Empanelment with Punjab & Sind Bank for Concurrent Audit: Last Date 15/06/2025

The following criteria was adopted while selecting a firm for concurrent audit assignments by the Bank for 2025-26:

• The Chartered Accountants firm should preferably be a partnership firm with at least one FCA partner.
• The firms would preferably be selected from the RBI panel as per gradation suggested for Branch Statutory Auditor appointment
• 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.
• The present fee for concurrent audit ranges from Rs. 16000/- to Rs. 37000/-.
• The tenure of the concurrent audit would be initially for one year.
• If the firm has conducted concurrent audit for THREE years continuously, then concerned CCA can only apply after one year break (cooling period).
• The selection of the auditors will be reviewed every year by the Head Office Inspection and Audit Department.
• The applicant must ensure that:

• • The firm is not in any case disqualified under provision of Sec. 141 of Companies Act, 2013
  • The firm or any of its associate firm(s) have never been de-panelled due to poor performance
  • 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.
  • The firm exists on the given address and the main occupation of the firm is Accountancy.
  • 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 firms letter head.
• Preference should be given to those firms who have adequate exposure in conducting concurrent audit of the Banks
• The firms should preferably 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.
• In addition to above, the audit firms shall:
  • Execute undertaking of fidelity and secrecy on its letterhead upon appointment
  • Not sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified Chartered Accountants
  • 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.
  • Mandatorily sign the Do’s & Don’ts & abide by the Do’s & Don’ts issued by the Bank.
• 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. Further, selection of preference in branches would not mean allotment to that branch only.
• The applicant is mandatorily required to submit the followings through speed-post/courier upon appointment of the firm as concurrent auditor in the Bank. Please note that scan copies sent through mail are not acceptable & may result into cancellation:
  • ICAI Constitution Certificate
  • ICAI Membership Certificate
• Any other terms and conditions of the assignment would be decided by the Bank on a case-to-case basis.

5 FAQs on Punjab & Sind Bank Concurrent Audit Empanelment 2026–27

Q.1 Who can apply for concurrent audit empanelment with Punjab & Sind Bank?

Ans. Eligible Chartered Accountant firms and retired bank officials can apply for empanelment as Concurrent Auditors for the period 1 July 2026 to 30 June 2027. Existing concurrent auditors seeking renewal must also submit a fresh application.

Q.2 What is the last date to apply for the Punjab & Sind Bank concurrent audit panel?

Ans. The last date for submitting the online application for empanelment is 15 June 2026. Applications received after the deadline may not be considered.

Q.3 What are the key eligibility criteria for CA firms?

Ans. The firm should preferably be a partnership firm with at least one FCA partner, have been established for at least three years, not be debarred or de-panelled, not be conducting the bank’s statutory audit, satisfy the requirements of Section 141 of the Companies Act, 2013, and preferably have adequate banking concurrent audit experience and office infrastructure near the allotted branch.

Q.4 What is the tenure and remuneration for the concurrent audit assignment?

Ans. The concurrent audit assignment is initially for one year (1 July 2026 to 30 June 2027). The current audit fee ranges from ₹16,000 to ₹37,000 per month, depending on the branch or office allotted.

Q.5 Is there a cooling-off period for existing concurrent auditors?

Ans. Yes. A firm that has conducted the concurrent audit of the Bank continuously for three years can apply again only after observing a one-year cooling-off period before becoming eligible for a fresh assignment.

(Republished with amendments)