Central Bank of India invites online applications from practicing CA Firms (Empaneled with RBI) & Ex Staff (Empaneled with Central Bank of India), for assigning Concurrent Audit of its various branches & Depts. at Corporate Office, w.e.f. 0..04 00. 22. Please visit www.centralbankofindia.co.in for details. The Web portal for submitting Online Applications shall be available from 01.02.2022 to 6.00 PM on 14.02.202. Existing Concurrent Auditors are also required to apply afresh. Applications in other forms will not be entertained. GM-CA&ID (3rd Floor, 22 Sir Sorabji Bhavan (Ewart House), Homi Modi Street, Fort, Mumbai 400001).
The following norms shall be applicable for appointment of firms of Chartered Accountants as Concurrent Auditors:
♦ Eligibility Criteria:
1. The Ex Staff of Central Bank of India who are already empanelled with Bank and not completing age of 65 years as on 01/04/2022 are eligible for appointment.
2. The CA Firm should be either a partnership firm or proprietary firm having Chartered Accountant(s) as partner(s)/ proprietor, duly empanelled with RBI (RBI panel 2020-21);
3. If any of the Directors of Central Bank of India is a partner/ proprietor in a firm, such firm shall not be considered for appointment as Concurrent Auditor;
4. The firm which conducted Statutory Audit of Central Bank of India during 2019-20 & 2020-21 shall not be considered for appointment as Concurrent Auditor by the Bank.
5. The firm which has partner/ proprietor who is also a partner/ proprietor of the firm entrusted with the Statutory Audit of Central Bank of India shall not be considered for appointment as Concurrent Auditors in Central Bank of India. In other words, Associate concerns of the firm carrying out Statutory Audit of Central Bank of India shall not to be considered for appointment as Concurrent Auditors;
6. The Ex- Staffs and CA Firms who have completed 3 years in a Branch on continuous basis can apply for other Branch.
7. The Ex-Staffs and CA Firms who have completed 5 years on continuous basis as Concurrent Auditor in Central Bank of India shall be considered for appointment as Concurrent Auditor by the Bank only after completion of cooling period of two years.
♦ Important Aspects:
1. The firm or its partner(s) / proprietor have not been subject to inquiry(s) in the past by the Institute of Chartered Accountants of India as per the provisions of Section 21 of the Chartered Accountants Act, 1949, and no such inquiry is pending, initiated, or contemplated by the Institute as on the date of application as well as date of acceptance of assignment;
2. The firm or its partners are duly qualified as auditors in terms of Section 141 of the Companies Act. 2013
3. Where there are group of firms of Chartered Accountants having common partners, only one of the firms in the group will be eligible for assignment of Concurrent Audit;
4. The Firm would be allotted Concurrent Audit of only one Branch of the Bank under normal circumstances;
5. Besides Chartered Accountants, the firm should have other qualified and experienced staff, infrastructure and office within an approachable distance from the location of the auditee Branch/ Office to undertake Concurrent Audit;
6. The firm should not have any professional or commercial relationship either direct or indirect with borrowers/ beneficiaries of the Branch/ Department under audit and also shall not have in future, as far as possible, for a minimum period of three years;
7. In case the performance of the Concurrent Auditor falls short of the expectation of the Management or the Audit Committee of the Board, the Management may replace the Concurrent Auditor at any time. The performance shall be evaluated on adequacy of coverage and quality of report, attendance of assistant & visits of partner/ proprietor, timely submission of reports & inspection of units etc.
8. Ideally the Partner/ Proprietor, who has attended certificate course of ICAI on Concurrent Audit of Bank Branches, should get the Concurrent Audit conducted under his/ her direct supervision, daily.
9. The assignment of Concurrent Audit shall not be given to anybody on sub-contract basis.
10. Mere submission of application for Concurrent Audit & fulfilling the criteria thereof does not, in any way, constitute guarantee for assigning any type of audit of the Bank;
11. If firm or partners are availing any credit facility(s) of ₹20.00 lakhs and above, other than Retail loans viz. Housing loan, Vehicle loan, Demand loan against deposits etc., from any Branch of Central Bank of India or have guaranteed any credit facility in favour of a third party exceeding ₹20.00 lakhs, the same shall be a disqualification;
12. Concurrent Auditors shall submit findings every week to auditee Branch, findings every month to respective controller within 7 days of close of the month. The quarterly reports shall be submitted, within 15 days of the close of the quarter on prescribed formats (In case of ELB/ MCB, copy to GM, Credit Monitoring Dept., Central Office also). The Bank reserves the right to change the reporting format, at any time.
13. Bank had implemented Audit Software for conducting Concurrent Audit and reporting therein.
14. The partner/ proprietor shall have to attend meetings as & when called by Regional Office/ Zonal Audit Office at their own cost.
15. Selected firms for assignment of Concurrent Audit shall be informed by e-mails only. No separate letter shall be issued for this purpose. A printout of the mail duly signed & stamped by the firm is to be sent to respective Zonal Audit Offices.
16. Any Revenue Leakage in a Branch under Concurrent Audit, if detected by persons other than Concurrent Auditors may render the firm liable for termination of the assignment.
17. CA Firm should not have business dealing with any borrower of the Branch for which Concurrent audit assignment is sought.
18. CA firm, conducting Concurrent Audit of the Branch, will not canvass credit proposals directly or indirectly.
19. Bank reserves the right to modify/ alter any terms of selection process at any point of time. Selection process will be at Bank’s absolute and sole discretion. No representations /claims will be entertained whatsoever.
20. Bank reserves the right to review the appointment at any point of time and if necessary, may terminate the appointment by giving one month’s notice and in case of failure to report irregularities / detect fraud, termination may be done without any notice, besides notifying such deficiencies and incompetency to the ICAI / RBI / IBA.
21. The CA firm should not have refused any assignment allotted by the Bank in the past.
22. The CA Firm, while accepting assignment, should execute an undertaking of fidelity and secrecy on NON JUDICIAL STAMP PAPER OR WITH APPROPRIATE STAMP DUTY in the prescribed format provided by the Bank.
23. Unit inspection/ unit visit is part of Concurrent Audit assignment and they should submit the report along with regular audit report.
24. Bank may consider the online application even for another Branch at the same or nearby station, even though not opted for by the applicant, depending on exigency.
25. If we do not receive complete set of documents in a single lot as mentioned in assignment letter within 05 days of receipt of the mail, assignment shall stand cancelled automatically, without giving any reason thereof, and no correspondence shall be entertained in the matter.
26. All communication shall be done only on the e mail address/address mentioned in the ‘on-line’ application.
27. Concurrent audit should be conducted simultaneously with the occurrence of transactions or is carried out as near thereto as possible.
28. Put emphasis on substantive checking in key areas rather than test checking.
29. Ensure that the Concurrent Auditor does not sit in judgment on the decisions taken by a Branch Manager or an authorised official, but checks whether the transactions or decisions are within the policy parameters laid down by the Bank and RBI and the delegated authority.
