UCO BANK

AUDIT & INSPECTION DEPARTMENT
HEAD OFFICE, KOLKATA
NOTIFICATION

Dated: 29th July, 2017

[FOR EXPRESSION OF INTEREST FOR EMPANELMENT OF CONCURRENT AUDITORS]

LAST DATE FOR SUBMISSION OF APPLICATION 18.08.2017

UCO Bank invites online applications from practicing firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank.

The CA firms already on the job of doing concurrent audit of branch (es) allotted to them are also required to apply online for getting renewal of existing assignment of concurrent audit for the audit year 2017-18. It is made very clear that the existing assignment to concurrent auditors, based on the application submitted in response to notifications published during the previous years will not be automatically renewed and they will have to apply online for renewal of existing assignment of concurrent audit for the audit year 2017-18 i.e. from 01.10.2017 to 30.09.2018.

I. ELIGIBILITY CRITERIA FOR EMPANELMENT:

a) CA firm should preferably be a partnership concern having experience in the field. The Bank may also consider the sole proprietorship concerns and in that case they would be required to submit a declaration that they are full time practicing Chartered Accountants and are not employed elsewhere and do not have any other business interest.

b) Audit firms should preferably have qualified Information System Auditor (CISA/DISA) with necessary exposure of system audit. Since all the branches of the Bank are fully computerized, system audit shall form an integral part of audit of the bank.

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

d)   Weightage would be given to the CA firms where the partners themselves are ex-bankers or the firm(s) has got tie-up with ex-bankers with requisite experience and exposure.

e)   It is to be ensured that the audit firm or any sister / associate concern / network firm is not conducting the statutory audit of the Bank or any of its branches.

f)    Weightage will be given to a firm having exposure in conducting concurrent audit of the Bank branches for public sector / major private sector banks.

g) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments. The Headquarter or branch of the CA firm should be located at the place for which they wish to take up audit work. Preference would be given to CA firms which are located at the places of our Bank’s Branches.

h) The assignment should be carried out in a professional manner and in case of any misconduct or negligence; the Bank is free to report the matter at any time to ICAI / IBA/RBI. This will be in addition to the disengagement from the Concurrent Audit assignment.

i) The firm will not be allowed to sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified chartered accountants.

j) A declaration to be furnished by the firm that credit facilities availed by the firm or partners of firm in which they are partners or directors, including any facility availed by a third party for which the firm or its partners are guarantor/s, have not turned non performing asset or are existing non- performing assets, as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would be immediately terminated, besides the firm being liable for any action under !CAI/ RBI/IBA guidelines.

k) The firm should execute undertaking of fidelity and secrecy on its letter head in the format prescribed by the Bank.

l) Concurrent Auditors would have to sign Do’s & Don’ts statement in order to have proper arms length relationship with the Branch/ Department of which they are conducting Concurrent Audit. Such undertaking would be submitted annually.

m) Any other terms and conditions of the assignment as decided by the Bank from time to time.

II. SCOPE OF CONCURRENT AUDIT:

  1. Areas covered in the Bank’s Standard format for Concurrent Audit specify the scope of Concurrent Audit. Concurrent Auditor would examine all the transactions and identify the ones which are not as per the Bank’s laid down rules/circulars and guidelines/instructions received from regulators & authorities like Govt. of India, Reserve Bank of India & SEBI etc. from time to time.
  2. Every quarter Concurrent auditor would also check if there is any wide variation in the cost of deposits and yield on advances as compared to the previous periods as well as Zonal average figures. A copy of the guidelines on the manner of conducting the audit will be provided to the firm at the time of allotment of branches and thereafter from time to time.
  1. Concurrent Auditors will also get rectified all the irregularities identified by them during the course of the audit. Monthly Concurrent Audit reports should reach Branch/ Zonal Office /Circle Office/ Field Inspectorate by the 10th day of the month succeeding the month of reporting, pointing out the remaining irregularities/deficiencies for rectification, with reasons as to why these were not
  2. Comment on Bank’s policies or Evaluation of the decisions taken by Branch Managers/authorized officials are beyond the scope of concurrent audit. However, the auditor would necessarily have to see whether the transactions or decisions are within the policy parameters laid down by the Bank and whether they violate the instructions or policy prescriptions of the Bank/RBI and that they are within the delegated authority of the concerned officials.

