A. Empanelment of Chartered Accountants firm for Concurrent Audit assignment for the period 01.07.2012 to 30.06.2013

Punjab & Sind Bank invites application from Chartered Accountants firms & Retired Officers of our Bank on the prescribed format, who are willing to be considered for empanelment as Concurrent Auditors in the Bank for the period 01.07.2012 to 30.06.2013. The profile/bio-data of Chartered Accountants firms & Retired Officers (of our Bank), already received by the Bank in this regard, will also be considered for empanelment of Concurrent Auditors. A list of applications so received is also available on Bank’s Website.

Eligibility Criteria & Terms

1. In case of Sole Proprietorship firm, the Proprietor should be a FCA while in case of Partnership firm, one of the partners should be a FCA.

2. The firm should have been established for at least 3 years as on 3 1.03.2012.

3. The firm should have not been debarred and not involved in Statutory Audit of the Bank.

4. The firm should have its office in the same city or within the periphery of the allotted branch/office.

5. After having conducted Concurrent Audit for two years continuously, the concerned Concurrent Auditors Firms will be given one year`s break (cooling period), before considering for reappointing them or their associate concern(s).

6. The CA firm having DISA/CISA qualified partners/proprietors may be preferred.

In addition to the above, the Chartered Accountants firm is advised to certify and ensure as follows:

7. The firm is not in any case disqualified under provision of Sec.226 of Companies Act, 1956.

8. The firm or any of its associate firm(s) have never been de-paneled due to poor performance.

9. The license of the proprietor / Key Person of the partnership concern has been issued for Full Time practice by The Institute of Chartered Accountants and the proprietor/ Key Person of the partnership firm is not in another Full Time Service.

10. The firm exists on the given address and the main occupation of the firm is Accountancy.

11. The firm has not done/ is not doing Statutory Audit of the Bank for the year 2011-12 and 2012- 13

12. In case, CA firm is doing auditing work/providing any professional Services to any of the customers of the Bank, this must be disclosed by way of an undertaking/declaration given below:

“ We have been allotted Concurrent Audit work of your Branch Office……………… for the period………..to………….. . In this regard, it is declared that our firm is / has been providing Professional Services/ is an Auditor of the following customers of the Branch. This declaration must be enclosed with every monthly/quarterly report sent by you.”

1. Name   2. A/C No.   3. Type of A/C    4. Nature of facility enjoyed from the B/O if any

13. The audit is to be conducted by the team (at least one must be a qualified Chartered Accountant) on daily basis. The auditor is to attend the service centre for at least 14 days in a calendar month and reports are to be discussed / finalized by the Main Partner.

14. Whether firm or partners are having any account, advances and other dealings with our Bank. If so, please furnish necessary details indicating nature of the dealings and the name of Bank’s branch where the account (s) is/are maintained.

15. Whether the firm or any partners have ever been debarred /action is contemplated by ICAI/RBI.

16. Performance of CA firm will be reviewed by Zonal Inspectorates/H.O. Inspection Department on periodical basis. Any failure to report serious irregularities / fraudulent activities at the branch / office to ZO/ZI/HO Inspection Department will result in de-empanelment of the firm and Bank may also report the matter to RBI/ ICAI for further action.

In the event, if it is established that there was gross negligence on the part of CA firm or it had colluded with Bank’s customer in causing pecuniary damage/loss to the Bank, name of the CA firm may be recommended for including in the caution list being maintained by the IBA for circulation amongst member banks.

B. Empanelment of Retired Officers of Punjab & Sind Bank for Concurrent Audit Assignment for the period 01.07.2012 to 30.06.2013.

Punjab & Sind Bank invites application from Retired Officers of Punjab & Sind Bank on the prescribed format, who have retired on or before 31.03.2012 with satisfactory service record, for appointment on merit as Concurrent Auditor at our branches situated throughout India & are willing to work as Concurrent Auditors in the Bank for the period 01.07.2012 to 30.06.20 13. The profile/ bio-data of Retired Officers (of our Bank), already received by the Bank in this regard, will also be considered for empanelment of Concurrent Auditors. A list of applications so received is also available on Bank’s Website.

Eligibility Criteria & Terms

1. The Retired Bank Officers, who have served in Scale II to V, having satisfactory service record may be considered for the assignment of Concurrent Audit on merits and on account of their Banking experience, loyalty to the organization as well as expertise in the required area for the auditee unit

Further, the Officers against whom the Bank has initiated Major Penalty proceedings or where Bank has awarded Major Penalty or 2 minor penalities during the service period or where CBI Court has initiated prosecution against the Officers or Officers already convicted by Court, are not eligible for the assignment of Concurrent Audit in the Bank.