30. Ensure that the Concurrent Audit serves as a means to ensure proper functioning of divisions in large Branches.
31. Verification of Recovery of GST on various services, its remittance, Timely submission of GSTN returns. Concurrent Auditors shall leave no scope for penalty.
32. On selection of your firm for Concurrent Audit assignment of a Branch, you have to submit following documents before commencing Concurrent Audit.
a) Acceptance Letter (Annexure-I).
b) Undertaking for Assignment (Annexure- II)
c) Declaration of Fidelity and Secrecy (Annexure-III)
d) Undertaking of Do’s and Don’ts (Annexure – IV)
e) Declaration regarding non-disqualification of Audit Firm on letter head (Annexure V) (Annexure-II, III, IV & V on Non Judicial Stamp Paper OR with Appropriate Stamp Duty (applicable as per State Stamp Duty Act), in the format prescribed by the Bank)
f) Introduction of staffs/ Assistants with Photograph & Specimen Signature (Annexure- VI)
g) Signatures of all Partners along with Photograph duly verified by their bankers (Annexure- VII) (Format of Annexure I, II, III, IV, V, VI and VII will be provided by Bank)
h) Self-attested copy of PAN Card of the firm & Partners.
i) Self-attested copy of Proof of Address of the firm.1
j) Self-attested copy of Certificate of CISA/ DISA of the qualified partners. (if applicable)
k) Copy of Certificate of practice of all partners issued by ICAI as also certificate having attended “Certificate course on Concurrent Audit of Banks”.
l) Copy of GST Registration number of firm. (if applicable)
m) Proof of RBI Category as mentioned in online application form.
♦ Fee/ Remuneration: The terms for payment of fee are as under;
a. The assignment will be on fixed monthly remuneration basis and the fee/ remuneration will be paid as approved by Bank which depends on nature of work Branch/Offices type and Business of Branch.
b. This fee shall not be changed on account of normal increase in business or due to merger of other Branch/es/ Office/s.
c. The Concurrent Auditor shall not be entitled for any additional benefits or perquisites.
d. Any other Assignment/ Certification/ Authentication, Special drive, relating to Branch/ office under concurrent audit, shall be undertaken, at NO EXTRA COST.
e. Verification and certification of claims of Turnover commission on Govt. Business. Various certifications not limited to claims of agency commission on Government Transactions at the Branch, whenever required are to be done at NO EXTRA COST.
f. Verification of Transactions and Balances of Currency Chest will constitute as part of the Audit assignment and Certificates to be signed as per requirement of Bank on time to time at NO EXTRA COST.
g. Payable monthly fee shall be ranging from ₹18000/- to ₹45,000/- based on approval of Board + GST, if applicable, shall be paid separately provided the firm furnishes the GST number. TDS shall be deducted as per rules. The monthly fee shall be paid through electronic mode by the Branches.
h. Concurrent Auditors shall provide various Certifications, earlier done by Branch Statutory Auditors, covering NPA provisioning, Insurance coverage, P&L Account, ALM, CRAR, DICGC, LFAR etc. Similarly, certification regarding Tax Audit shall also be provided by the Concurrent Auditors. It is pertinent to note that the Concurrent Auditors are to carry out all the verifications on a continuous basis which the Branch Statutory Auditors, at year end, are giving as Certificates. These Certificates, as a part of the Concurrent Audit assignment, would be given by the Concurrent Auditors on their letter head, or any other certification stipulated by Regulators/ RBI/ DFS/ Bank/etc. during the period of Concurrent Audit assignment, at NO EXTRA COST.
i. Unit inspection/ unit visit is part of Concurrent Audit assignment and they should submit the report along with regular audit report, at NO EXTRA COST.
j. Failure to submit reports in time will attract penalty as under;
|Sr. No.||Delay in submission||Penalty|
|1||No Delay||No Penalty|
|2||1 to 30 days||20% of Fee/ Remuneration Payable|
|3||More than 30 days||50% of Fee/ Remuneration payable|
|In case of delay more than 30 days, assignment also may be cancelled.|
k. Failure to attend office on daily basis (on all working days) will attract penalty as under;
|Sr. No.||Attendance during the Month||Penalty|
|1||90% & above||No Penalty|
|2||Less than 90% upto 75%||10% of Fee/ Remuneration Payable|
|3||Less than 75% upto 50%||15% of Fee/ Remuneration Payable|
|4||Less than 50%||25% of Fee/ Remuneration Payable|
|The Fee/ Remuneration will be paid on & after receipt of Concurrent Audit Report only.|
l. If the reasons for delay submission of report and non-attending office are beyond control of the Concurrent Auditors, Relaxation may be given in penalty mentioned in above point i & j by competent authority.
♦ General :
1. Concurrent Audit should take place simultaneously with the occurrence of transactions or as near thereto as possible.
2. Concurrent Audit is to be conducted on daily basis (on all working days). Failure for the same will be attract penalty.
3. The scope of concurrent Audit shall encompass guidelines from Bank, Regulators, DFS (Ministry of finance, Govt. of India) besides Bank’s Concurrent Audit Policy.
4. The Partner/ s to get the audit conducted under direct supervision on daily basis. It is desirable that the Partner/ CA employee of the firm, who will attend the proposed Concurrent Audit Assignment, has attended the Certificate course on Concurrent Audit of the banks, conducted by ICAI.
5. The irregularities are to be got rectified on the spot as far as possible. If it is not possible, the same shall be reported to the Branch officials by using Audit Memo for immediate rectification.
6. Emphasis is to be on substantive checking in key areas rather than test checking.
7. C.A. firm will ensure that the concurrent audit serves as a means to ensure proper functioning of all Departments in Branch/ Office.
8. Priority is to be given for checking high risk area/ transactions with large financial implication.
9. CA should focus on entries in the suspense/ sundry accounts/ staff accounts/ inoperative accounts/ deceased accounts/ suspicious transactions etc.
10. Whenever an inspection/ verification of stock/ prime securities are felt necessary, the matter should be taken up immediately with Branch/ Regional/ Zonal Office/ Zonal Audit Office and inspection should be conducted in co-ordination with Branch.
11. The Audit Report should cover entire gamut of Branch/ Auditee Office functioning as well as all divisions/ extension counters attached to the Branch/ Auditee Office.
12. Verify the compliance submitted by the auditee in respect of various audits such as Internal Audit reports, Legal Audit Reports, previous Concurrent Audit Reports, RBI Inspection Reports, Loan Review mechanism reports, Credit Audit reports, LFAR etc. Shortcomings observed in compliance submitted in any of the above reports must be reported to higher offices.
13. Verify that the ROI are correct & various charges are recovered properly.
14. Credit Audit in the eligible accounts as per Credit Monitoring Policy of Bank is to be conducted as part of this assignment.
15. Data cleansing of loan a/cs is to be checked on regular basis in CBS.
16. 100% compliance of KYC and AML guidelines is to be checked.
17. Samples under Tranche-III prescribed by RBI are to be collected and submitted to Zonal Audit Offices in prescribed format.
