Indian Bank
INSPECTION DEPARTMENT
Date: 02.05.2018
Empanelment of Concurrent Auditors

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 the 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. Exceptions may be allowed in places where non-availability of CISA/DISA qualified persons.

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 (Not now):

  • 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

Business position of the branch

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

Fees per month (Rs)
Upto Rs.100 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

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 25th May 2018. Applications sent through email will NOT be entertained.

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

(self attested copy of Firm Registration Certificate from ICAI to be enclosed)

Regn. No.: ________

(Applications will not be entertained without self attested copy of Firm Registration Certificate)

Address of Head Office
Branch Offices *
Name & Mobile No. of partner for contact Landline No/s (with STD Code)
E-mail Address
Manpower No. of full time partners No. of Paid CAs No. of Retired bank Officials No. of Assistants
Name of Partner / Audit Staff having CISA /DISA qualification. *

(self attested copy of CISA / DISA certificate of the partner/s to be enclosed)

1)

2)

3)

(Applications will not be entertained without self attested copy of CISA / DISA Certificates)

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

(* fields are mandatory)

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. Do not enclose copies of assignment letters of banks etc.

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

  1. Harshal Sevak says:

    It is really unfortunate and disrespect to individual Chartered Accountants by offering such a low fee structure which is not even at par with the minimum wage payable to labourer…not a single chartered accountant should accept this offer

  2. Chandrasekhar says:

    This is less than minimum wages paid to daily labor. Offer is positively insulting. Glad that CAs are thinking in terms of avoiding these kinds of offers.

  3. Gaurav Jain says:

    Deplorable…

  4. MPS ELANGO says:

    Really very unfortunate. Fee structure is poor. Even private banks are paying better fees. Let us boycott such empanelments.

  5. A P says:

    Concurrent audit fees should have been taken by RBI, The Fees stipulated is below par the daily skilled worker in India

  6. Bhanu says:

    i think icai n officials are taking nap.

  7. MANOHAR says:

    Very poor fees for unlimited responsibility. Bank messenger with out any responsibility gets double the fees. Institute is not taking up the issue.

  8. Mukesh Jain says:

    Lets not do these kind of audits at such low price with huge responsibility. I hope every body is aware of many scams coming out now a days in all PSB.

  9. umakanth & co., says:

    you are right. For such paltry fee, we will not be in a position to deploy sufficient audit resources to execute quality work.

  10. AMIT says:

    Our profession is only profession where fee is decided by service recipient with unlimited professional liability.

  11. VINOD AGGARWAL says:

    CA will become less fees than daily workers, The bankers treat tham as poor than daily workers. No one should apply for such banks

    banker fraud will happen due to so poor fees given by the bankers

  12. 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.

  13. 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.

  14. 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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