State Bank of Hyderabad
Inspection Department, Head Office, Gunfoundry, Hyderabad
Proposals are invited from eligible Chartered Accountant Firms/ Companies/ LLP for empanelment to conduct Concurrent Audit of our branches.
Applications completed in all respect should reach us on or before 20-11-2015 by 3.00 P.M.at Inspection Department, Head Office, Gunfoundry, Hyderabad.
For eligibility criteria, detailed terms & conditions and Application forms etc. please click here:
|SN||Coverage Area||Scope of work expected from Service Provider /CA Firm||Quantum of Measurement||Penalty to be imposed (For Service Provider / CA Firm)
|1.||Attendance at the Work Area.||Attending branch/unit on daily basis, by Representative of the Service Provider /CA Firm, and 2-3 times a week by the Partner of the Firm.||Days of Absence in a month in attending the branch/unit
(i) by the representative of the Service provider / Firm or
(ii) by the Partner of the Firm
|Twice the proportionate remuneration of the month on a pro-rata basis for the
days of absence.
Eg.30 days in a month; Remuneration of Rs.30000/-p.m. with an absence of
2days : Penalty to be charged : Rs.2000×2= Rs.4000.
|2.||Detection of Income Leakage||On a day to day basis income leakage, if any detected, to be reported.||Non-detection/ non-reporting / short recovery of income leakage from the date it becomes due within a period of 2 weeks. The penalty to be levied is on account of opportunity loss for the Bank.||For Non-detection/ non-reporting: 1% of the amount, in the area of income
Leakage not detected/ reported. i.e. (i) Processing Fee (ii) Upfront Fee
(iii) BG/LC Comm. (iv) Locker rent etc.,
(Overall cap for both not to exceed 20% of monthly remuneration).
Eg. Processing Fee of Rs. 1 lac. is identified by an Auditor other than CA. after 2 weeks of its becoming due. Penalty will be Rs.1000 for one instance.
If such instances are more, then overall cap of 20% of remuneration i.e.Rs.6000 (20% of 30000) to be charged.
|3.||Detection of Major lacunae in the conduct of the account, systems & procedures etc.,||Timely detection of major lacunae.||Non detection of major lacunae as enumerated in the CRM Value Statements of WBCAS.||Rs.250/- per major lacunae in an account with a maximum penalty of 5% of
|4.||Failure to comment on Frauds, which may cause loss to the Bank.||Detection/ Reporting of Fraud.||Non detection/ not reporting of Fraud arising on account of failure in implementation of systems & procedures and security lapses.||10% of monthly remuneration per instance, with a cap of 25% of
|5.||Detailed Scrutiny of Accounts and submission of observations.||Detailed Scrutiny of Accounts within a reasonable time and submission of observations online on a daily basis.||Detailed scrutiny of accounts by commenting as per Value Statements mentioned in WBCAS, if not done:
Eg. All accounts within 3 months and thereafter once, at the time of renewal/ review/ new sanction;
|Rs.250/ per account with an overall cap of 5% of the monthly remuneration.|
|6.||Submission of Monthly / Qly. Concurrent Audit Reports (Annexure-V, VI& VII as available in SBIeTHIC) to the BM/ Head of the Unit/AGM (Audit)/ GM(NW) etc. a||Monthly Reports to be submitted within a week of the succeeding month to the BM/Head of the Unit. Thereafter, with their remarks to RM/DGM (BO) within 2nd week of the succeeding month of report.||Non submission as per schedule.||Non Submission: 10% of Audit Fee p.m.
Non submission by over 3 months: Termination of the Contract giving one
Delayed Submission: Rs.250/ per day till submission.
(With a overall cap of 10% of monthly remuneration p.m.)
|7.||Unacceptable delay in the performance of obligations.||Should be done in accordance with the time schedule specified in the Agreement.||Identified areas of deficiency in performance:
(i) Partner’s not attending branch/ unit 2-3 times a week;
(ii) Non-deputation of representative every day;
(iii) Non-submission of Reports;
(iv) Non-detection of Income leakage in time, resulting in opportunity loss; &
(v) Non-detection/reporting of Frauds.
(vi) Poor Quality of Reports.
|Termination of Contract, by giving a month’s notice, as per Service Level
Presently Bank needs CA firms as concurrent auditors at the following centers only.
|Sl.No.||Center||Tentative number branches where vacancies exist|
|15||Nirmal (Adilabad Dist)||1|