18. Submit comments on status of implementation of Ghosh/ Jilani and Mitra Committee recommendations.
19. Submit comments on status of implementation of BCSBI guidelines.
20. Concurrent auditors shall submit following reports also: Report on Compliance of DEAF, Ambience of premises, Credit Audit report, Report on Legal Audit, Report on periodical verification of documents to title of assets held as prime/ collateral security by the Branch etc. should be submitted along with Branch Audit report.
21. The Monthly reports should be submitted within seven working days of next month & Quarterly report should be submitted within fifteen working days of close of Quarter. Failure to submit report in time will attract penalty as mentioned above;
22. C.A. firm’s firm shall not undertake any other assignment on behalf of the Branch without obtaining consent from CA&ID, Central Office in writing (Except Annual Revenue Checking of other Branch/es if assigned by Regional Office).
23. The irregularities/ deficiencies should be apprised to Branch personnel concurrently and those pending for rectification should be intimated to Branch Manager through ‘Weekly Report’. If the irregularities continue to persist and remain unattended / un-rectified, the same should be reported in the ‘Monthly Report’ of the relevant month & thereafter to escalate the matter to FGM/ ZM for compliance/ redressal.
a. Failure on C.A. firm’s part to notice and report any major irregularity/ fraud perpetrated during the audit period renders the Firm liable for negligence and the Bank has the right to initiate action, as deemed fit, including legal action, as applicable. CA firm’s assignment shall be terminated & permanently de-panelled from Central Bank of India. In addition, the same shall be reported to:
b. As advised by Reserve Bank of India, the Auditor is to report simultaneously to the MD & CEO of the Bank and to the Department of Banking Supervision, RBI, CO Mumbai any matter susceptible to be fraud or fraudulent activity or any foul play in transactions, in case the amount involved is ₹100 lakhs or above. In all other instances, the reporting is required to be made to the concerned Regional Office of RBI with copies to General Manager, Central Bank of India, CA&ID CO, Sir Sorabji Bhavan, Fort, Mumbai. As per extant guidelines, such reporting should be through Special Report.
c. If you feel that you are not in a position to continue the assignment for any reason, you will have to intimate us to this effect at least two months in advance. Any break of assignment without notice will be reported to RBI & ICAI for necessary action.
♦ Bank’s expectations from Concurrent Auditors:
1. Concurrent audit system is a part of Bank’s early warning systems to ensure timely detection of irregularities and lapses, to prevent fraudulent activities/ transactions at the Branches at the initial stage.
2. It is also expected that Braches under Concurrent Audit should have lower Risk Rating under Risk Based Internal Audit, since concurrent auditors are required to check all transactions of the Branch and get the shortcomings rectified on an ongoing basis.
3. If Risk rating of any branch is downgraded by Internal Audit Dept. on account of serious irregularities/ non-compliance during your firm’s tenure as concurrent auditor, same shall be considered as negative factor while reviewing your performance.
4. It is also expected that Internal /Statutory Auditors should not find any shortcomings leading to adverse comment on concurrent Audit function.
5. It is also expected that Concurrent Auditor will exercise caution to avoid occurrence of fraud at the Branch by regularly monitoring the transactions and compliance of systems and procedure.
6. In order to achieve this goal, you have to ensure that:
a. The quality of reporting is maintained, discussions are made with BM & with RM/ ZM/ CIA on serious/ continuing/ persisting irregularities.
b. There should not be any scope or minimal scope for detection of revenue leakage either by other firm/ Internal Auditor.
c. There should not be any scope or minimal scope for adverse remarks on the quality of Concurrent Audit by RBI / Statutory auditors / ACB of the Bank.
d. There should not be any scope for Income Tax/ Govt. authority to impose penalty on Branch/ Office.
e. It is expected that Data rectification will not be required in the Branch under Concurrent Audit.
f. The report is submitted in the prescribed format within stipulated time.
g. Guidelines issued by Bank/Govt./ RBI/ Concurrent audit policy of the bank and other guidelines issued by bank from time to time are adhered.
h. You are required to be well versed with the latest circulars issued by Bank from time to time on all topics relevant to auditee.
i. You shall be attending to all Off-site Monitoring Alerts, EWS, exceptional transactions, Staff Account transactions, BGL A/cs on us-by us (inter branch transactions) available in the CBS reports folder.
j. Bank evaluates C.A. firm’s performance on Attendance, Timely submission of reports, Unit visit, Quality & Coverage of audit, Detection of Revenue leakage by other auditors, Detection of fraud etc. on monthly basis.
♦ An Illustrative Check-Points: Concurrent audit should cover the below mentioned items:
a. Daily cash transactions with particular reference to any abnormal receipts and payments.
b. Proper accounting of inward and outward cash remittances.
c. Proper accounting of currency chest transactions, its prompt reporting to the RBI, where applicable.
d. Verification of Currency Chest Transactions (RBI RO Directives).
e. Expenses incurred by cash payment involving sizeable amount.
f. Physical Cash Balance tallies with the Cash Balance as per System (Daily Checking of Report) and is within cash retention limit as per Bank guidelines.
g. Wherever cash funding arrangement is done by Auditee Branch to ATM vendor, reconciliation on regular basis is also to be checked. ATM Deptt. , Central Office has devised one register for this purpose. Maintenance of the same should be checked regularly.
h. Surprise cash checking of Cash at Branch (Cash on hand) & at ATM linked to the Branch should be conducted at least once in a month & to be reported.
i. Verification of Cash Balances of Currency Chest attached with allotted Branch.
a. KYC documents are obtained and attested that the same are verified with original.
b. Photos are affixed and attested
c. Nomination is taken
d. Letter of thanks is sent
e. Signature cards are duly attested and uploaded in CBS system.
f. Bank has 0% tolerance policy on KYC Non-Compliance. Concurrent Auditors should see that Branch is following KYC norms at cent per cent level. Concurrent Auditors must specifically scrutinize and comment on the effectiveness of the measures taken by Branches in adoption of KYC norms and steps towards prevention of money laundering. Adverse observations if any should be reported for placing the same before the Audit Committee of the Board of the Bank at quarterly intervals. Also comment on nomination in eligible accounts.
g. Risk profiling of new customers done by the Branch is satisfactory and Risk profiling in existing customers is reviewed periodically and entered in the system.
h. Beneficial Owners are properly entered wherever required.
i. Transactions not commensurate with the risk profile of the customer’s needs to be scrutinized.
j. Adherence to AML guidelines and detection of suspicious transactions,
k. The transactions about deposits received and repaid.
l. Overdue time deposits of deceased accounts
m. Check of Rate of interest paid on deposits, including calculation of interest paid on large deposits.
n. New accounts opened particularly current accounts. Operations in new Current / SB accounts may be verified in the initial periods to see whether there are any unusual operations as reiterated in RBI Circular No DBS.CO.PPD.6384/11.01.005/2014-15 dated 24th Nov, 2014
o. Verification and Certification of Remittance of amount to DEAF Scheme, which remained unclaimed for 10 years and above in Saving Current, Cash Credit accounts and other funds including foreign currency.
