Empanelment / Appointment of Audit Firms for Concurrent Audit of Derivative Portfolio

State Bank of India, having its Corporate Centre at Mumbai is India’s leading Public Sector Bank having all India presence, branch network of over 10800 branches and a staff strength of around 1,80,000 employees, is interested in engaging an Auditing firm of repute and proven track record to carry out the concurrent audit of its Derivative portfolio on an on going basis. Initially for a period of 6 months, subject to extension. 

The Bank seeks applications from qualified, reputed and competent professional Audit firms primarily fulfilling the following criteria :

i]Should have minimum 5 years experience in Whole Bank Audit.

ii)Should have handled and completed in the last 3 years Audit of Treasury Portfolio of Major Public Sector / Private Sector Banks in India.

iii)Should have qualified staff in related activities for undertaking the assigned work and competency to perform up to global benchmarks / standards.

iv)Should have full-fledged Office in India with complete infrastructure.

v)Should have offices/ affiliates in Mumbai and Kolkata.

v)Should be aware of recent trends in the Banking and Finance Sector including emerging areas in Banking, Reserve Bank Guidelines and other rules and regulations relating to Banking etc, with special emphasis on Derivatives Market (Forex and Indian Rupee).

Firms already empanelled by other Public Sector Banksshall be given preference. 

Firms complying with the above requirements may submit their application form in in attached format in a sealed envelope, marked on the top as ‘Application for Derivatives Concurrent Audit’ on the aboveaddress, on or before Date 31st Augist 2008.

All pages of the application should necessarily bear rubber stamp of the Audit firmwith initials of the authorized official.

Incomplete applications or applications received after the aforesaid date will not be considered.
Based on the profiles, the short listed Firms will be invited to make a presentation to an independent committee, which will appoint a firm after evaluating the presentations. 

The Bank reserves the right to modify the above selection criteria depending on the applications received and Banks emerging needs.Bank also reserves the right to accept or reject any or all applications or cancel the whole process without assigning any reason whatsoever.

Chief General Manager
State Bank of India
Global Markets
15th Floor, State Bank Bhavan
Madame Cama Road,Mumbai 400 021