FORENSIC AUDIT-INVITATION FOR BIDS
The Forensic Audit should investigate into the number of frauds perpetrated on the Bank by several borrowers (numbering about 300) in a specific product offered by the Bank during a course of 4 years. All the frauds were perpetrated in certain 8 branches in Andhra Pradesh. The investigation is expected to establish the relationships/links, if any, between the various borrowers within a branch/across these 8 branches and indicate the trail of money disbursed.
Due Date- 24/03/2016
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“FORENSIC AUDIT-INVITATION FOR BIDS”
Scope of Forensic Audit:
The Forensic Audit should investigate into the number of frauds perpetrated on the Bank by several borrowers (numbering about 300) in a specific product offered by the Bank during a course of 4 years. All the frauds were perpetrated in certain 8 branches in Andhra Pradesh. The investigation is expected to establish the relationships/links, if any, between the various borrowers within a branch/across these 8 branches and indicate the trail of money disbursed.
The objectives of the investigation will include:
- identifying the type of fraud that has been operating
- how long it has been operating for
- how the fraud was concealed for the duration
- identifying the fraudster(s) involved
- quantifying the financial loss suffered
- gathering evidence to be used in court proceedings including trail of money
- providing advice to prevent the re-occurrence of the fraud
The following will be the basic parameters for Technical Bid:
- The Audit firm should be in existence for more than 10 years
- Should have carried out at least 3 Audits of the Commercial Banks
- Should have completed at the least 3 Forensic Audits with each assignment involving a minimum exposure of Rs.500 million
The Investigation should be completed within 45 days from the date of signing of the agreement
Penal Clause: In the event of failure to submit report within scheduled time, penal clause @ 10% of fee amount per week shall apply.
Interested Chartered Accountant firms may submit their (Technical & Financial) bids in sealed cover and send on or before 24th March, 2016 to
“The General Manager Andhra Bank
Inspection & Audit Department
4th Floor, Koti Building, Sultan Bazar, Koti
HYDERABAD-500 195”
(Y.Amarnath)
General Manager (Inspection) Andhra Bank
Cell No.9666688424 040-23252031