III. REQUIREMENTS FROM AUDIT FIRMS:

  1. Bank would provide to the concurrent auditors a suggestive/illustrative checklist of items/areas to be checked daily/weekly/monthly/quarterly and concurrent auditors should identify the deficiencies/irregularities in accordance with the
  2. Concurrent Auditors shall be required to get rectified all the irregularities identified by them during the course of Audit and report only those irregularities, which remained un-rectified, with reasons as to why the same were not rectified and submit the Concurrent Audit Report within 10 days of the month succeeding the month of reporting to Branch/Zonal Office/Circle Office/Field Inspectorate.
  3. The concurrent auditor would also be required to report immediately to the Bank’s higher authorities wherever any serious irregularity or transactions involving malafide, corrupt practices and gross indiscipline or any fraudulent transaction is detected by them.
  4. The Monthly Audit Reports shall be required to be submitted in an approved structured format, which would be provided to the auditors by the Bank. The reports should be submitted within 10 days from the end of the month to which the report relates. Suitable penal provisions would be applicable for delayed submission of audit reports. The firms should strictly adhere to the format and the time limit.

III. TERMS & CONDITIONS:

(a) Empanelment:

Applications received from the Chartered Accountant firms in response to the notification, within the given time limit and in the given format fulfilling the prescribed eligibility criteria shall be empanelled by the Bank. The panel shall remain valid for a period of one year i.e. from 01.10.2017 to 30.09.2018 thereafter it would be automatically lapsed.

(b) Engagement of Concurrent Auditors & other conditions

(i) Suitable firms would be identified for each assignment and be approved taking into account their experience and exposure, similar activity carried out for the Bank or other banks, availability of adequate trained resources, location of the audit unit etc. Such approved Concurrent Auditor’s firms would be issued letters of engagement by the Audit & Inspection Department.

(ii) The tenure of the concurrent auditor would be initially for one year and would be subject to fresh renewal every year and can be extended maximum up to a period of 3 years overall at bank’s discretion.

(iii) After completion of specified maximum period of three years, cooling period of one year would be observed for a firm to become eligible for engagement. This will be purely at the discretion of the Bank and no rights whatsoever accrue to the firm for such engagement.

(iv)The concurrent auditors should adhere to the audit coverage strictly as per the scope as may be decided by the Bank from time to time.

(v) The concurrent auditors should not undertake any other activities / assignment on behalf of the branch or unit, other than the activities for which they are engaged, without obtaining the concurrence of the Head Office, Audit & Inspection Department in writing.

(c) Period of Audit/Assignment:

External Audit firms empanelled/selected would be engaged for a period of one year i.e. from 01.10.2017 to 30.09.2018 for the branches/offices identified for monthly/Quarterly concurrent audit.

(d) Performance Review:

The performance of the empanelled firms would be periodically reviewed, at least once a year and if found unsatisfactory, the Bank may remove the name of the Concurrent Audit firm from the panel of the bank for a minimum period of two years.

(e) De-empanelment:

The empanelled firms may be de-empanelled at the Bank’s sole discretion. If the performance of the concurrent auditor is found unsatisfactory or any serious act of omission or commission is noticed in their working, their engagement may be cancelled at any point of time. If felt necessary, the matter may be reported to ICAI and/or RBI/IBA for necessary action.

(f) The Online application only shall be considered submitted between 29th July 2017 to 18th August 2017. Please note that while filling up online application, the system will display the APPLICATION ID and PASS WORD at the top of second page of online application i.e. after clicking SAVE & NEXT button of first page. Please note the same immediately for your future reference.

After Final SUBMISSION of the application, the system will not allow to edit or modify your application. Please take the print of your submitted application immediately after clicking FINAL SUBMISSION for your future reference and record.

(g) Documents to be submitted with the application.

No documents need to be submitted with online application. But in the event of any Firm being selected for engagement as concurrent auditor of any of our branches, they are required to furnish printed copy of online application duly signed by the authorised person, self attested photocopies of all documents along with Original documents in support of their credentials furnished in application to their respective Field Inspectorate for verification and record. The originals will be returned after verification.

In case any of the information furnished by the Firm in application found to be inconsistent with Original documents, the selection of the Firm will be cancelled forthwith. Further, if any such inconsistency(ies) noticed subsequent to engagement even post verification of documents, the engagement will be discontinued with appropriate reporting of Firm’s name to RBI/IBA/ICAI etc.

