1) Punjab National Bank invites applications, ON- LINE only from practicing ‘Partnership firms of Chartered Accountants in India’ who fulfill eligibility criteria as mentioned hereunder and are willing to have their Firms empanelled as Concurrent Auditors in the Bank for conducting concurrent audit of branches.
2) The application is to be submitted ON-LINE only through internet at the following address:
3) Those CA firms which are under Concurrent Audit Assignment need not apply again. HOWEVER ALREADY EMPANELLED CA FIRMS BUT PRESENTLY NOT UNDER ANY CONCURRENT AUDIT ASSIGNMENT NEED TO APPLY AFRESH. Only after fresh empanelment, they will be eligible for Concurrent Audit Assignment in the bank.
4) The “Eligibility Criteria” for empanelment for CA Firms for Concurrent Audit in our bank is as under:
> It should be a partnership firm of Chartered Accountants having 3 partners out of which two should be FCAs. The CA Firms having their Headquarter in Metros (i.e. Delhi, Mumbai, Kolkata, Chennai and Bengaluru) should have concurrent audit experience of minimum five years in a Scheduled Commercial Bank. However, the CA Firms having their Headquarter at other centres, should have concurrent audit experience of minimum three years in a Scheduled Commercial Bank. The empanelled CA Firms having experience of minimum three years of concurrent audit, will be assigned concurrent audit of branches located at centres other than metros.
> CA Firms applying for empanelment must attach with online applicationin pdf format, the Copy of partnership deed and copy of registration certificate issued by the ICAI certifying the constitution of the Firm, their branches & date from which it is continuing as a Partnership Firm (latest).
> Experience Certificates of Partnership CA Firm in the Scheduled Commercial Bank as Concurrent Auditor be also attached, in absence of which application will not be accepted.
> The firm should be in the RBI panel as per gradation suggested for Branch Statutory Auditor appointment.
> The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments.
> a) 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.
b) Associate concerns of CA Firms should not have conducted Statutory Audit of our Bank or its subsidiary / sister concern during the preceding year.
c) An audit firm in which a partner is also a partner / proprietor of firm entrusted with Statutory Audit (central or branch) of the Bank is not eligible 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 Revenue Auditors.
> All other terms and conditions for empanelment of CA firm as concurrent auditor will be applicable as per approved policy of the bank subject to change from time to time.
5) The tenure of CA Firm 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 CA Firm may be terminated even before expiry of the term of assignment by giving one month notice in advance.
6) The firm not to sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified chartered accountants.
7) 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 Firm will be immediately debarred if found indulged in other activities, Financial/Intermediary activities with the Bank during their period of Audit assignment.
8) Mere submission of application does not, in any way, constitute guarantee for allotment of the audit job of any nature from the bank. The allocation of branches to the auditors will purely be the prerogative of the Bank.
9) ‘In complete Application’ or Application Without Requisite Enclosures’ will not be entertained.
10) If empanelled, the detailed terms & conditions of offer including fee and other expenses payable will be intimated at the time of allotment of audit work.
11) The last date for receipt of online application is 28.10.2019 after which the link will be disabled.
The scope of work and fees not mentioned, how one can blindly apply for empanelment without knowing scope and corresponding audit fees.
The scope of work and fees no where mentioned . Blindly without knowing the scope and fees how one can apply for the empanelment.
The condition of previous audit experience, the new firm will never get a chance. ICAI should take up the matter and ensure the the firms who have no experience in bank audit will also get a chance.
Reply
The condition of previous audit experience will never get a chance. ICAI should take up the matter and 50% branches should be given to new firms.
One side CA Institute says we have to protect Small and Medium CA firms, I am observing since 2013 ie starting year of my CA practice all exiting facilities, befits, assurance of small audits to Fresh practice is being with drawn either by RBI or any statutory regulations.
PNB is directly mentioning that sole proprietary firms need not apply.
They should have divided branches/Audit area depends upon volume of business and criticality and turn over deposits of branch’s and allot small audit of very low volume of work branches to sole proprietary concerns depends upon Industrial experience /or CA practical professional length of experience.
Sole proprietary firms will not get bank audit experience in their life time.
Since I am doing my ca practice as a sole proprietor will not get Bank audit as I am not partner of a firm even though I have 33 years post qualification experience in various industries. As per ICAI I am FCA since 1990
WHY BANKS ASK FOR EXPERIENCE OF 5 YRS OF NATIONALISED BANK.IF EVERYBODY ASKS HOW WE ARE GETTING CHANCE.IN SHORT THEY ARE ASKING FOR EXPERIENCE FOR GETTING OTHERS INEXPERIENCED