p. Now CD accounts are opened with prior approval of Regional Office and are as per RBI guidelines.
q. Cover the Money Transfer Service Schemes to check all cross border inward remittance transactions to ensure compliance with the anti-money laundering guidelines.
r. Verification of Spurt in Deposit Accounts of Major Parties.
s. The fact of splitting of Deposit to gain higher rate of interest on Fixed Deposits be checked.
a. Ensure that loans and advances have been sanctioned properly (i.e. after due scrutiny and at the appropriate level).
b. Verify whether the sanctions are in accordance with delegated authority.
c. Proper loan documents obtained & are duly filled & executed with appropriate stamp duty.
d. Check that securities and documents have been received and properly charged / registered.
e. Check that post disbursement supervision and follow-up is proper, such as receipt of stock statements, installments, renewal of limits, etc.
f. See that loan accounts are opened under proper product code with full details including non-mandatory fields.
g. Verify whether there is any misutilization of the loans and whether there are instances indicative of diversion of funds.
h. Checks whether the letters of credit issued by the Branch are within the delegated power, recorded in the System and also check that they are for genuine trade transactions.
i. Check the bank guarantees issued, whether they have been properly worded and recorded in the System. Whether they have been promptly renewed on the due dates or reversed immediately after the due date.
j. Check that proper follow-up of overdue bills of exchange made by the Branch.
k. Verify whether the classification of advances has been done by the System is as per IRAC as well as sectoral norms prescribed by RBI.
l. Verify whether the submission of claims to CGTSME/ PMJDY/ NCGTC/ Standup India and ECGC is in time.
m. Credit Information Reports are extracted from CIBIL/ Experian/ CRIF in all cases as per Bank Norms and same are analysed & commented upon even in cases of renewal of limits/ credit facilities.
n. CIF of Borrowers/ Co-borrowers/ Guarantors are linked to the loan accounts.
o. Verify that instances of exceeding delegated powers have been promptly reported to controlling/ Head Office by the Branch and have been got confirmed or ratified at the required level.
p. Verify the frequency and genuineness of such exercise of authority beyond the delegated powers by the concerned officials.
q. Credit Audit of all fresh sanctioned/ enhanced/ restricted Loan facilities of ₹50 Lakh and above is also to be done within stipulated time i.e. 1 Month from 1st disbursement. In these cases, Stock / Asset verification be done by periodical visits so as to confirm end-use of funds.
r. MSOD/ QIS in all eligible cases also be critically analysed and transactions in the Account be verified so as to confirm projection / estimation given in loan application / appraisal note.
s. When new loan account is opened in the CBS, it is the duty of Concurrent Auditor to verify in CBS viz. ROI, Instalment, Limit, Security etc. as much vital information like MIS, instalment etc. are dependent on error-free data.
t. Check that Bank has put in place a control and reporting mechanism to ensure disposal of applications for export credit especially from Small and Medium Exporters are disposed of within the prescribed time frame. Banks should ensure that this recommendation made by the Working Group to Review Export Credit is implemented in letter and spirit. The concurrent audit in banks should comment on whether or not the prescribed time frame for disposal of export credit applications is being adhered to by the banks.
u. Check the status of conduct of Legal audit as per RBI circular No. DBS.FrMC.BC.No.7/23.04.001/2012-13 dated 07.06.13 to subject the title deeds and other documents in respect of all credit exposures of ₹5 crore and above to periodic legal audit and re-verification of title deeds with relevant authorities as part of regular audit exercise till the loan stands fully repaid.
v. Wherever documents of title are submitted as security for loans, whether documents of title are subjected to verification regarding their genuineness, whether documents of title deed is compared with Certified Copy obtained from sub registrar office? In case of loan against the security of agriculture land, whether reports from the local revenue authorities regarding the title deeds are obtained before sanction of loan? Also Refer DBS. FRMC. BC.No. 7/ 23.04.001/ 2012-13 dt 07-06-13.
w. To avoid penalty and also to ensure security protection, it is necessary to confirm Registration with CERSAI, Intimation to Registrar of revenue and Registration of Charge with ROC (in case of company account) within 30 days.
x. Comments on Take-over Accounts must be given if any deviation is observed.
y. In respect of Letter of Comforts, it is necessary to verify the genuineness of documents.
z. Wherever a Chartered Accountant certificate, property valuation certificate, legal certificate, guarantee / line of credit or any other third party certification is submitted by the borrower, whether the authenticity of such certification is independently verified by directly communicating with the concerned authority issuing the certificate; indirect confirmation may also be resorted to, i.e. indicating to the issuer that in case there is no response by a certain deadline, it would be assumed that the certificate is genuine.
aa. In cases where it is established that the certification given by a chartered accountant, lawyer, registered property valuer or such third party is wrong, IBA should put in place a process to issue a ‘Caution List’ regarding the certifier to all banks. In this connection, banks may ensure compliance to RBI Circular DBS. CO. FrMC. BC.3/23.04.001/2008-09 dated March 16, 2009 in the matter.
bb. Interest rate variation report & exceptional transaction report are to be checked daily.
cc. Concurrent Auditors should ensure submission of MMR in eligible cases
dd. Compliance of Prudential Norm on Income Recognition, Asset Classification, Provisioning and Other related matters to be verified & non-compliance are to be reported.
ee. Review Renewal of Credit facilities to be verified & non-renewal/ review of loan accounts to be reported.
ff. Validity of security are to be verified & to report the expiry of the same 3 months in advance
gg. Monthly stock statement, Bank Debt data are obtained & DP is arrived as per the guidelines & sanction & entered into CBS.
hh. Fresh valuations of securities are obtained every three years.
ii. Inspection of security done periodically as per guidelines.
jj. Commission /charges recovered as per the sanction & guidelines.
kk. In Demand loan against Deposit receipt, lien mark on the deposit to be verified. Similarly it has to be ensured that the Deposit value and loan outstanding is not more than the value of Deposit amount.
ll. Verification of Bill of entries, shifting bills & ICE GATE portal are being certified by concerned authority.
mm. FIRC are issued through online RBI portal
nn. Weather (MIT) is coming within prescribed time period.
