Tripura Gramin Bank, Agartala, Tripura Invitation of Application for Empanelment of CA firms for Concurrent Audit, External Auditor for Revenue and Stock Audit and ERO.
TRIPURA GRAMM BANK
HEAD OFFICE: ABHOYNAGAR, AGARTALA,PIN-799-005
INSPECTION & AUDIT DIVISION
Email: hodinsp@tripuragraminbank.co.in
Mobile: 7005585375
Ref. No. TGB/HO/INSP/F.TGB CA & ERO/2023 Date: 20.04.2023
INVITATION OF APPLICATION FOR EMPANELMENT OF CA FIRMS FOR ON AUDIT, EXTERNAL AUDIT TOR FOR REVENUE AND STOCK AUDIT AND EROS. FOR DETAILS PLEASE VISIT AT https://www.tripuragraminbank.org/
S/d
Chief Manager (AD)
1. Criteria & Terms and Conditions for Concurrent Auditor :
The Basic criteria for selecting a CA firm for concurrent audit assignment will be as under:
I. It should be a partnership firm (including LLP) of Chartered Accountants having at least one partner as FCA and the firm should have concurrent audit experience of minimum three years. Further, such CA firms with any one of the partners having experience of concurrent audit of minimum three years may be considered for empanelment even if experience of the CA firm in concurrent audit is less than three years.
II.The firm should be selected from the RBI panel as per gradation suggested for Branch Statutory Auditor appointment.
III. Weightage to be given to the firms where the partners themselves were ex- bankers or the firm has got tie-up with ex-bankers with requisite experience and exposure.
IV. CA firms which carry Statutory Audit Assignments for a year will not be considered for internal audit assignment during that year and the next year. These instructions would even apply to firms of which a partner or proprietor is engaged or to be engaged in internal assignment of the bank.
a) Associate concerns of CA Firms should not have conducted Statutory Audit of our Bank or its subsidiary / sister concern during the preceding
b) An audit firm in which a partner is also a partner / proprietor of firm entrusted with Statutory Audit (HO or branch) of the Bank is not eligible for appointment as concurrent auditor.
c) If any of the Directors of our Bank is a Director/Partner in a firm, such firm shall not be considered for appointment as Concurrent Auditor.
d) A CA Firm on Bank’s panel for concurrent audit will not be eligible to be considered for any other panel of HO: IAD and vice versa, viz. Panel of Concurrent Auditors.
e) The group of CA firms having any common partner, only one CA firm will be eligible for empanelment as concurrent auditor.
V. The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments.
VI.The firm should execute undertaking of fidelity and secrecy on its letterhead in the format prescribed by the Bank.
VII. The assignment should be carried out in a professional manner and in case of any misconduct & negligence; the Bank is free to report the matter to ICAI / RBI under the guidelines from time to time. This will be in addition to the disengagement from the assignment.
VIII. The firm should not sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified chartered
IX. A declaration to be furnished by the firm that credit facilities availed by the firm or partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantor/s have not turned or are existing as non-performing assets as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would get terminated besides the firm being liable for any action under ICAI / RBI guidelines.
X. Any other terms and conditions of the assignment would be decided by the Bank on a case-to-case basis.
XI. The monthly fees payable to the auditors will be as approved by the ACB from time to time taking into consideration the nature of assignment.
XII. Tenure of an external concurrent auditor shall not be more than three years on continuous basis. Further every year the CA firm will be required to submit its credentials to the HO: IAD. The CA firm will need to reapply for concurrent audit empanelment, after completion of tenure.
XIII. The assignment of the External Auditor (CA Firms) would be initially for one year and extendable for a further period of one year (maximum twice), i.e. a CA Firm may have a tenure of maximum three years or till the completion of last quarterly audit assignment, whichever is later, based on “Satisfactory Performance‟ of the auditor in every year, followed by a cooling period of minimum one year. At the sole discretion of the Bank, Concurrent Audit assignment of an external auditor (CA Firm / ERO) may be terminated even before expiry of the term of assignment by giving one month notice in
XIV. Cooling period of one year would be observed in case of a CA firm to become eligible for re-assignment as concurrent auditor. The re-assignment of concurrent audit after the completion of such cooling period will be solely at the discretion of the Bank.
XV. No out of pocket expenses or travelling allowance / halting allowance would be paid to the concurrent audit firm for carrying out the assignment. Further, a CA Firm may often be called upon by HO: IAD for the purpose of counselling, training, etc. for which, the Firm would not be entitled to claim any reimbursement for travelling, halting, etc.
XVI. Empanelled CA firms will carry out their assignments in a professional manner and “Code of Ethics for Chartered Accountants” by ICAI shall be strictly observed by them. The CA Firm must ensure that the Branch assigned to it must be attended by its authorized person as an auditor on behalf of the Firm daily & timely without any excuse or exception whatsoever. One of the partners (Chartered Accountant) of the CA Firm must also visit the branch at least once a week and have discussions with the Branch Manager on Audit related issues.
XVII. CA firms engaged by banks for concurrent audit work should preferably have qualified Information System Auditor (CISA/DISA) with necessary exposure to IS audit in the bank.
XVIII. Weightage to be given to a firm having exposure in conducting concurrent audit of the Bank branches for a few public sector / major private sector banks.
XIX. Assignment will be subject to review on Quarterly basis on the Bank’s prescribed score sheet as on the last day of March, June, Sept., & December by the FM: IAD. The consolidated feedback report of external concurrent auditors shall be submitted to HO: IAD by 20th of the following month of respective quarter.