2. Retired Bank Officers of Scale II/III will be considered for deployment as Concurrent Auditors at Medium/Large branches while Retired Scale IV/V Officers will be considered for Very Large / Exceptionally Large Branches.

3. He/She should have preferably worked in the Inspection Department or Zonal Inspectorate for a period of not less than two years, besides having branch experience of 10 to 15 years.

4. He/she will be allowed to serve as Concurrent Auditor up to the age of 65 years subject to their being medically fit to perform the assignment of Concurrent Audit. The Retired Officers of our Bank whose date of birth is prior to 01.07.1948, are not eligible.

5. The Retired Bank Officials should have the right kind of expertise in the required area commensurate with the requirements of the auditee unit.

6. The Concurrent Audit is to be conducted by Retired Officers of our Bank on daily basis. He/she is to attend the allotted branch/office for at least 14 days in a calendar month.

7. He/she will get remuneration at par with the remuneration approved for Chartered Accountants firm deployed as Concurrent Auditors.

8. The assignment of Concurrent Audit can be terminated at any point of time.

9. An officer who has taken Voluntary Retirement from Bank on or before 3 1.03.2007, is not eligible unless he is working as Concurrent Auditor in our Bank.

C. Period of Audit/Assignment:

The period of Concurrent Audit assignment will be for ONE YEAR i.e. 01.07.2012 to 30.06.2013.

D. Payment of Concurrent Audit Fee:

Concurrent Audit fee depending on the total business of the branch will be as under:

S.N. Criteria for Remuneration (Deposits + Advances) at branch Amount of Remuneration
payable per month (lump sum) Rs.
 1 Up to 100 crores 10000/-
 2 Over Rs.100 Crores & up to Rs.300 Crores 12000/-
 3 Over Rs.300 Crores & up to Rs.500 Crores 14000/-
 4 Over Rs.500 Crores & up to Rs.1000 Crores 16000/-
 5 Over Rs.1000 Crores 18000/-
 6 Service Branches 7500/-
 7 Forex Treasury & Dealing Rooms (HO Foreign Exchange Deptt) 12000/-
 8 Investment Portfolio (HO Investment Deptt.) 12000/-
9. H.O.I.T Department 12000/-

The above fee is exclusive of Service Tax.

E. Performance Review:

The performance of the empanelled Chartered Accountants firm & Retired Officers of our Bank as Concurrent Auditors would be periodically reviewed and if found unsatisfactory, the Bank may terminate their services by giving one month notice in advance and in case, they fail to report irregularities, termination may be without any notice.

The assignment of Concurrent Audit will be allotted as and when need arises at the sole discretion of the Bank. The empanelment will not give any right to the empanelled CA firms! Retired officers of our Bank for carrying out the assignment. The Bank reserves its right to cancel any or all the offers without assigning any reason whatsoever.

Submission of Application:

The completed application in the prescribed format should reach at the address given below from 08.06.2012 to 15.06.2012 through e-mail/post.

Deputy General Manager (I) Punjab & Sind Bank

H.O. Inspection Department

06, Scindia House, Connaught Place,

New Delhi-110001

e-mail – ho.insp@psb.org.in

Phone – 011- 23716646!23716647!23718685 Fax- 23714911

Encls.

1. Application format for Chartered Accountants firms for empanelment as Concurrent Auditor

2. Application format for Retired Officers of Punjab & Sind Bank for appointment as Concurrent Auditor

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0 responses to “Empanelment with Punjab & Sind Bank for Concurrent Audit”

  1. ca ARVIND MODI says:

    TIME GAP FOR EMPANELMET IN BANKS SHIOULD BE ATLEAST 15 DAYS INSTEAD OD 5-7 DAYS.

  2. Raj Advani says:

    A Timely Effort – is all that is required. Please liase with ICAI / various institutions so that information relating to empanelment can be passed on to the aspirants on the Date of Release – well before the Due Date.

  3. Gopathy Padmanabhan says:

    Again a delayed information. Yesterday I pointed out that the empanelment by PNB was published at the last moment. Today the empanelment by P & S Bank is published , but the last date is tomorrow. This site has to be alert enough to publish these material on the very next day of release of announcement by by the concerned, if it really wants to help the professionals. Hope you will heed to my request.

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