4. Foreign Exchange Transaction
a. Check foreign bills negotiated under letters of credit.
b. Check FCNR and other non-resident accounts, whether the debits and credits are permissible under rules.
c. Check whether inward / outward remittance have been properly accounted for.
d. Examine extension and cancellation of forward contracts for purchase and sale of foreign currency. Ensure that they are duly authorised and necessary charges have been recovered.
e. Ensure that the overbought / oversold position maintained in different currencies is reasonable taking into account the foreign exchange operations.
f. Ensure adherence to the guidelines issued by RBI / HO of the bank about dealing room operations.
g. Ensure that balances in Nostro accounts in different foreign currencies are within the limit as prescribed by the bank.
h. Ensure verifications/ reconciliation of Nostro and Vostro account transactions / balances.
i. In regard to the procedures prescribed for various types of export forms such as GR / SDF / PP / SOFTEX, AD Category – I Bank should ensure, by random check of the relevant duplicate forms by their internal / concurrent auditors, that non-realisation or short realisation allowed, if any, is within the powers delegated to them or has been duly approved by Reserve Bank, wherever necessary.
j. When any Export Bill crystallizes or L/C devolvement is there, concurrent auditors should verify whether proper accounting is done and comment thereon. Recovery measures also to be ensured.
k. Audit / Checking of Forms A1 / A2 / A3 & Other Areas of Forex Business
a) Audit coverage, focus may, however, be on large value transactions as well as fraud-prone areas, taking into account directions issued by RBI vide various A.P. (DIR Series) circulars. Concurrent Auditor should keep in view the liberalization in various areas, particularly with regard to personal remittances which are to be released against the self-declaration of the applicants. An indicative list showing the areas where audit should give more focus is given in the Appendix.
b) Concurrent Auditor to issue a certificate about the bonafides of the forex transactions undertaken by the Branch including the correctness of Forms A1 and A2 also mentioning that the transactions have been carried out as per the internal guidelines / instructions issued by the bank vis-a-vis FEMA provisions. Concurrent Auditor should also certify that due diligence exercise has been carried out while dealing with the forex transactions. The above certificate may be kept with the Branches.
c) Prompt reporting by the Branch to RBI in respect of FDIs / Mode of remittance of transactions in non-resident accounts
d) Subjecting FDI transactions for concurrent audit as stipulated in Para (B) (i) of Annex-I of the RBI circular DOS. No. BC.16/08. 91.02/96 dtd Aug 14, 1996.
e) Verify the advance payments for imports on behalf of Borrower/customer have been made after following due diligence and proof of imports have been obtained. Likewise, see that Bank Certificate is issued by the Branch.
f) Whether export receivables have been settled out of funds received in cash?
g) XOS statement is prepared as per the extent FEMA provisions.
h) Verification of SWIFT log on daily basis to see that necessary entries have been passed by the Branch and certify the same.
i) Based on the guidance and information received from the central auditor, the branch auditors need to ensure that:
> Their roles and responsibilities are clearly understood and implemented.
> To the extent possible, data analysis tools are used for better and effective audit.
> Test of controls and substantive checking of sample transactions is carried out at the branch level and, where considered necessary, the results are shared with the statutory central auditors.
> Significant observations having bearing on the true and fair view are reported to the statutory central auditors.
> Any other limitations on audit which are required to be reported by the auditors in a timely manner.
> Whether Merchant Trade Transaction (MTT) is completed within the prescribed period
a. Early reconciliation & liquidation of entries outstanding in the inter-Branch and inter bank accounts, Suspense Account, Sundry Deposits Account intermediaries etc. ensure early adjustment of large value entries.
b. Checking of transactions in Nominal & Profit & Loss Accounts on daily basis.
c. Carry out a percentage check of calculations of interest, discount, commission and exchange, service charges
d. Check whether debits in income account have been permitted by the competent authorities.
e. Check the transactions of staff accounts on daily basis, Deceased Accounts, Inoperative Accounts are converted to operative as per the procedure after prior approval of RO.
f. Transactions in the inoperative accounts are to be checked carefully on regular basis.
g. In case of difference in clearing there is a tendency to book it in an intermediary suspense account instead of locating the difference. Examine the day book to verify as to how the differences in clearing have been adjusted. Such instances should be reported to Head Office in case the differences persist.
h. Detection & prevention of Revenue Leakages through close examination of income and expenditure persist.
i. Verification of cheques returned/ bills returned register and look into reasons for return of those instruments.
j. Checking of inward and outward remittances (DDs, NEFT, RTGS) etc.
k. Cover cases of delay in reimbursing the customers for failed ATM transactions.
l. Subject the accounts maintained for collection of payments by intermediaries to concurrent audit and submit a certificate to the effect that these accounts are operated in accordance with RBI directions to Department of Payment and Settlement System, Reserve Bank of India, on a quarterly basis. In addition, banks should forward a covering letter certifying that the quarterly certificate from the concurrent auditor being furnished to the Reserve Bank of India on the operations of the intermediaries’ accounts includes all the intermediaries accounts maintained with the bank.
m. Verification of implementation of BCSBI (Banking Codes and Standards Board of India) Code on customer Service.
n. Remittance of Tax amount deducted at source, submission of quarterly returns to NSDL/ Tax authorities,
o. GST Collection and remittance. Verification of Recovery of GST on various services, its remittance, Timely submission of GSTN returns. Concurrent Auditors shall leave no scope for penalty
p. Comment on internal discipline, staff rotation, checks and balances, etc
q. Supplementary checking is done with physical vouchers and uploaded on daily basis as per bank guidelines.
6. NPA Management.
a. When Borrowal Account shows signals of weakness, reasons for Cash crunch be analysed with discussion with Branch Manager and corrective steps be advised to prevent further damage.
b. Auditor should not mention remark like “As Interest / EMI not serviced” hence account became SMA. Similarly, where accounts become NPA, the same should not be overlooked by Auditors. It must be verified / checked whether further steps are being taken by Branch for recovery within stipulated time or not. If there is delay, then reasons must be critically analysed by concurrent auditor and commented in the report.
c. Concurrent Auditors shall also comment where provision is less than the RBI norms.
7. Other Items
a. In case the Branch has been entrusted with government business, ensure that the transactions are done in accordance with the instructions issued by Government, RBI & the Bank.
b. Ensure that the Branch gives proper compliance to the internal/ external/ RBI inspection/ audit reports/ RM/ SRM/ FGM/ ZM Visit Reports, Surprise Inspection Reports of Vigilance Officer / LRM/ Stock Audit etc. Concurrent Auditor should specifically give Compliance Certificate in respect of each and every irregularity pointed out in ALL their reports as per Annexure.
c. Ensure that customers’ complaints are dealt with promptly.
d. Verification of statements, HO returns, statutory returns.
e. Retailing of Government securities in accordance with RBI guidelines.
f. To certify the correctness of Agency commission Claims lodged with Govt. Dept.
g. In regard to repayment of various types of Government Bonds, the Agency banks may prefer claims for reimbursement as per the prescribed procedure only in respect of the repayments effected by them. Such claims may be submitted in the usual manner to CAS, Nagpur through the respective link cells along with the consolidated scrolls separately for principal and interest. The claims should be duly supported by a certificate from the Internal / Concurrent Auditors to the effect that the repayment figures have been checked 100% and that the amount has already been paid to the investors.
h. Claims for agency commission in respect of Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme, 2004, should be certified by Auditors / Concurrent Auditors of the Agency banks to the effect that no ineligible item is included and the claim is made as per extant instructions of RBI.
i. To specifically report, simultaneously, to the General Manager, CA&ID, Central Office, Mumbai any matter susceptible to be fraud or fraudulent activity or any foul play in any transactions where the amount involved is ₹100 lakhs or above.
