Empanelment: Indian Overseas Bank for Concurrent Audit

Application for Empanelment of Concurrent Auditors with Indian Overseas Bank for the Year 2026-27 – For the Period 01.07.2026 to 30.06.2027 – Last Date: 5:00 PM on 10.06.2026.

Indian Overseas Bank has invited online applications from eligible Chartered Accountant firms for empanelment as Concurrent Auditors for the period from 1 July 2026 to 30 June 2027. The bank stated that applications will be accepted from 27 May 2026 till 5:00 PM on 10 June 2026. The eligibility conditions include selection from the RBI panel with valid UCN, minimum experience in bank audits, and specified professional qualifications among partners. The bank has also prescribed conditions relating to independence, cooling period, infrastructure, and restrictions on firms associated with statutory audits of the bank. The assignment will initially be for one year and may be extended annually subject to review, with a maximum tenure of three years.

5 FAQs on Indian Overseas Bank Concurrent Audit Empanelment 2026–27

Q.1 Who is eligible to apply for empanelment as a Concurrent Auditor with Indian Overseas Bank?

Ans. Eligible Chartered Accountant firms selected in the RBI panel with a valid UCN, having at least two years’ experience in bank audits, and meeting the prescribed professional, infrastructure, and independence requirements can apply. Preference is given to firms with FCA partners, DISA/CISA-qualified partners, and experience in concurrent audits of public or major private sector banks.

Q.2 What is the application period and tenure of the concurrent audit assignment?

Ans. Online applications are accepted from 27 May 2026 until 5:00 PM on 10 June 2026. The concurrent audit assignment is initially for one year (1 July 2026 to 30 June 2027) and may be extended annually based on performance, subject to a maximum tenure of three years, followed by a mandatory one-year cooling-off period.

Q.3 Which firms are not eligible to apply for the empanelment?

Ans. Firms currently conducting concurrent audits for Indian Overseas Bank, firms completing three consecutive years of concurrent audit with the Bank, RBI/IOB de-panelled or terminated auditors, statutory auditors of the Bank (and their sister/associate concerns), firms having Directors of the Bank as partners/proprietors, and firms not meeting the prescribed independence criteria are not eligible.

Q.4 Are there any special qualification requirements for partners of the audit firm?

Ans. Yes. Preference is given to firms having at least one partner with DISA/CISA qualification, partners who have completed ICAI’s Certificate Course on Concurrent Audit of Banks, and, for Authorized Dealer branches, at least one partner with the relevant ICAI certificate course. For branches with advances of ₹200 crore or more, the firm should be in Category I with a minimum of five years’ experience.

Q.5 Can the concurrent audit assignment be subcontracted or shared with another firm?

Ans. No. The Bank specifically prohibits subcontracting of the concurrent audit assignment. Additionally, where a group of CA firms has common partners, only one firm from the group is eligible for empanelment, and ordinarily only one branch will be allotted to a firm.

INDIAN OVERSEAS BANK
INSPECTION DEPARTMENT
CENTRAL OFFICE

INDIAN OVERSEAS BANK invites online application from eligible Chartered Accountant firms for assignment of Concurrent Audit of branches. The list of branches available for concurrent audit will be published in our website www.iob.bank.in -> Tenders -> Empanelment as per below mentioned schedule.

TERMS & CONDITIONS

The following basic criteria is to be fulfilled by the audit firms for conducting concurrent audit:

– The firm should be selected from RBI panel of auditors(should have valid UCN);

– The Audit firm should possess a minimum of 2 years’ experience in Bank audit; However, preference shall be given to

a. Partnership firms with 2 partners having FCA qualification.

b. Minimum one partner having the qualification of Information System Auditor (CISA / DISA)

c. The dealing partner of the branch should have completed certificate course on concurrent audit in banks conducted by Institute of Chartered Accountants of India (ICAI).

d. At least one partner should have completed certificate course on concurrent audit in banks conducted by Institute of Chartered Accountants of India (ICAI) for Authorized Dealer Branch.

e. The firm having exposure in conducting concurrent audit of the Bank branches for a few public sector/major private sector banks.

– The firm or its proprietor/partners have not been the subject of inquiries in the past by the Institute of Chartered Accountants of India as per the provisions of Section 21 of the Chartered Accountants Act, 1949, and no such inquiry is pending, initiated, or contemplated by the Institute as on the date of application as well as date of acceptance of assignment;

– Where there are group of firms of Chartered Accountants having common partners, only one of the firms in the group will be eligible for assignment of Concurrent Audit; The firm would normally be allotted Concurrent Audit of only one branch of the Bank;

– Besides Chartered Accountants, the firm should have other qualified and experienced staff, infrastructure and office within an approachable distance from the location of the auditee branch / office to undertake Concurrent Audit;

– The firm which conducts Statutory Audit of Indian Overseas Bank shall not be considered for appointment as concurrent auditor of the bank for the next 2 years, i.e. firms which conducted Statutory Audit of the Bank as on 31.03.2025 and 31.03.2026 shall not be considered for appointment as Concurrent Auditor;

– The firm which has a partner / proprietor who is also a partner / proprietor of the firm entrusted with the Statutory Audit of Indian Overseas Bank shall not be considered for appointment as Concurrent Auditors in Indian Overseas Bank. In other words, sister/ associate concerns of the firm carrying out Statutory Audit of Indian Overseas Bank shall not to be considered for appointment as Concurrent Auditors;

– If any of the Directors of Indian Overseas Bank is a partner / proprietor in a firm, such firm shall not be considered for appointment as Concurrent Auditor;

– The firms which were assigned Concurrent Audit of Indian Overseas Bank during the period 2023-2024 and completing 3 year’s period shall not be considered for appointment as concurrent auditor of the bank.

– The firm will be assigned concurrent audit of the branch for a period of one year and extended every year based on yearly review. The maximum term for a firm shall not exceed 3 years. Thereafter one year cooling period will be given before assigning concurrent audit to the firm again.

– The firm which are presently assigned with Concurrent Audit of Indian Overseas Bank need not to apply.

– The RBI/IOB de-panelled auditors/ Terminated auditors shall not be considered for appointment as Concurrent Auditor.

– The assignment of concurrent audit should not be subcontracted.

– The senior Partner/Proprietor with DISA/CISA qualification should visit the branch at least one day in a week and also participate in discussion with Branch Manager on deficiencies found during that week.

– Mere submission of application for Concurrent Audit & fulfilling the criteria thereof does not, in any way, constitute guarantee for assigning any type of audit of the Bank.

– All the applications submitted and received in physical form prior to this process of inviting online applications stands cancelled.

– The monthly fees payable is based on classification of the branches on 01.04.2026. GST shall be paid separately. TDS will be deducted as per rules. Fees will be reflected in portal while applying.

– If firm or partners are availing any credit facility/ies from any branch of Indian Overseas Bank or have guaranteed any credit facility, please furnish the following information in a letter addressed to Chief General Manager (Inspection) and dispatch by Speed Post and mail scanned copy to [email protected].

Name of the Partner
Name of Bank’s branch
Nature of dealings / facilities
Banking since with A/c. No

– For branches having advances of Rs.200 crores and above, the audit firm shall be in category I with minimum of 5 years’ experience.

Link to apply online for Empanelment with Indian Overseas Bank for Concurrent Audit 2026-27

(Republished with amendments)