APPOINTMENT OF AUDIT FIRMS FOR CONCURRENT AUDIT OF TREASURY OPERATIONS.
State Bank of India, having its Corporate Centre at Mumbai is India’s leading Public Sector Bank having all India presence with branch network of over 14500 is interested in engaging an Audit firm of repute and proven track record to carry out the concurrent audit of its Treasury Operations, initially for a period of one year, subject to extension up to 3 years.
The Bank seeks applications from qualified, reputed and competent professional Audit firms primarily fulfilling the following criteria:
i] As on 1st January 2013 the audit firm should have
a. Minimum 8 full time Chartered Accountants, of which
- at least 5 should be full time partners / directors exclusively associated with the firm.
- Out of these 5 partners 2 should have minimum continuous association with the firm for at least 15 years and 3 should have continuous association with the firm at least for 10 years.
- In case of remaining three partners, two should have a minimum continuous association of 5 years each and one with a minimum of one year’s continuous association.
- Four of the partners should be FCAs.
- At least two of the partners should have a minimum 15 years experience in practice.
- In case the paid Chartered Accountant available with the firm without any break was admitted as a partner of the said firm at a future date, his association with the firm as a partner will be counted from the date of his joining the firm as a paid Chartered Accountant.
b. the number of professional staff (excluding typists, stenographers, computer operators, secretary/ies and sub-ordinate staff etc.), consisting of audit and articled clerks with knowledge in book-keeping and accountancy and are engaged in outdoor audit should be minimum 20.
c. the standing of the firm should be at least 15 years which would be reckoned from the date of availability of one full time FCA continuously with the firm.
d. Should have minimum 3 years experience in Central Statutory Audit of a large public / private sector Bank.
e. Should have handled and completed, in the last 3 years, Audit of Treasury Portfolio of a LARGE SIZE public / private sector Bank in India (minimum Treasury size of Rs.25,000 crs).
f. at least one partner/ director of the firm / company or its paid Chartered Account must possess CISA / ISA qualification.
ii) Should have qualified staff in related activities for undertaking the assigned work and competency to perform up to global benchmarks / standards.
iii) Should have full-fledged Offices in Mumbai and Kolkata with complete infrastructure.
iv) Should be aware of recent trends in the Banking and Finance Sector with special emphasis on Treasury Operations (Forex and Indian Rupee)
Firms already empanelled by other Public Sector Banks / having global exposure shall be given preference. Firms complying with the above requirements may submit their application form in attached format in a sealed envelope, by ordinary India Post Mail. Submission of Application in person will not be accepted. Envelop should be marked on the top as ‘Application for Treasury Concurrent Audit’ to the address given below, on or before 20th April, 2013 before 2:00 p.m.
All pages of the application should necessarily bear rubber stamp of the Audit firm with initials of the authorized official. Incomplete applications or applications received after the aforesaid date will not be considered. Based on the profiles, the Bank will short list Audit firms, which will be invited to make a presentation to an in- house Selection Committee.
The Bank reserves the right to modify the above selection criteria depending on the applications received and Bank’s emerging needs. Bank also reserves the right to accept or reject any or all applications or cancel the whole process without assigning any reason whatsoever.
Address for sending Application
Deputy General Manager ( compliance), State Bank of India, Global Markets,14th Floor, State Bank Bhavan, Madame Cama Road, Nariman Point, Mumbai 400 021.
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