j. The concurrent auditors must be specifically required to examine the implementation of “Staff Rotation” and “Mandatory Leave” policies and point out instances of breaches irrespective of apparent justifications for non-compliance, if any. The decisions taken / transactions effected by officers and staff not rotated / availing leave as per policy
k. Audit of Outsourced activities: Assess the adequacy of risk management practices adopted in overseeing and managing the outsourcing arrangement, the Bank’s compliance with its Risk Management Framework and the requirement of RBI guidelines.
l. When Borrowal Account shows signals of weakness, reasons for Cash crunch be analysed with discussion with Branch Manager and corrective steps be advised to prevent further damage. Auditor should not mention remark like “As Interest / EMI not serviced” hence account became SMA. Similarly, where accounts become NPA, the same should not be overlooked by Auditors. It must be verified / checked whether further steps are being taken by Branch for recovery within stipulated time or not. If there is delay, then reasons must be critically analysed by concurrent auditor and commented in the report.
m. Each Report (Monthly / Quarterly) should contain Executive Brief in respect of major irregularities and suggestions for overall development of the Branch.
n. Fraud accounts – Auditor is required to verify and check developments in the fraud accounts such as filing and registration of FIR, initiation of charge sheet in criminal court and its development, filing of insurance claim in all eligible accounts and its follow-up, staff action development, filing of DRT suit and other legal action such as action under SARFAESI etc. in all eligible accounts.
o. Bank has a system of generating alerts on various scenarios. An alert is generated when any transaction takes place over and above the threshold limit. Such alerts are referred to the Branch, through a web based portal on daily basis, for re-verification and confirming its genuineness. Concurrent auditors should verify such alerts and reply submitted by the Branch for closure of alert by RO. Concurrent Auditor should analyse the pattern & frequency of alerts and report their observations.
p. Business Correspondent -Visits to BC points is carried out periodically. BC is not allowed to access Bank records. BC is not allowed to work in branch premises
q. Pool Buyout –
A. Day Start-up Activities: Following areas require the attention of the auditor:
a. Verify that day start-up Activities of a computer system is carried out either by the Branch Manager or System Administrator. It should be properly documented and signed in the register maintained.
b. Verify the time of commencement of day-start-up activities. It should not be carried out prior to the banking hours.
c. Verify that all the security checks are performed as per the prescribed guidelines from the Central Office of the Bank.
d. Verify that banking date is verified daily and check sum facility is used regularly.
B. Transaction Controls: Following are the areas the auditor may verify along with going through the manuals in relation to data base management:
a. Date is authorised either by Branch Manager or System Administrator.
b. The control exists in the software to check that the entries pertaining to current date would be only accepted. There should not be any provision to feed back dated or future dated entries.
c. In the case of non-usage of terminals, terminals are logged-off.
d. Register for recording of problems in the software and the suitable action taken.
e. For only physically present users of the computer system, the requisite terminal/user account is enabled, else the account remains disabled.
f. Special batch reports are printed, checked, authenticated and duly filed.
C. Personnel Controls: To discourage misuse of funds and such practices, it is important to implement Personnel Controls. Auditor may verify the following to establish that efficient and effective personnel management practices are followed:
a. The technical competence of the employees of the bank operating the computer system.
b. Whether adequate training was imparted to the employees in connection with the operations of the software, presently being used in the bank.
c. The segregation of duties among the bank employees and the process of monitoring the performance of each employee.
d. Authorization for amounts entered by the operators are clearly defined and documented.
e. Job rotation is carried out at regular intervals.
D. Day End Activities: Keeping in view, the serious effects on the system software, auditor may scrutinize the entries on and around the various closing dates of the Bank. This verification can be conducted by going through the exceptional report or Supplementary generated by the system software. Besides this, auditor should also verify that following activities are carried out regularly and documented:
a. Day end activities are carried out by either the Branch Manager or System Administrator and are properly documented.
b. Supplementary are checked and special users are deleted.
c. The following functions are completed at the day end:
d. The data back-ups taken are in safe custody and properly documented.
e. Server Room is properly locked and the keys are kept only with authorised person.
f. The generation of following documents:
g. After the business hours of the bank computer operators perform the following functions:
9. Minimum Audit Programme for Concurrent Audit System in Commercial Banks: (RBI/2015-16/133, DBS.CO.ARS.No. BC. 2/08.91.021/2015-16 dated July 16, 2015)
|A||Cash transactions -Verify|
|a.||Surprise physical verification of cash at branch and ATM along with safekeeping and custody.|
|b.||Daily cash transactions, particularly any abnormal receipts & payments.|
|c.||Surprise verification of cash by an officer other than the joint custodian.|
|d.||Proper accounting of and availability of insurance cover for inward and outward cash remittances.|
|e.||Accounting of currency chest transactions and delays/omission in reporting to RBI.|
|f.||Reporting of Counterfeit Currency.|
|g.||All cash transactions of ₹10 lakh and above reported in CTR.|
|h.||That all cash transaction of ₹50,000 and above invariably indicate Pan No./Form 60.|
|B||Clearing transactions -Verify|
|a.||Reconciliation with bank’s account at Clearing House and review of old outstanding entries for reconciliation.|
|b.||Drawings allowed against uncleared instruments – sanction by the controlling authority.|
|C||Remittances/Bills for Collection -Verify|
|a.||Remittance of funds by way of DDs/TTs/MTs/TC/NEFT/RTGS any other mode in cash exceeding the prescribed limit.|
|b.||Documents of title (lorry receipts, railway receipts, etc.) obtained in favour of the bank and the concerned transporters are on the IBA approved list.|
|c.||Outstanding balance in DP and other transit accounts pending payment beyond prescribed period.|
|a. a.||Adherence to KYC/AML guidelines in opening of fresh accounts and monitoring of transactions in such accounts.|
|b.||Large term deposits received and repaid including checking of repayment of term deposit in cash beyond permissible limit.|
|c.||Accounts opened and closed within a short span of time i.e., accounts with quick mortality.|
|d.||Activation and operations in inoperative accounts.|
|e.||Value dated transactions.|
|f.||Settlement of claims of deceased customers and payment of TDRs against lost receipts and obtention of indemnities, etc. To check revival of dormant accounts and accounts with minimum activities.|
|g.||Examination of multiple credits to single accounts.|
|E||Treasury operations -Verify|
|a.||If branch has acted within HO instructions for purchase and sale of securities.|
|b.||Periodic confirmation of Derivative contracts with counterparties.|
|c.||Adherence to regulatory guidelines with respect to Treasury deals/structured deals.|
|d.||Controls around deal modification/cancellation/deletion, wherever applicable.|
