Bank of Baroda

Request for Proposal

Appointment of -1- Concurrent Audit Firm to carry out Concurrent Audits of Branches/CBOs/Other Units For each of the following Zones of Bank of Baroda Namely Chandigarh Zone, Ernakulam Zone & Hyderabad Zone for -12- months From 01-07-2022 to 30-06-2023

Date: 10th May 2022

RFP Reference: RFP: CIAD: 114/1

Request for Proposal (RFP) for Appointment of -1- Concurrent Audit Firm to carry out Concurrent Audits of Branches/CBOs/Other Units for each of the following Zones of Bank of Baroda Namely, Chandigarh Zone, Ernakulam Zone & Hyderabad Zone for -12-months From 01-07-2022 to 30-06-2023

Sr. No. Particulars Timeline
1. RFP Issuance Date 10th April 2022
2. RFP Co-ordinator

Telephone

E mail ID

Assistant General Manager

IS Audit Department, BCC Mumbai 022-66985284

[email protected]

3. Address for Proposal Submission Assistant General Manager,

IS Audit Department

2nd Floor, Baroda Corporate Centre

C-26, ‘G’ Block

Bandra Kurla Complex, Bandra East

Mumbai 400051

4. Last Date of Written request for Clarifications 05.00 PM 20th May 2022
5. Pre Bid Meeting > Pre bid meeting will be held online through Bank’s Online Meeting Platform (i.e. Microsoft Teams) on 23rd May 2022 at 03:00 PM.

> Meeting invite link will be sent by the Bank to bidder’s on email IDs provided to join the Online Meeting as per the schedule mentioned above.

> Bidder representatives will have to click the Bank provided link (provided in the e-mail) to join the on-line Pre-bid meeting.

6. Reply to individual Pre–bid query 05.00 PM 23rd May 2022

Address:

Assistant General Manager,

IS Audit, 2nd Floor,

Baroda Corporate Centre

C-26, ‘G’ Block

Bandra Kurla Complex, Bandra East,

Mumbai 400051

7. Last Date of Submission of RFP Response (Closing Date) 03.00 pm 31st May 2022

Address:

Assistant General Manager,

IS Audit,

2nd Floor, Baroda Corporate Centre

C-26, ‘G’ Block

Bandra Kurla Complex, Bandra East

Mumbai 400051

8. Opening of Eligibility Cum Technical Bid 11.00 am 01st June 2022

Address:

Baroda Corporate Centre

C-26, ‘G’ Block

Bandra Kurla Complex, Bandra East

Mumbai 400051

9. Date for presentation Eligible short-listed bidders may be invited for a presentation on the Technical Proposal at the discretion of the management. Date for the presentation will be communicated to the short-listed bidders. The Bank’s decision is final in this regard.
0. Opening of Financial Bid The Financial Proposals of only those who qualify in Technical Proposal will be opened. The date for opening of the Financial Proposal would be communicated separately only to those bidders who are eligible and Technically qualified.
1. Application Money INR 20,000/- (Rupees Twenty Thousand Only)
2. Proposal Security (Earnest Money Deposit or EMD) INR 50,000/- (Rupees Fifty thousand Only) By DD/ Pay order payable on Mumbai or by Bank Guarantee issued by Scheduled Commercial Bank other than Bank of Baroda and should be valid up to 30-11­2022 (in the Format given in Annexure – 12.)

