Empanelment with Indian Bank of  (1) Retired Officers of our Bank and Chartered Accountants / CA Firms for empanelment for Concurrent Audit (2) Chartered Accountants and Cost Accountants for empanelment for Stock Audit and other audits

Indian bank is in the process of making a Fresh Panel for concurrent auditors / Stock Auditors. Applications are invited from eligible Audit Firms for empanelment as Concurrent Auditors / Stock Auditors as per the eligibility criteria and other terms and conditions given below.

♦ Last date for applying online for emanelment as  concurrent/Stock Auditors – 26/08/2021

Chartered Accountants who wants to apply for both  Concurrent Audit & Stock Audit have to submit two Separate Applications.

♦ Link to apply online for Empanelemnt with Indian Bank as  concurrent/Stock Auditors   <<Click Here >>

CORPORATE OFFICE
INSPECTION DEPARTMENT

(Republished with Amendments)

More Under CA, CS, CMA

32 Comments

  1. Rajendra Bandyopadhyay says:

    Chartered Accountants are retiring from Senior Position in Banking sector. So they are trying to avail such ex-banker professionals. Retired Bank Officers shouldn’t be undermined.

    1. Swati says:

      In Application, we just have to fill our UCN no.
      After filling the Application, I haven’t received the acknowledgement through email or message on contact No. That’s strange.Pls guide.

  2. SG&A says:

    One should feel absurbed when you see that fees payble by Indian bank, is quite less than what was being paid by Allahabad Bank .Even the fees forCurrency chest audit as notified by RBI and is being paid by SBI & others has not been allowed ,for this extra statutory job.Institute should take it up with appropriate authorities.

  3. HEMENDRA V SHAH says:

    i concur with james antony and pendharkar. let our icai do something in the interest of CAs and take up this matter for increasing the status of our professionals.

  4. Gopal Dutt says:

    I think not to take such type of assignment in huge responsibilities and poor fee structure

    why we should waste our time and energy
    i think we should think before going to take assignment

  5. CA SHIVA MOHAN B says:

    I FULLY AGREE WITH THE COMMENTS THAT FEES ARE VERY VERY LOW.
    IN SPITE OF THE FEES BEING SO LOW, THE APPLICATIONS WILL BE NOT LESS THAN 10 TIMES THE REQUIREMENT.
    THAT’S WHY IT IS PURELY DEMAND & SUPPLY THEORY.

  6. Prakash Dewani says:

    Concurrent Audit Fees should be based on Modules like Checking Advance, Checking Kyc etc Based which will good for us as professional as we would be in position to report on a particular area of audit with quality work and fees will be based on quantum of risk potential involved in the respective Module and by doing so Many of Our Faternity Auditors can be alloted work of their level in Banks which will ensure Bread and butter to majority of our members in practice.

  7. s.padmanabhan says:

    In the present scenario the Concurrent Audit has become very tough. Conducting the unit visits a minimum of 5 every month is impossible. RBI stipulates one unit in one year for CC accounts but this bank has it’s own rules. Not only the fee increasing but also the area should be specified duly taking in account the practicality

  8. CA RAHUL says:

    SCOPE, COVERAGE & RESPONSIBILITIES OF CONCURRENT AUDIT & FEES STRUCTURE NOT MATCHING. RATHER THERE IS VAST DIFFERENCE BETWEEN THESE TWO. COST OF QUALIFIED STAFF, TIME SPEND BY PROP/PARTNER, OTHER COSTING, NOTHING MATCHES.

  9. K. Radha Krishnan says:

    No Chartered Accountant should take these kind of assignment for a such a paltry and very very meager remuneration. As rightly said by many of us, it is less than the Minimum Wages Act. Should a CA take up this assignment with overall responsibilities for running the branch with this remuneration ?
    Even if we deploy one semi skilled staff we need to pay his salary which will be more than the remuneration we are going to get.
    NO CA SHOULD ACCEPT THIS ASSIGNMENT FOR THIS REMUNERATION.

  10. S.Basu says:

    With such extensive coverage the bank should also upgrade their fee structure.All responsibly is cast on the Concurrent Auditors!

  11. 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

  12. 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.

  13. MPS ELANGO says:

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

  14. 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.

  15. 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.

  16. 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.

  17. 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

  18. 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.

  19. 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.

  20. 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.

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