|e.||Cancellation of forward contracts and passing/recovery of exchange gain/loss.|
|f.||Gaps and OPL maintained in different currencies vis-à-vis prescribed limit for the same.|
|g.||Reconciliation of Nostro and Vostro accounts-balances in Nostro accounts in different foreign currencies are within the limits prescribed by the bank.|
|h.||Collection of underlying documents for Derivative & Forward contracts. Delays, if any.|
|i.||Instances of booking and cancellation of forward contracts with the same counterparty within a span of couple of days or a few days.|
|j.||Sample check some of the deals and comment on the correctness of computation.|
|k.||Checking of application money, reconciliation of SGL account, compliance to RBI norms.|
|l.||Checking of custody of unused BR Forms & their utilization in terms of Master Circular on Prudential Norms on Classification, Valuation and Operations of Investment Portfolio by banks.|
|m.||To ensure that the treasury operations of the bank have been conducted in accordance with the instructions issued by the RBI from time to time.|
|F||Loans & Advances-Verify|
|a.||Report Bills/cheques purchased, if in the nature of accommodation bills.|
|b.||Proper follow-up of overdue bills purchased/discounted/negotiated.|
|c.||Fresh loans and advances (including staff advances) have been sanctioned properly and in accordance with delegated authority.|
|d.||Reporting of instances of exceeding delegated powers to controlling/head office by the branch and have been confirmed or ratified by the competent authority.|
|e.||Securities and documents have been received as applicable to particular loan.|
|f.||Securities have been properly charged/ registered and valued by competent person. Whether the same has been entered in the bank’s system.|
|g.||All conditions of sanction have been complied with.|
|h.||Master data relating to limit, rate of interest, EMI, moratorium period details have been correctly entered and updated/modified in the system.|
|i.||Value dated entries passed in advances accounts.|
|j.||Post disbursement supervision and follow-up is proper, such as timely receipt of stock and book debt statements, QIS data, analysis of financial data submitted by borrower, verification of securities by third parties, renewal of limits, insurance, etc.|
|k.||Whether there is any misutilisation of the loans and whether there are instances indicative of diversion of funds.|
|l.||Compliance of prudential norms on income recognition, asset classification and provisioning pertaining to advances.|
|m.||whether monthly updating of drawing power in the computer system on the basis of stock statements/book debt statement/ other financial data received from the borrowers.|
|n.||Recovery in compromise cases is in accordance with the terms and conditions of the compromise agreement.|
|o.||To check review and renewal of loans.|
|a.||LC/BG issued/amended as per the approved format/model guarantee prescribed and standard limitation clause incorporated. Whether counter indemnity obtained as prescribed.|
|b.||Any deviation from the terms of sanction in regard to margin, security, purpose, period, beneficiary, collection of charges, commission/ fee, etc.|
|c.||Whether payment is made to the debit of party’s account on due date without creating overdraft/debiting suspense, in case of deferred payment guarantee.|
|H||Foreign Exchange transactions-Verify|
|a.||Recovery of charges as per HO Guidelines.|
|b.||Packing credit released, whether backed by LC or confirmed export order.|
|c.||Availability of ECGC cover and compliance with ECGC terms.|
|d.||Submission of statutory returns on export/ import transactions, like BEF statements, XOS, write off of export bills, etc. Follow up of outstanding export bills and exchange control copy of bill of entry.|
|e.||Irregularities in opening of new accounts and operation in NRO, FCNR, NRE, EEFC, etc., and debits/credits entries permissible under the rules.|
|f.||Whether operations in FCRA accounts are as permitted by MHA and FCRA guidelines.|
|g.||Booking, utilization, extension and cancellation of forward contracts.|
|I||House Keeping -Verify|
|a.||Exceptional transaction reports are generated and verified by branch staff as prescribed.|
|b.||Review of all balance sheet heads and outstanding entries in accounts, e.g., suspense, sundry and inter-bank accounts. Review of follow up of entries pending for reversal.|
|c.||Scrutiny of daily vouchers with more emphasis on high value transaction including high value expenses and debit entries in Suspense account.|
|d.||Debits in accounts where signatures are pending for scanning.|
|e.||Whether records related to KYC/vouchers and other critical areas are sent to specific places like archival center, record room as per stipulated periodicity.|
|f.||Adherence to KYC/AML guidelines in opening fresh account and subsequent modifications of records and monitoring of transaction.|
|J||Verification of Merchant Banking Business-Verify|
|a.||Whether the instructions given by the controlling branch are properly followed where the branch acts as a collecting branch for issue business.|
|b.||Whether daily collection position is advised to the controlling branch.|
|c.||Whether recovery of the commission/fees and out of pocket expenses as agreed with the respective companies and whether the competent authority has duly authorized any waiver or reduction of such charges.|
|d.||Whether the prescribed preventive vigilance measures are observed by the branch.|
|e.||Where data entry or data processing work is entrusted to outside agencies, the competent authority duly approves these and the prescribed stamped indemnity has been obtained from such agencies.|
|f.||Whether dividend interest warrants/refund payment accounts of companies are funded prior to dispatch of the relative warrants by the companies and there is no misuse of the facility.|
|g.||Whether Claims for reimbursement of amounts of paid warrants received from paying branches are processed and debited to the concerned company’s account promptly.|
|h.||Whether charge on security has been created, wherever debenture trustee activity is undertaken by bank.|
|K||Verification of Credit Card/Debit card –Verify|
|a.||Application for the issue of credit card has been properly examined and record of issue of the same has been maintained.|
|b.||Whether overdraft/debits arising out of the use of credit cards are promptly recovered and informed to higher authorities.|
|c.||Whether undelivered credit cards are properly kept as security items and followed up with credit card department for further instructions.|
|d.||Physical verification of ATM cards, debit cards, credit cards, passwords and PINS, control over issue & delivery, safe keeping and custody at all the locations. Report loss of any such items.|
|a.||Compliance of provisions relating to Tax Deducted at Source, service tax, trade tax, other duties and taxes.|
|b.||Physical verification of inventory, control over issue of inventory, safe keeping and custody of security forms. Report any loss of such items.|
|c.||Physical verification of other deliverable items, control over issue, safe keeping and custody.|
|d.||Physical verification of Gold coins, control over issue, safe keeping and custody. Checking of Gold sale transactions.|
|e.||Custody and movement of branch keys.|
|f.||Locker keys and locker operations-linking of FDR as security for locker/operation of locker/inoperative lockers/ nomination/other issues.|
|g.||Safe custody of branch documents like death claim cases, issuance of duplicate DD/PO/FDR, checking of indemnities, etc. and verification of documents executed during the period under audit.|
|h.||Reporting of frauds.|
CENTRAL BANK OF INDIA, CENTRAL AUDIT & INSPECTION DEPT. CENTRAL OFFICE, MUMBAI
PLEASE KEEP FOLLOWING INFORMATION READY:
1. DETAILS OF PARTNER/ PROP. HAVING CERTIFICATE OF ICAI REGARDING CONCURRENT AUDIT.
2. BRANCH CODE OF CENTRAL BANK OF INDIA BRANCH FOR WHICH APPLICATION IS TO BE MADE. YOU MAY SUBMIT YOUR CHOICE FOR 4 BRANCHES/ OFFICES.
