Indian bank is in the process of making a Fresh Panel for concurrent auditors. Applications are invited from eligible Audit Firms for empanelment as Concurrent Auditors as per the eligibility criteria. Last date of submission of Applications is 09.06.2017 (Extended, Earlier last date was 03rd June 2017).

Indian Bank,  Inspection Department, Dated: 18.05.2017

Indian bank is in the process of making a “Fresh Panel” for concurrent auditors. Applications are invited from eligible Audit Firms for empanelment as Concurrent Auditors as per the eligibility criteria given below:

Basic criteria for assigning for Concurrent Audits

a) Audit firm must have RBI UCN (should appear in list provided by ICAI).

b) An audit firm eligible to be engaged for audit work should have qualified Information System Auditor (CISA / DISA) with necessary exposure to systems audit since all branches are fully computerized and IS audit should form an integral part of the audit.

c) Weightage will be given to the firms where the partners themselves are ex-bankers or the firm has (got tie-up with) ex-bankers with requisite experience and exposure as associates.

d) Any audit firm or any sister / associate concern / network firm conducting the statutory audit of the Bank or any of its branches at present, will not be considered for concurrent audit.

e) Weightage will be given to a firm having exposure in conducting concurrent audit of Bank branches for a few public sector / major private sector banks.

f) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments.

Declarations to be submitted by the Audit firms at the time of assignment:

The firm should execute undertaking of fidelity and secrecy on its letterhead in the format prescribed by the Bank.

That credit facilities availed by the firm or partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantor/s have not turned or are existing as non- performing assets as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would get terminated besides the firm being liable for any action, under ICAI / RBI guidelines.

That the audit firm / proprietor / any of the partners do not suffer from one or more of the disqualifications stipulated in Section 141 of the Companies Act, 2013 or under any other law for the time being in force.

Scope of Audit

Scope of Concurrent Audit is as per RBI and Internal guidelines of the bank, revised from time to time. The scope of Concurrent Audit includes inspection of units, Revenue Audit, Certifying compliance of regulatory guidelines, LFAR etc.

Fee structure at present (As on 01.04.2017)

Business position of the branch

(level as on 31st March of previous financial year)

Fees per month (Rs)
Upto Rs.1 00 crores

12000

Above Rs.100 and upto Rs.250 crores

14000

Above Rs.250 and upto Rs.500 crores

15000

Above Rs.500 and upto Rs.1000 crores

20000

Above Rs. 1000 crores

25000

For Special Branches & Departments

11000 to 18000

Interested Chartered Accountants conforming to the eligibility criteria may send their resume as per format given below and to the following address in hard copy only to reach us on or before June  03, 2017  9th June 2017. Applications sent through email will not be entertained.

Name of the CA Firm
Constitution
Unique Code No. for Bank Audit (RBIUCN)
Registration No. of Firm with ICAI

(self attested copy of certificate from ICAI certifying the constitution of the firm to be enclosed)

Address of Head Office
Branch Offices
Name & Mobile No. of partner for contact Landline No/s (with STD Code)
E-mail Address
Manpower A) Full time Partners ____

B) Articles _____

C) Details of Other Audit Staff (mention no. of Ex Bank Officers

/ Executives)

No. of Audit Staff having CISA / DISA qualification with names, including proprietor / partner.

(self attested copy of certificate to be enclosed)

Experience of Concurrent Audit of Nationalized Banks / Major Private Sector Banks (last 5 years) Bank Branch Period
Any other information:

Those who are presently doing concurrent audit for Indian bank are also required to apply again. The applicants are requested to send enclosures (mentioned above) only. Otherwise the application may not be accepted.

The Bank reserves its right to accept or reject the applications subject to the Banks norms and criteria. The empanelment is not an assurance of assignment of concurrent audit. For clarifications only, if any, please contact through email: hoinspection@indianbank.co.in

General Manager (I & C)
Indian Bank
Corporate Office
Inspection Department
254-260, Avvai Shanmugam Salai, Royapettah, Chennai – 600014

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4 responses to “Empanelment with Indian Bank for Concurrent Audit”

  1. v .rathakrishnan says:

    Well said James sir. Heavy work load with poor fee for Concurrent Auditors.We CAs select and choose banks who pays reasonable fees. Like other profession we also protest in somany ways.

  2. James Antony says:

    Look at the fee structure!!!!. Ridiculous!!! Let we, CA’s, unite and boycott this bank. They want to have a concurrent audit in the name of a CA firm and want the work to be done by a retired banker. How do they think we will manage with this paltry fee after paying the ex-banker? Let them directly appoint ex bankers.

  3. v .rathakrishnan says:

    Day by day the Banking Sector is uincreasing the
    workload of CAs in the Concurrent Audit with poor
    fee. The CA Institute will with regard to fees in the Concurrent Audit of Banks.

    • M.S.PENDHARKAR says:

      This bank and all other banks are trying to exploit our profession by throwing burdensome professional & legal responsibilities on us without adequate remuneration. They also threaten action for misconduct/blacklisting in case of some mistake. They expect highly qualified experienced CAs with Disa qualification to work at such an alarming low fees.They should at least double the fees.

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