The Bank shall send engagement letters to all selected Chartered Accountant firms through respective Field Inspectorates having jurisdiction over the concerned branches. However, CA firms which do not get our letter of engagement are to be treated as ‘not selected’ and no further correspondence shall be entertained in respect of fate of their application.

THE BANK RESERVES THE RIGHT TO ACCEPT OR REJECT ANY APPLICATION AND ANNUL THE PROCESS AT ANY TIME WITHOUT ANY LIABILITY AND ASSIGNING ANY REASON THEREOF.

(h) Evaluation of applications:

The applications received by the Bank would be screened by a Committee of Executives constituted for this purpose, which will consider empanelment of CA firms on a scoring system based on their experience, CISA/DISA qualifications, number of partners, seniority, CA firms having tie-up with Ex-Bankers etc. and any other factor considered necessary by the Committee for which the decision of the Committee shall be final.

Merely meeting the eligibility criteria shall not automatically entitle the firm for empanelment. After empanelment, the work will be alloffed as and when need arises at the sole discretion of the Bank. The empanelment will not give any right to the empanelled firms for carrying out the assignments. The Bank reserves its right to cancel any or all the offers without assigning any reason whatsoever.

(i) Selection of Concurrent Auditors:

Selection of Concurrent Auditors shall be made from among the applications received from the chartered accountant firms by the Audit & Inspection department on the basis of a scoring system. The approval of the selected concurrent auditors would be done by a committee consisting of three General Managers. The General Manager (Audit & Inspection) shall be the chairman of the committee. The list of selected concurrent auditors would be placed before the top management of the Bank i.e. Executive Directors and Managing Director & CEO for final approval.

V. Payment Terms:

The audit fees shall be paid to the firm as decided by the Bank from time to time and mentioned in offer letter for allotment of assignment, on submission of the relevant audit reports and the relevant bill along with supporting documents. The following schedule of fees being paid by the Bank depending on the volume of advances at the branch.

No out of pocket expenses or travelling allowance/ halting allowance would be paid to the Concurrent Auditors. However, Goods & Service Tax etc. would be paid as applicable in addition to the Audit Fees. The payment to Concurrent Auditors would be subject to TDS at the applicable rates.

The amount of Concurrent Audit Fee payable would be as under:

S. No Range of Advance level of the Branch Audit Fee ( t )
Monthly Concurrent Audit Branches/Offices:
1. Advances up to Rs. 25 Crores Rs. 12,000/-(Per Month)
2. Advances above Rs. 25 crores & upto Rs. 75 Crores Rs. 15,000/-(Per Month)
3. Advances above Rs. 75 Crores & upto Rs. 150 crores Rs. 18,000/-(Per Month)
4. Advances above Rs. 150 Crores & upto Rs. 500 crores Rs.  20,000/-(Per Month)
5. Advance above Rs. 500 Crores Rs. 25,000/-(Per Month)
6. Service Branches Rs. 12,000/-(Per Month)
7. Treasury Branch Rs. 25,000/-(Per Month)
8 Corporate Department – H.O. (For 2/3 departments) Rs. 25,000/-(Per Month)
Quarterly Concurrent Audit Branches/Offices:
 1  Depository Service Branch

   LINK TO APPLY ONLINE

More Under CA, CS, CMA

Posted Under

Category : CA, CS, CMA (3746)
Type : News (13625) Trending (541)
Tags : Empanelment (497)

40 responses to “Online empanelment as Concurrent Auditor with UCO Bank”

  1. CA Srinivas says:

    what kind of fee it is ?
    is it for a chartered accountant/ to an attender..?

  2. CA Sejal Dalal says:

    Fees structure is very low , i think ICAI have to look in to the matter , is it a fees offered for professional ???

  3. CA. M. Lakshmanan says:

    The ICAI along with RBI should come forward to standardise the report formats for all Banks, which should be uniform in all respects and the scope of the work should be clearly defined. The Concurrent Auditor should not be made liable for all mishaps happening in the Branch. The fees should be in line with the work load. As of now it is too low. The fees paid by the Banks are not revised for many years.

  4. CA. M. Lakshmanan says:

    The following documents have 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.
    Registration and constitution certificates are one and the same and unless the partners have the required qualification the certificate would not have been issued by ICAI. Then why all these are required? It is sufficient if a copy of the Registration Certificate is attached, which is issued every year by ICAI.

