LHO, BHUBANESWAR- INVITES APPLICATION FOR SELECTION AND EMPANELMENT OF CHARTERED ACCOUNTANT FIRMS FOR OUTSOURCING OF CONCURRENT AUDIT AT STATE BANK OF INDIA, BHUBANESWAR
1. State Bank of India: Overview
State Bank India (“SBI” or “Bank”) a body corporate constituted under the State Bank of India Act, 1955 having its Corporate Centre at State Bank Bhavan, Madame Cama Road, Mumbai is the largest commercial bank in India having a nationwide financial network of more than 15000 branches and offices and more than 40,000 ATMs/Internet Banking Kiosks. The Bank has five Associate Banks and many non-banking subsidiaries and Joint Ventures. The Bank also has 189 foreign offices spread over 35 countries covering all time zones of the world. It has its Local Head Office at Bhubaneswar which control 822 branches, 19 BPR Outfits with four Administrative Offices and 21 Regional Business Offices operating throughout the state of Odhisha (at present).
2. Objective of Concurrent Audit (CA)
Concurrent Audit (CA) is an examination which is contemporaneous with occurrence of transactions and is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person not involved in the process. Our bank being a scheduled commercial bank has in place an effective Concurrent Audit System (CAS) to comply with Reserve Bank of India (RBI) guidelines as also to supplement the efforts of the internal audit department to strengthen the internal control system. The CAS is a part of Bank’s early-warning system to detect irregularities and lapses which helps checking repeated/recurring violations of the internal and regulatory guidelines, controlling risks and in preventing fraudulent transactions.
The broad areas prescribed by RBI for Concurrent Audit are Cash, investments, Deposits, advances, Letter of Credit & Bank Guarantees, Foreign Exchange Transactions, Housekeeping and other critical items pertaining to compliance of GOI/RBI/Other statutory instructions. The scope prescribed by RBI is given in Annexure-A.
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