UCO BANK

Ref: ZOS/CRM/2020-21/328

Dated: 25/08/2020

NOTICE FOR EMPANELMENT OF STOCK AUDITORS

Applications in prescribed format are invited from reputed individuals /firms for empanelment as stock auditors with our branches under Shimla Zone. Prescribed form, eligibility criteria and code of conduct of stock auditors are enclosed.

Interested Individuals /firms satisfying the eligibility criteria may submit their applications along with requisite credentials to our office latest by 14th September 2020 to the following address:

The Zonal Manager

UCO Bank, Zonal Office

Annexed Himland Hotel

Circular Road Shimla-171001(H.P)

Applications either received after due date or without relevant particulars will be rejected and Banks decision in this regard shall be final and binding on all parties.

Banks will be on its liberty to empanel any individual/firms, without assigning any reason to non empanelled applicants.

(J N Kashyap)
Zonal Head

Selection Criteria for Empanelment of Stock Auditors:

The criteria for selection are as under:

Educational Qualifications (Proprietor/Partner/ Firm)

I) The applicant should be a Qualified Chartered Accountant/ Cost Accountant or firm of Chartered/ Cost Accountants registered with Institute of Chartered Accountants of India/Institute of Cost Accountants of India.

2) A fellow / associate member of Institute of Stock auditors as specialist in jewellery, Precious stones & ornaments or as ‘Declarers in Works of Art or as Stock Auditor for chemicals Or as Stock Auditors of any such specialized stock may also apply for Empanelment as stock auditor for such specialized categories. An Audit firm having at least one such partner or senior employee shall be eligible for being empaneled as stock auditors for such specialized stock.

EXPERIENCE AND OTHER PARAMETERS:

1) The applicant should have minimum 3 years post Qualification practicing experience as Stock Auditor with any of the Commercial Banks (Public or Private). In case of  firm the individual experience of any partner/director of at least 3 years shall be considered as the experience of the firm.

2) The applicant who is not fulfilling the experience criteria as mentioned In point 1 under experience and other parameters, but having empanelment of audit firm by RBI as Statutory Branch Auditor for Public Sector Banks may also be considered for empanelment for credit exposure (FB+NFB) up to Rs 10.00 crore on case to case basis.

3) The number of empaneled auditor having experience criteria as stated in point 2 under experience and other parameters, shall be maximum 30% of total number of empanelment.

4) In case the stock auditor/Proprietor or any of the partners of the audit firm/employee of the audit firm is an ex-employee of our Bank such stock auditor/audit firm shall be eligible for empanelment after a cooling period of two (2) years from the date of retirement of that employee.

ADDITIONAL /PREFERRED CRITERIA

1) Empanelment with PSBs as stock auditor shall be treated as a preferred qualification, but not mandatory one for being empaneled.

2) The firms having partners/personnel with engineering background and/or partners/personnel experienced with SAP environment and/or partners/ personnel with CISA/DISA to assist stock audit will be given preference.

3) Firms having more than one qualified Chartered Accountants/Cost Accountants as partners.

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