State Bank of Hyderabad
Inspection Department, Head Office, Gunfoundry, Hyderabad
Proposals are invited from eligible Chartered Accountant Firms/ Companies/ LLP for empanelment to conduct Concurrent Audit of our branches.
Applications completed in all respect should reach us on or before 20-11-2015 by 3.00 P.M.at Inspection Department, Head Office, Gunfoundry, Hyderabad.
For eligibility criteria, detailed terms & conditions and Application forms etc. please click here:
1. Terms & conditions- Click here to Download
2. Bio-data for empanelment- Click here to Download
3. Penalty clauses
| SN | Coverage Area | Scope of work expected from Service Provider /CA Firm | Quantum of Measurement | Penalty to be imposed (For Service Provider / CA Firm)
|
| 1. | Attendance at the Work Area. | Attending branch/unit on daily basis, by Representative of the Service Provider /CA Firm, and 2-3 times a week by the Partner of the Firm. | Days of Absence in a month in attending the branch/unit
(i) by the representative of the Service provider / Firm or (ii) by the Partner of the Firm |
Twice the proportionate remuneration of the month on a pro-rata basis for the
days of absence. Eg.30 days in a month; Remuneration of Rs.30000/-p.m. with an absence of 2days : Penalty to be charged : Rs.2000×2= Rs.4000. |
| 2. | Detection of Income Leakage | On a day to day basis income leakage, if any detected, to be reported. | Non-detection/ non-reporting / short recovery of income leakage from the date it becomes due within a period of 2 weeks. The penalty to be levied is on account of opportunity loss for the Bank. | For Non-detection/ non-reporting: 1% of the amount, in the area of income
Leakage not detected/ reported. i.e. (i) Processing Fee (ii) Upfront Fee (iii) BG/LC Comm. (iv) Locker rent etc., (Overall cap for both not to exceed 20% of monthly remuneration). Eg. Processing Fee of Rs. 1 lac. is identified by an Auditor other than CA. after 2 weeks of its becoming due. Penalty will be Rs.1000 for one instance. If such instances are more, then overall cap of 20% of remuneration i.e.Rs.6000 (20% of 30000) to be charged. |
| 3. | Detection of Major lacunae in the conduct of the account, systems & procedures etc., | Timely detection of major lacunae. | Non detection of major lacunae as enumerated in the CRM Value Statements of WBCAS. | Rs.250/- per major lacunae in an account with a maximum penalty of 5% of
monthly remuneration. |
| 4. | Failure to comment on Frauds, which may cause loss to the Bank. | Detection/ Reporting of Fraud. | Non detection/ not reporting of Fraud arising on account of failure in implementation of systems & procedures and security lapses. | 10% of monthly remuneration per instance, with a cap of 25% of
monthly remuneration. |
| 5. | Detailed Scrutiny of Accounts and submission of observations. | Detailed Scrutiny of Accounts within a reasonable time and submission of observations online on a daily basis. | Detailed scrutiny of accounts by commenting as per Value Statements mentioned in WBCAS, if not done:
Eg. All accounts within 3 months and thereafter once, at the time of renewal/ review/ new sanction; |
Rs.250/ per account with an overall cap of 5% of the monthly remuneration. |
| 6. | Submission of Monthly / Qly. Concurrent Audit Reports (Annexure-V, VI& VII as available in SBIeTHIC) to the BM/ Head of the Unit/AGM (Audit)/ GM(NW) etc. a | Monthly Reports to be submitted within a week of the succeeding month to the BM/Head of the Unit. Thereafter, with their remarks to RM/DGM (BO) within 2nd week of the succeeding month of report. | Non submission as per schedule. | Non Submission: 10% of Audit Fee p.m.