3. DISTANCE BETWEEN CENTRAL BANK OF INDIA BRANCH AND YOUR OFFICE.
4. RBI UCN OF THE FIRM.
5. RBI CATEGORY.
7. WHETHER ADDRESS OF THE FIRM IS SAME AS APPEARING IN BANK’S PORTAL? IF NOT FURNISH NEW ADDRESS IN THE PORTAL.
8. PERMANENT ACCOUNT NUMBER OF THE FIRM.
9. CONSTITUTION OF THE FIRM.
10. ICAI REGISTRATION NO. OF YOUR FIRM.
11. WHETHER FIRM IS SUBJECTED TO ENQUIRY BY ICAI/ RBI?
12. EXPERIENCE IN CONCURRENT AUDIT OF BANKS DURING LAST FIVE YEARS. NAME OF BANK, BRANCH NAME & PERIOD FROM, TO.
13. WHETHER QUALIFIED FOR CONDUCTING CDSL AUDIT?
14. WHETHER SKILL UPGRADATION TRAINING CONDUCTED BY ICAI ATTENDED OR NOT?
PLEASE SELECT “APPLY ONLINE” LINK FROM HOME PAGE OF THE PORTAL. A WEB PAGE “Request for Assignment of Concurrent Audit” WILL BE OPENED FOR ENTERING DETAILS.
|Only Online Applications will be considered. No other applications will be
entertained whether submitted in hard copy or through ‘e-mail’
|APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT IN CENTRAL BANK OF INDIA|
|Choice of Branch|
PLEASE SELECT THE BRANCH / OFFICE FROM THE LIST OF PROPOSED BRANCHES / OFFICES FOR WHICH APPLICATIONS ARE BEING INVITED, AS PER CATEGORY OF THE FIRM.
DEPENDING ON THE SIZE OF THE BRANCH, ELIGIBILITY CRITERIA IS AS UNDER:-
|Sr. No||Branch Category||Category of the CA Firm, assigned by RBI|
|1||CFB / CO Departments||I|
|2||MCB / ELB/ SAM/ ARB/ SPL/ CELL||I & II|
|3||VLB/ SSB/ CPAC||I, II & III|
|4||Other Branches not Covered Above||I, II, III & IV|
ENTER YOUR UCN IN THE FIELD. SYSTEM WILL SHOW THE CATEGORY OF THE FIRM AS PER RECORD. IF IT IS REVISED THEN PLEASE ENTER REVISED CATEGORY OF THE FIRM IN THE FIELD BY SELECTING DROP DOWN LIST. AFTER THIS ENER THE BRANCH CODE FOR WHICH APPLYING FOR.
ENTER THE BRANCH CODE IN THE FIELD PROVIDED. NAME OF THE BRANCH/ OFFICE SHALL APPEAR AFTER ENTERING THE BRANCH CODE.
GIVE THE DISTANCE IN ‘KMs’ FROM FIRM’S OFFICE. THE DISTANCE SHOULD BE MANAGEABLE FOR VISITING BRANCH, DAILY. TRAVELLING EXPENSES SHALL NOT BE PAID OR REIMBURSED.
IF FIRM IS PREPARED TO TAKE UP, ASSIGNMENT OF ANY OTHER BRANCH AT THE CENTRE, THEN IT CAN FURNISH THE NAME OF SUCH BRANCHES AT OTHER CENTRE.
AS UNDER ONE “RBI UCN’, ONLY ONE APPLICATION CAN BE SUBMITTED, THE SELECTION OF BRANCH / OFFICE (ES) SHOULD BE DONE CAREFULLY.
AFTER SELECTION OF BRANCH / OFFICE (ES), ENTER “UCN / RBI REG. NO.*” IF FIRM’S RBI CATEGORY MATCHES WITH THE BRANCH CATEGORY, DETAILS OF THE FIRM SHALL BE POPULATED IN THE APPLICATION FORM.
THERE IS POSSIBILITY THAT CATEGORY OF THE FIRM MIGHT HAVE BEEN CHANGED BY ICAI BUT SAME HAS NOT BEEN MODIFIED IN THE DATA RECEIVED BY THE BANK FROM RBI. IN SUCH CASE PLEASE SELECT THE BRANCH AS PER EARLIER CATEGORY OF THE FIRM.
AS PER DETAILS AVAILABLE WITH RBI, REQUIRED ROWS FOR ENTERING PARTICULARS OF PARTNERS SHALL BE GENERATED. IF SUCH ROWS ARE MORE THAN ACTUAL PARTNERS AS ON THE DATE OF APPLICATIONS ON ACCOUNT OF RETIREMENT / RESIGNATION OF ANY PARTNER THEN NAME OF RETIRED / RESIGNED PARTNER, HIS/HER ICAI MEMBERSHIP NO. MAY BE FURNISHED WITH, ENTERING “SINCE RETIRED/ RESIGNED IN OTHER COLUMN / FIELD IN THE ROW. THERE IS A PROVISION OF ADDING ROW.
FOR ENTERING DETAILS OF CONCURRENT / STATUTORY AUDIT EXPERIENCE, PLEASE ADD THE NUMBER OF ROWS REQUIRED FOR ENTERING THE DETAILS AS UNDER:
DURING LAST FIVE YEARS (UP TO 30TH SEPT’20, IF FIRM HAS CONDUCTED CONCURRENT/ STATUTORY AUDIT AT MANY BRANCHES OF A PARTICULAR BANK CONTINUOUSLY, THEN SAME CAN BE REPORTED IN SINGLE ROW BY ENTERING NAME OF BRANCHES IN THE “BRANCH” COLUMN (E.G. BR A, BR B, BR C) AND IN DATES COLUMN ASSIGNMENT START DATE AT FIRST BRANCH AND END DATE OF LAST BRANCH ASSIGNMENT COMPLETION DATE (LATEST)
FIRM’S EXPERIENCE IN SPECIALIZED AUDITS SHOULD BE BASED ON FACTS AND BANK MAY SOUGHT THE SUPPORTING PROOFS, IF REQUIRED.
PLEASE DON’T SEND PRINT OUT/ SOFT COPY OF YOUR APPLICATION TO ANY OFFICE OF OUR BANK. COPY OF APPLICATION FORM, ALONG WITH OTHER DOCUMENTS IS TO BE SUBMITTED TO RESPECTIVE ZONAL AUDIT OFFICE BY THE SELECTED FIRMS ONLY.
ONLY ONLINE APPLICATIONS SHALL BE CONSIDERED. ALLOTMENT WILL BE MADE FOR THE LISTED BRANCHES IN THE AREA OF APPLICANT’S CHOICE, PRIORITIZING AND SELECTING FROM THE ONLINE APPLICATIONS. THE BANK RESERVES THE RIGHT TO ADD / DELETE NAME OF BRANCH(S) FROM THE LIST. NO CORRESPONDENCE SHALL BE ENTERTAINED IN THE MATTER.
ANY TYPE OF CANVASSING or RECOMMENDATIONS SHALL BE A DISQUALIFICATION. PLEASE NOTE.
(Republished with Amendments)