  5. K JAYASEKAR says:

    The bank is offering very low remuneration. Even a subsstaff in Bank is getting more than Rs.25000/- p.m. The Bank wants us to verify everything and give monthly voluminous report. They will go to ICAI or HO if any fraud happens.
    No chartered accountant should apply for this Audit. ICAI should intervene and
    impress upon the RBI to fix minimum fee of Rs.25000/- p.m.

  6. pralay chakraborty says:

    we are very much inteest to do want on your bnak concurrent audit. our firm name is p . chakraborty & associates, address:- sarbamangala pally .dakhinapan abasan .malda -732101. name of the propritor – pralay chakraborty . oue e mail id – pralay122@rediffmail.com.another one pralay 122@gmail.com. if the advertisement out please inform to our firm on email basis. many time overlooking on your website . our phone no-9933087505.

  7. pralay chakraborty says:

    we are very much inteest to do want on your bnak concurrent audit. our firm name is p . chakraborty & associates, address:- sarbamangala pally .dakhinapan abasan .malda -732101. name of the propritor – pralay chakraborty . oue e mail id – pralay122@rediffmail.com.another one pralay 122@gmail.com. if the advertisement out please inform to our firm on email basis. many time overlooking on your website . our phone no-993307505.

  8. CA. Nilesh Vasani says:

    is se achha to ghar pe kam karna he. ca ko kya samjte he ye bank vale.qualification ke hisab se fees ka leval hona chahiyana.

  9. Naman Tarvecha says:

    Rs. 200/- per day is not even paid to some articles like me :P, but it is true Rs. 200/- per day is very less for an experienced CA, according to the amount of work to be done in the concurrent audit of a Bank.

  10. A.Gupta says:

    There is a chance of “Some fresher are accepting- they SUBLET some TRAINEE- bank accept such report”- the person fixing the fees did not think this.The payment is decided on basis of VOLUME , QUALITY , ABILITY and not by DEMAND & SUPPLY situation.

  11. g.l.sharma says:

    I am surprised, We are complaining for the fees at the same time We apply for getting the audit. The bank confirms that the C.A. firms are in queue for getting the job of concurrent audit.The applicants are much more than the requirement of the bank . The things will not improve unless we all decline to accept ,but Who will bell the cat.l

  12. TUSHAR KANTI BASU says:

    Our institute must intervene in concurrent audit allotment procedure. Work is concentrating in the hands of few while others are starving resuting acceptance of audit at such low rate.All the banks must in advance inform RBI about no of branches to be audited & on the basis Bank audit allotment procedure work will be assigned to diffrent firms . This will reduce concentration of work in the hands of few.

  13. ca mukesh gupta says:

    kuch to sharam karo

  14. CA LALIT CHAWLA says:

    To all of above professionals
    Kindly support the mission of centralised allotment of tax audit & bank audit the problems will be solved automatically
    Regards
    CA lalit Chawla

  15. CA Suresh Kumar Agrawal says:

    CA profession is not so cheap. The bank must think over before deciding any fee structure. This is a noble profession and bank must respect it.

  16. pravin says:

    Bank official should see what packages they are offering to CA employee and other staff before framing such remuneration policies .
    Also elected members at Institute has opportunity & authority to do something to enhance image of the profession. Because in the world of competition it is the institute alone which can do something for collective bargaining

  17. RajeshNM says:

    Colleagues, We should de-empanel UCO Bank from our Institute’s list…
    Even a daily wage worker will be paid more (200/- per day)…
    think abt it

  18. CA S. V. RAMAN says:

    UCO Bank wants everything in accounting and auditing to be carried by a Qualified CA and they would like to pay Rs.6,000/- PM as audit fees. This is mere peanuts. It is true that even a peon or attendent and the bank clerks get more salary than the audit fees.

    IN MY OPINION, NO CHARTERED ACCOUNTANT SHOULD APPLY FOR THIS CONCURRENT AUDIT.
    WELL, I DID NOT APPLY AT ALL. OF COURSE, I AM CONCURRENT AUDITOR OF SO MANY OTHER BANKS. HOWEVER, THIS FEES STRUCTURE IS THE LOWEST, I HAVE EVER SEEN.

    CA S.V.RAMAN

  19. abc says:

    no panel is finalised till date by uco bank for concurrent audit.

  20. Sanjiv says:

    Very unfortunate for CAs so low fees is offered. RBI should look into the matter

Leave a Reply

Your email address will not be published. Required fields are marked *