Application for Empanelment of Concurrent Auditors with Oriental Bank of Commerce for Corporate Account based in Ludhiana

Public Notice

Oriental Bank of Commerce
Circle Office, Ludhiana
3rd d Floor, 2439/1-2, Dhanraj Complex, Near PAU Gate No. 1 Ferozepur Road, Ludhiana-141001

Appointment of Concurrent Auditor for Corporate Account based in Ludhiana

Application are Invited for appointment of Concurrent Auditor for Corporate Account based in Ludhiana and terms of reference are below:-

Terms of Reference

1. Documentation and compliance of terms and conditions of sanction.

2. Perfection of security as per terms of sanction

3. Important accounting policies having bearing on financial and operational results Compliance with applicable Accounting Standards.

4. Comment on Internal Audit System

5. Status of Payment of Statutory Dues

6. Report on contingent liabilities and its likely impact on financial results of the company

7. Capacity vis-à-vis production/capacity utilization

8.Report on transactions relating to sister/associate/group concern

9. Inventory control system

10. Creditors/Debtors velocity, age of Debtors, quality of debtors, list of major debtors with date of earliest outstanding.

11. Report on non-current/non-business related asset/liabilities

12. Report on conduct of account including non-fund based facilities

13. Drawings vis-a-vis Drawing Power/sanction limit

14. Quality of stock statements and processes involved, comments on its reliability, basis of valuation of stocks

15. Actual results vis-a-vls projections(quarter on quarter change in financials)

16. Comments on slow moving, non moving/obsolete stocks,

17. Transactions routed through bank’s other than Lender/ account with other Banks

18. Sharing of information with other banks as per Performa circulated by Reserve Bank of India for Consortium/Multiple Banking Arrangement accounts.

19. Foreign currency documents as per the contact with the customers to ensure that the contracts are taken up on due dates

20. Compliance of SEBI guidelines in case of listed company and clause 49 adherence.

21. Share holding pattern each quarter and change in management during the period of audit.

Note: You are advised to offer minimum possible charges.

Manager/ Asstt. Ge. Manager/ Dy. Gen. Manager

Circle Office, Ludhiana
Date:- 19.07.2018 Place:- Ludhiana

Download Empanelment Notice by OBC

More Under CA, CS, CMA


  1. CA MBG Tilak says:

    OBC is one of the very good public sectors banks in our Country with good track record of work -performance & maintaining good customer relations. I would like to suggest the following steps , if found useful may be implimented. (1)It is resonable to include proprietory CA firms also with 5 years standing & with one FCA member as Proprietor in the list eligible firms to do Concuurent Audit-This practice is being adopted by Andhra Bank at present. This practice enables the OBC to have wide choice of selecting Audit Firms situated near the Branches subjected to concurrent Audits.The proprietory firms will have more flexibility & commitment to discharging its professional work & however only one CA proprietory firm may be given one/two audit work assignment(s) at the maximum.
    (2)In respect of Systems Audit & Control , it is requested to enlarge the scope of eligibility qualification of IS Auditors as DISA(ICAI) or DISA(ICMAI-Now being awarded by Institute of Cost & Management Accountants of india.,Calcutta, a full one year comprehensive Diploma Course offered & examined rigorously with multiple choice questions of 4 hr duration,with exacting standards ,for the members Institute of Cost & Management Accountants of India exclusively , with the collabaration of ISACA , or CISA etc and the requirement of 2 years of IS /Forensic Audit experience may be removed to encourage more & more CA Firms to apply for the same , since a number of proprietors/partner CAs already have more relavent experience & OBC will have a wide choice in selecting IS Audit Firms situated near the Branches subjected to IS/Forensic Audits. These steps , it is requested to be considered & issue afresh a new advertisement , if considered positively by Management of OBC.
    (3)The panel maintained on account of (1) & (2)above may be gainfully utilised by any near by OBC Branch,with discretion for any other miscellaneous professional assignment by entrusting the same to the nearest CA firm of its choice to avoid extra overhead costs.Alteranatively the empanelled audit firms for statutory branch audit assignments can also gainfully utilised provided they satisfy other conditions such as that they are not appointed as statutory auditors of that Bank etc.
    These steps , it is requested to be considered & issue afresh a new advertisement , if considered positively by Management of OBC.

  2. Kiran says:

    Sir,Proforma for
    1.Declaration of Fidelity & Secrecy (as per performa)
    2.Terms & Conditions (as per performa)
    3.Do’s & Don’t (as per performa) has not been provided with the notification.

    Please provide the same.


  3. CA. M. Lakshmanan says:

    1. Constitution Certificate & Registration Certificate are one and the same.
    2. Why copies of qualification certificates are required? Unless the CAs are qualified ‘Constitution Certificate’ will not be issued by ICAI.
    3. What is meant by ‘copies of certificate of experience’? Whether copies of appointment orders for ‘Concurrent Audit’, ‘Statutory Audit’ etc. are to be sent?

  4. GOPI says:

    1)The portal is not functioning Properly.
    2) How could category III and IV audit firms have 3 FCA’s as partners?….
    3) How could scanned copies of documents be sent through Post?..

  5. Khaja Anwar Mohiuddin says:

    Sir, The under noted proforma not enclosed to the notification.
    Acceptance letter on Partnership firm’s/Company’s Letter Head mentioning the name of Partners/Directors alongwith his signature who will conduct the audit.
    Latest Constitution Certificate duly verified.
    Declaration of Fidelity & Secrecy (as per performa)
    Terms & Conditions (as per performa)
    Do’s & Don’t (as per performa)
    – See more at:

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