XX. In case of unsatisfactory performance for 1 Quarter, a notice of explanation shall be served on the concerned CA firm giving 15 days time to furnish reply. If the HO: IAD finds the reply unsatisfactory or in case the reply is not received within the stipulated time period, HO: IAD may recommend for depanelment of such CA firm in the subsequent month and GM: IAD will be the competent authority for such depanelment.
XXI. Further, a CA firm / ERO shall be depaneled from the bank in case of:
a. Refusal to take up the allotted assignment & non-commencement / completion / non-submission of audit report within prescribed period.
b. Dissolution / reconstitution of the firm under different name and style.
c. Performance of CA firm / ERO is not found satisfactory
d. CA firm fails to fulfill any of the laid down terms & conditions at any time.
e. Serious lapses detrimental to bank’s interests, if noticed.
f. Any other reason that Bank may deem fit and failing to act in a professional manner as laid down in guidelines related to ‘Code of Ethics for CA firms’ by Institute of Chartered Accountants of India(ICAI).
g. CA Firms will be depaneled by GM: IAD as per review of “unsatisfactory performance” and recommendations of a Committee of three CM (IAD, RnM, & Finance & Marketing).
h. In case a CA Firm demits an audit assignment as it does not want to continue or chooses to resign voluntarily, and so on, the name of such CA Firm may be struck off from the Bank’s Panel of CA Firms. GM (IAD) will be the competent authority for such delisting of a CA Firm.
i. A depaneled CA Firm will not be able to apply again for any audit assignment and will not be considered for a fresh empanelment / re-empanelment.
j. Any CA firm which has been delisted by ICAI will not be considered for empanelment/ assignment/ re-assignment.
k. In order to maintain the quality of Concurrent Audit of the Branch, the CA Firm must depute / post a person, who must have ample experience and exposure of such kind of audits, preferably in a Public Sector bank’s branch, and he / she must have the minimum qualification of the CA Inter (IPCC).
2. SUBMISSION OF APPLICATION:
The duly filled in application form in a sealed cover super scribed as “Application for Empanelment of Chartered Accountant Firms for Concurrent Audit at Branches” should be submitted by post / courier / hand delivery and reach to Head Office TGB on or before 29.04.2023.
i. The application and all correspondence and documents relating to this process must be written in English. Documents submitted should be complete in all respects as required.
ii. Application needs to be submitted duly filled in with required particulars Accompanied by copies of supporting documents i.e. Constitution of the Firm (Company / Partnership/Proprietorship firm / LLP), RBI Grading certificate, Experience certificate etc. All supporting documents to Application must be self-attested by the authorized signatory for the applicant firm.
iii. Incomplete application and application without required supportive documents will not be considered by the Bank.
3. LAST DATE FOR SUBMISSION OF APPLICATION.
A. The last date for receipt of application is 29.04.2023. Please note that no application shall be accepted after 5.00 p.m. of the above date. Application submitted after due date or after the stipulated time of the due date or incomplete in any respect are liable to be rejected. The duly filled in application along with the supporting documents should be submitted to the General Manager (Inspection & Audit Division).
B. TGB is not responsible for non-receipt of completed application within the specified date and time due to any reason including postal delays or otherwise. Physical Applications to be submitted either by Post /Courier / Personal delivery.
4. MODIFICATIONS AND / OR WITHDRAWAL OF APPLICATION
A. Application once submitted will be treated as final and no further correspondence will be entertained. As no subsequent modification of application / documents are permissible, the firms are advised to exercise utmost care in filling up and submission of application / documents.
5. OFFERS BY A THIRD-PARTY
The applicants are not permitted to authorize their Agents/brokers etc. (including individuals and/or third-party firms/companies) to either collect or submit the application/ documents on their behalf. The Bank will summarily reject such requests and arrangements. No sub-contracting of the empanelment is permissible
Application for Empanelment of CA firms in Tripura Gramin Bank
For Conducting Concurrent Audit of allocated Branches
Date: ………..
Latest
Photograph
The General Manager
Tripura Gramin Bank
Head Office, Abhoynagar,
Agartala,799005
I/We hereby submit my application requesting for my empanelment as CA Firms (Concurrent Auditor) for conducting concurrent audit of allocated branches of the Bank in terms of notice displayed in the Bank’s website www.tripuragraminbank.org
My/Our complete bio-data is as under:-
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26. Declaration:
a) I /We hereby confirm and undertake that the details/information furnished above is true and correct to the best of my knowledge. In case, any information is found otherwise or incorrect later on, the Bank has the right to de-panel / terminate the assignment, without giving any notice to me.
b) I/We have not been depaneled/Blacklisted by any organization in the past and we fulfill all the conditions of eligibility for empanelment with TGB as a Concurrent Auditor.
c) I/We undertake that I shall not sub contract / sub assign the audit assignment given to me.
d) I/We hereby declare that I/we will not intermediary / lobby directly or indirectly for consideration of any credit proposals of friends / relatives / clients / non-clients to the Bank.
e) I/We also declare that if my name is empanelled for concurrent audit assignment, I/We shall perform the tasks/assignment entrusted to me in the best interest of the bank.
f) I shall also abide by the rules and regulations of the Bank in force from time to time and will not indulge in any act detrimental to the interest of the bank.
26. I/We understand & agree that the assignment will be on the terms & conditions as contained in the offer letter at the time of giving the assignment of Concurrent audit work. We have read the terms and condition stipulated for empanelment as Concurrent auditor of the bank and I/We also understand that the bank has reserved the right to accept or reject the application without assigning any reasons. If selected for empanelment as a concurrent auditor of the bank and offer is accepted, I/We will execute terms and condition with the bank. If Bank finds the details provided by us are incorrect/not true at a later date, then the appointment may be cancelled.
Signature of Applicant: ____________
