Empanelment of Information System Auditors with Oriental Bank of Commerce

Last Date : Feb 13, 2017 Application for Empanelment of Information System(IS) Auditors with Oriental Bank of Commerce

Terms & Conditions for empanelment as Information Systems(IS) Auditor

a) Eligibility Creiteria

The eligibility criteria shall be as under:-

• The Firm/Company should be a Proprietorship/Partnership firm/Company of Chartered Accountants.

• The Firm/Company must be in existence for at least 2 years.

• The proprietor or one of the partners/directors of the partnership firm/company should be CISA (Certified Information System Auditor) from Information System Audit & Control Association (ISACA) or Information System Auditor (ISA) or DISA from the Institute of Chartered Accountants of India or CISSP (offered by ISC2).

• Audit experience of firm/company of minimum 2 years in any Bank.

• Audit firm/company should not have been disqualified by any Bank/IBA/RBI/ICAI, while taking-up audit work on earlier occasions.

• If any of the Directors of Oriental Bank of Commerce is a proprietor/partner/director in a firm/company, such firm/company shall not be considered for appointment as IS Auditor.

• The Office/Branch of the firm/company should preferably be situated locally or nearby area.

The Bank reserves the right to amend or modify the eligibility criteria as deemed fit to suit its requirement.

b) Process of Empanelment

• The respective firm/company will not send the hard copy of the application/annexures to the Bank without being called for.

• Only the audit firm/company provisionally selected for empanelment will be communicated through e-mail. No correspondence/communication from the applying audit firms/companies will be entertained by the Bank whatsoever.

• A unique acknowledgement number for each completed application will be generated and the same will be displayed on the website immediately after submitting the application. This shall serve as a future reference number for the Bank/Firm/Company.

• The applicant firm/company can take printout of the completed / submitted application along with the acknowledgement number for their reference.

• Mere submission of application by the audit firm/company for appointment as IS Auditor in the Bank shall not entitle them automatically for assignment.

• The application will be processed and firm/company selected for empanelment will be communicated in due course. Accordingly, the filled in application downloaded from the system along with system generated acknowledgement slip and scanned copies of below mentioned documents to be sent to Head Office, Inspection & Control Department along with following enclosures:-

Documents to be submitted with the application :-

i) Copy of Registration Certificate issued to the firm by ICAI.

ii) Copy of constitution Certificate issued by ICAI.

iii) Copies of certificate of qualification & experience

The envelope must be superscribed with “APPLICATION FOR EMPANELMENT OF INFORMATION SYSTEMS AUDITORS” & be sent by Registered Post/Speed Post at the following address within 7 days from the date of e-mail

The General Manager(I&C),
Oriental Bank of Commerce,
Inspection & Control Deptt,
2nd Floor, Annex Building,
Plot No-5, Institutional Area,
Sector-32, Gurgaon-122 001.
e-mail : [email protected]

Merely meeting the eligibility criteria shall not automatically entitle the firm/company for empanelment. After empanelment, the work will be allotted as and when need arises at the sole discretion of the Bank at any branch/cluster/office. The empanelment will not give any right to the empanelled firm/company for carrying out the assignments. The Bank reserves its right to cancel any or all the offers without assigning any reason whatsoever. However, in case of non-availability of suitable audit firm/company at the local centre, the audit firm/company from nearby centre may be assigned the job.

c) Empanelment of IS Auditors

Empanelment shall be valid for 3 years subject to satisfactory performance on review every year.

d) Allotment of Audit Works

• Allocation of Branch/Cluster/Office shall be at sole discretion of the bank.

• IS Auditor can undertake Stock Audit, Revenue Audit, Forensic Audit & Concurrent Audit of other Branch/Cluster/Department of Head Office/Back Office(except the Branches/Clusters/Departments of Head Office/Back Office where the firm/company is conducting IS Audit).

• The firm/company of IS Auditors, which are having one or more common proprietor/partners/director, in the panel of the firm/company with the bank, shall not be allotted more than 4 Branches/Clusters/Departments of Head Office/Back Office, at a time in aggregate.

• An audit firm/company may be allowed IS Audit work for any number of years on the basis of its satisfactory work performance and bank’s requirement without any cooling period.

e) Declaration of Fidelity & Secrecy by C.A. Firm/Company

Following documents duly signed by authorised person should be submitted to HO, l&C Deptt for empanelment of IS Auditor:-

• Acceptance letter on Firm’s/Company’s Letter Head pad mentioning the name of Proprietor/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)

f) Audit Fee

An amount of Rs 6,000/- inclusive of TA/DA plus service tax for each unit i.e. Branches(ClassidUdbhav/LCB/MCB/Forex),Clusters(MSME/RAG,R&L,ADC), CMO (Classic/Branch Business/MSME/RAG/RR&L),CASA Back Offices and HO Departments

g) Performance Review

Empanelment shall be valid for 3 years subject to satisfactory performance on review every year.

h) Penalty for Late Submission of Report

In case the Report is not submitted within 15 days from the date of Audit of the unit, a penalty of 20% will be imposed.

i) Negligence / Deficiency in Services of IS Auditor / De-empanelment

In case of any major irregularities, negligence or deficiency in services as per the terms of appointment and scope of work as per IS Audit Policy is observed, the allotment is liable to be cancelled. CA firm/company shall be de-empanelled from Bank’s approved list with immediate effect and the de-empanelling shall also be reported to RBI/IBA/ICAl.

Revised Link to Apply Online for empanelment as Information System Auditors with Oriental Bank of Commerce

http://elearning.obcindia.co.in/icd/isa_form.aspx