road, Srinagar 190001
Website: www.jkbank.com
Email: s&c.chq@jkbmail.com
Request for Quotation for Engaging Auditors
Introduction:
The Jammu and Kashmir Bank invites sealed Request for Quotation (RFQ) from Partnership firms / LLP/Companies having at least 2 FCA qualified/professional persons for conducting audit of Internal
Audit & Compliance (Follow-up) Functions covering the period from 01.04.2022 to 31.03.2025 with regard to Quality assurance & improvement Programme:
Note:
- The RFQ is non-committal in nature.
- The Bank reserves the right to quash the RFQ without assigning any reason(s) whatsoever.
- The information/Documents received from bidders during the course of this RFQ shall become inalienable property of the Bank. The Bank reserves the right to amend, rescind or re-issue RFQ at any given time and all amendments will be advised to the bidders and such amendments will be binding on them. All Bidders must ensure that such amendments/ modifications have been considered by them before submitting the bid. Bank will not have any responsibility in case some omission is done by any Bidder. The Bank also reserves its right to accept or reject any or all the responses to this RFQ without assigning any reason(s) whatsoever. The decision of the bank in this regard shall be final and binding.
Objective of Audit:
As per the requirement of Internal audit assurance & improvement programme/Internal audit charter, the Bank is required to conduct the audit of Internal Audit & Compliance (Follow-up) Functions with regard to Quality assurance & improvement Programme.
Scope:
Review of the internal audit and follow-up framework pertaining to policy, processes and procedures.
Review of the reporting structure, various audit formats and compliance of audit reports of the Bank.
Identifying gaps in Types and Number of Audits, Coverage of critical areas, Audit Planning, Audit Management, Audit Execution and compliance thereon.
Overviewing and assessing the audit process system, procedures, and supervision aspects of audit tasks for quality and reporting its compliance.
Evaluating levels of effectiveness of Internal Audit and its compliance in Risk focus and Fraud perspective.
Ensuring adequacy & effectiveness of HR, Proficiency and Trainings.
Checking whether findings of audit reports during the compliances are being analyzed to
ascertain risk areas for mitigation.
- Reviewing the Risk Rating Framework of branches and to ascertain whether various risk assessment parameters, criticality, risk ratings and audit observations reflects the true picture of branches/business unit.
- Reviewing that checklists provided in various audit system are in accordance with the guidelines of RBI/Bank/other Regulatory bodies.
- Identification of redundant procedures, if any, and to suggest measures in order to bring Improvement in audit and its compliances and are comprehendible by the field Internal Auditors.
- Advising for system level remediation of control issues.
- Advising and suggesting for remedial actions, measures for identified gaps.
Post Audit Process
- The reviewer should discuss the findings with HIA.
- The reviewer’s final report should contain his opinion on all the parameters of internal audit activity along with suggestions, if any, to improve the processes.