Non submission by over 3 months: Termination of the Contract giving one month’s notice. Delayed Submission: Rs.250/ per day till submission. (With a overall cap of 10% of monthly remuneration p.m.) |
| 7. | Unacceptable delay in the performance of obligations. | Should be done in accordance with the time schedule specified in the Agreement. | Identified areas of deficiency in performance:
(i) Partner’s not attending branch/ unit 2-3 times a week; (ii) Non-deputation of representative every day; (iii) Non-submission of Reports; (iv) Non-detection of Income leakage in time, resulting in opportunity loss; & (v) Non-detection/reporting of Frauds. (vi) Poor Quality of Reports. |
Termination of Contract, by giving a month’s notice, as per Service Level
Agreement (SLA). |
4. Tentative list of branches
Presently Bank needs CA firms as concurrent auditors at the following centers only.
| Sl.No. | Center | Tentative number branches where vacancies exist |
| 1 | Hyderabad/Secunderabad | 7 |
| 2 | New Delhi | 2 |
| 3 | Ahmedabad | 1 |
| 4 | Bhubaneswar | 1 |
| 5 | Mumbai | 4 |
| 6 | Aurangabad | 1 |
| 7 | Adilabad | 1 |
| 8 | Chandigarh | 1 |
| 9 | Parbhani (ADB) | 1 |
| 10 | Bangalore | 1 |
| 11 | Visakapatnam | 1 |
| 12 | Puttaparthy | 1 |
| 13 | Gangavathi (ADB) | 1 |
| 14 | Sindhanur (ADB) | 1 |
| 15 | Nirmal (Adilabad Dist) | 1 |
| 16 | Cochin (Erbakulam) | 1 |
| 17 | Kurnool | 1 |
| 18 | Pathri (ADB) | 1 |
| 19 | Guntur | 2 |
| 20 | Medak (ADB) | 1 |
| 21 | Mahabubnagar (RASMECC) | 1 |
| 22 | Nanded (RASMECC) | 1 |
| 23 | Gulbarga (RASMECC) | 1 |
| 24 | Chennai (RASECC) | 1 |
| TOTAL | 35 |
Is this and offer for appointment of Auditors or appointment of SCAPEGOATS Do they include such clauses in the appointment letters issued to their executives and employees ?? Wish ICAI was proactive in cutting short such malicious approach to the CA community. I agree with my other colleagues . DONT APPLY.
Dear Sir,
It is the high time that none of the CAs should apply for this Concurrent Audit, with penalties, rather than more than fees criteria. Firstly what action they are taking or taken against those employees who are responsible for the crime or looting the Bank. Let them make out the list and take action against them and then only call for applications. What is the status of Grievance Cases pending with the Bank as on date? This is not disclosed. Further most of the senior executives are involved in fake transaction and internally they will close the matter by putting the blame to the staff member in lower rank and act as IAS (I AM SAFE).Regards, CA Guru Murthy
It appears The bank has not appreciated the services of CAs.
They expect CA firm no to apply .
If report is delayed due to non co operation of staff , how are they going to deal with.
Does the fee commensurate with the expectation.
I strongly support the above views. we should never encourage this type of adds.it appears they want to collect money from CA’s by way of penalty.so DON’T APPLY DON’T APPLY DON’T APPLY DON’T APPLY .
YES I AN AGREED
PLEASE DO NOT APPLY
ARE THEY IMPOSED PENALTY ON THEIR OWN STAFF, MANAGER, DGM, GM AND ANY DIRECTOR.
ARE OUR FEES IS DEPENDED UPON AMOUNT OF LEAKAGES DETECTED.
HOW DARE THEY TO OFFER WORK LIKE THAT
PLEASE FOR THE DIGNITY OF OUR PROFESSION DO NOT APPLY DO NOT APPLY DO NOT APPLY DO NOT APPLY DO NOT APPLY DO NOT APPLY DO NOT APPLY DO NOT APPLY DO NOT APPLY
I strongly support the views of CA Devang Sadrani and I too Strongly suggest the CA Community to ignore this type of advertisements for empanelment of CAs.
We hope the penalty may be more than the fees offered, hence No CA should apply.
Are these bank publishing empanelment criteria or penalty criteria ?
I am of the strong openion that No CA should apply.