Canara Bank invites applications from the eligible/interested audit firms for empanelment as concurrent auditors for conducting concurrent audit in the identified 500 branches for the period from 01.10.2009 to 30.9.2010.

Terms and conditions for appointment, fee structure, methodology for application/ selection, methodology for conducting audit/reporting and the methodology for review of performance of the auditors are furnished in the annexure 1 (click to view).

The list of identified 500 branches with eligible fee is furnished in annexure 2 (click to view).

Eligible/interested firms, who are agreeable to the above terms & conditions, may apply online only in the application (click to apply), on or before 27.08.2009

Please note that hard copies of applications/annexures should not be sent to the Bank unless called for. Bank will not entertain any correspondence/ communication from the applying firms till selection of the firms.

Place : Bangalore
Date :  07.08.2009

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Tags : Audit (467) chartered accountants (645) Empanelment (512)

0 responses to “Empanelment for Chartered Accountants (CAs) in practice with Canra Bank for Concurrent Audit”

  1. mohit jain says:

    we are unable to know ,dates of different banks ,when to apply,online & send physically.

  2. CA NARESH BHATI, surat says:

    all the bankers are assigning audit to experienced C.A.firm
    my question is if i will not get bank audit till 20 years, how can i add experience in my firm’s profile.

    kam milega to na experience hoga. kam he nahi denge to experience kaha se milega.

    there must be some criteria so that fresher C.A. can get bank assignment

  3. CA Hemant says:

    I do agree with all of u that the remuneration offered to an auditor is quite lower that than the peon of the bank, and still with that amt they want us to certify many things like quarterly revenue audit, RBI bond interest cert,etc. apart from concurrent audit report.

  4. mohan says:

    the canara bank web site application form is not designed properly, after adding the partners details, it is getting stuck. the details typed should save for further filling.

  5. Arjun says:

    Apart from the unremunerative fees it is the insulting conditions on which the audit is given. Pt.4 reads “no seperate TA/Halting Allowance/Out of pocket expense for inspecting securities/attending training/workshops, conducting audit of extension branch, etc. will be paid whatsoever”. While the bank official is entitled to his local/travel/halting allowance upon steping out of the branch premise, the poor auditor has to spend from his pocket”. ICAI should have taken offence and issued an advisory to members not to take up such audits. The only will such things not happen again.

  6. CA.P M Sanu ,Kochi says:

    It is great pleasure to hear that some CAs are reluctant to respond to “petty fee category Audits”.
    No need to care about the financial capacity of client.To meet the cost of audit ,it is essential to charge fee at least as per ICAIs guide line.
    The present bargaining power/Reputation is not created by the present CAs,It is only because of that created by many of the Senior CAs/CA Firms .The present CAs/firms have to maintain at least the prfessional value created by seniors.So ,It is better not to takeup unremunerative Assignments.

  7. CA Balan says:

    Dear Arulanantham
    u have to have someone backing u at the allotee bank & nothing else.


    The remuneration is very very low.The responsibilities are too high.Is there any uiformity in fixing concurrent audit fees paid to CAs.The stationery Cost of preparing audit ,the time consumed in collecting information from the banking people and co-operation of the bank staff are very cumbersome.

  9. CA Vishal says:

    We should ask bank to publish final list of the empanelled auditor. also ask them to know, how many number of firms applied for the audit.

  10. CA Shailesh Kamdar says:

    Dear Sandeep,

    you are correct in saying that we dont say no to even our smallest “client”.

    But is it possible to serve your client with this fees?

    in my view, it is not. hence what will happen, we cant deliver.

    Because CA accept this types of assignment at such a low rate, banks dont want to offer more!

    • Sandeep Kanoi says:

      I know quality is going to hamper. Some banks for the paltry sum of 5-6 thousand Put the condition of CA attendance for 15 days which is not possible for any CA, even for those practicing in remote villages.
      But banks need to understand this too.
      Quality comes at a cost.

  11. CA Shailesh Kamdar says:

    Can anybody dare to do this audit with 6 page terms and condition and remunaration to the tune of 8 to 10k??????

    Is it not a joke?

    Are we jobless to respond to such a audit????

    • Sandeep Kanoi says:

      My Dear there are many who will accept even for less then 8k. You also know how many times CA himself go to do these kinda audit.
      We are not jobless but we are good businessmen and we don’t say no to even our smallest customer.

  12. Prabhu says:

    Now there is provision for ‘0’. But, no provision for No. of Articled Assts.?

  13. S.Balasubramanian, says:

    There is no 0 provision.

  14. S.Balasubramanian, says:

    Canara Bank concurrent audit empanelment- Our firm Krishnan&Balasubramanian does not have to fill up on the columns in the on line application for statutory central audit/foreign exchange etc.,. Accordingly, if we fill nil-year in these fields we are unable to submit due to prompt coming”fill up year of experience(which is Not Applicable to us)”.Please correct this anamoly. We are unable to complete the On line application. We find there is no save option available.Await your clarification.

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