For Micro and small Enterprises (MSEs) and the firm registered with the concerned Ministries / Departments : “Bid Security Declaration” as per Annexure 15

Definition of Terms used in the RFP:

Following terms are used in the document interchangeably to mean:

1. “Assignment / Job/ Engagement” means the work to be performed by the selected Bidder pursuant to the Contract

2. “Bank or BOB” means Bank of Baroda

3. “BCC” means Baroda Corporate Centre, Bandra Kurla Complex, Mumbai

4. “Day” means Business day

5. “ICAI” means Institute of Chartered Accountants of India

6. “Personnel/ Resources” means professionals and support staff provided by the selected Bidder

Bank of Baroda invites RFP for Concurrent Auditors Appointment

7. “Proposal/ Bid/ Tender” means Response to the RFP Document

8. “RBI” means Reserve Bank of India

9. “Recipient, Respondent, Consultant and Bidder” means interested and eligible applicants responding to this RFP for Concurrent Audit

10. “Successful/ Selected Bidder” means the bidder selected as the successful bidder by the Bank in accordance with this RFP who is also referred to as ‘Chartered Accountant Firm / Concurrent Audit Firm’

Confidentiality:

This document is meant for the specific use by the Firm/ person/s interested to participate in the RFP process. This document in its entirety is subject to Copyright Laws. Bank of Baroda expects the Firms or any person acting on behalf of the Firms strictly adhere to the instructions given in the document and maintain confidentiality of information. The Firms will be held responsible for any misuse of information contained in the document, and are liable to be prosecuted by the Bank in the event that such a circumstance is brought to the notice of the Bank. By downloading the document, the interested party is subject to the confidentiality clauses.

Download Full Text of the RFP Document

(Republished with Amendments)

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16 Comments

  1. Sathya says:

    The statutory branch auditors and central auditors of the bank can report in their LFAR to RBI, that the concurrent audit is not as per RBI directives as qualification in their report. These type of tendered work always subcontracted and there will be no quality work.
    CAs cannot participate in this tender as it is violation of ICAI guidelines on participation of tenders that minimum fee is not mentioned in the tender.

  2. Manogaran R says:

    No CAs should respond to these type of advertisements like fee for application EMD etc., Then only this type of advertisements will stop. We cannot depend on Institute for this.

    1. SOUNDARARAJAN RAMASWAMY says:

      I fully agree with you. Nobody should respond qhere there is application money and EMD for professional service providing.
      Banks will get real Concurrent Audit done, if CAs do not apply.

      1. SHARAD SINHA says:

        Unfortunately who’s who of the profession are already doing concurrent audit of bank of baroda having being appointed thry a similar process some 3 years ago

  3. Rajendra Bandyopadhyay says:

    Good number of Chartered Accountants /Cost & Management Accountants have retired from Senior Positions in the Banking sector, who are better placed to undertake concurrent audit function. I Hope RBI will seriously consider the matter since Bank’s concurrent activities can be better understood by these retired professional accountants.

    1. SOUNDARARAJAN RAMASWAMY says:

      For concurrent audit and internal audit CA need not be insisted upon. More knowledge about management and Banking with inquisitive attitude is enough supported by solid experience. Banking sector will improve only when they divorce CA.

  4. PRAKASH CHANDRA VERMA says:

    RBI New Notification about con-current audit, that ex bankers must involve by bank to consider con-current audit is appreciable. Ex banker knows each & every things about working & Practice of Credit and Operation with Rectifications process also.

  5. CA. M. Lakshmanan says:

    We, the CAs who are in practice, more particularly the Small and Medium firms, can not apply for this. Whether this area will also be taken away from the small firms by the Big Firms?
    Quoting fees and allotting to the smallest bidder do not seem to be in good taste and not ethical too.
    We are not civil contractors to buy the application and pay EMD.

  6. PADMANABHAN PRAKASH & CO says:

    For reading the proposal itself, the bank has to give an incentive of Rs.20000 instead of asking the auditor to pay application money.

  7. Ashok Shah says:

    RBI has done away with appointing independent auditor function of its. It has delegated this job to Bank’s Management. Branches below 20 crores advances are not subject to audit. They are trying to save money by reducing audit function. Result is now out. Saved penny and made foolish by pound. I mean penny wise pound foolish. Hope better sense will prevail on RBI as well as Ministry of Finance. Ignorant of this ground reality, Mr. Modi Slammed CAs in his speech there by unintentionally becoming tool to tarnishing image of CA in the eyes of public across not only nation but the World at large. Shameful things for both.

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