TERMS & CONDITIONS FOR CONCURRENT AUDITORS’ ASSIGNMENT

The following norms shall be applicable for appointment of firms of Chartered Accountants as Concurrent Auditors:

I. The firm should be either a partnership firm or proprietary firm having Chartered Accountant(s) as partner(s) / proprietor, duly empanelled with RBI;

II. The firm or its partner(s) / proprietor have not been subject of inquiry(s) in the past by the Institute of Chartered Accountants of India as per the provisions of Section 21 of the Chartered Accountants Act, 1949, and no such inquiry is pending, initiated, or contemplated by the Institute as on the date of application as well as date of acceptance of assignment;

III. Where there are group of firms of Chartered Accountants having common partners, only one of the firms in the group will be eligible for assignment of Concurrent Audit;

IV. The Firm would be allotted Concurrent Audit of only one branch of the Bank under normal circumstances;

V. Besides Chartered Accountants, the firm should have other qualified and experienced staff, infrastructure and office within an approachable distance from the location of the auditee branch / office to undertake Concurrent Audit;

VI. The firm which conducts Statutory Audit of Central Bank of India shall not be considered for appointment as Concurrent Auditor by the Bank during that year and the next year;

VII. The firm should not have any professional or commercial relationship either direct or indirect with borrowers! beneficiaries of the branch ! department under audit and also shall not have in future, as far as possible, for a minimum period of three years;

VIII. The firm which has partner / proprietor who is also a partner / proprietor of the firm entrusted with the Statutory Audit of Central Bank of India shall not be considered for appointment as Concurrent Auditors in Central Bank of India. In other words, associate concerns of the firm carrying out Statutory Audit of Central Bank of India shall not to be considered for appointment as Concurrent Auditors as in (vi) above;

IX. If any of the Directors of Central Bank of India is a partner / proprietor in a firm, such firm shall not be considered for appointment as Concurrent Auditor;

X. In case the performance of the Concurrent Auditor falls short of the expectation of the Management or the Audit Committee of the Board, the Management may replace the Concurrent Auditor at any time. The performance shall be evaluated on adequacy of coverage and quality of report, attendance of assistant & visits of partner/prop, timely submission of reports & inspection of units etc.

XI. The Concurrent Audit should be conducted on daily basis (on all working days) by audit assistant;

XII. Ideally the Partner/Proprietor should get the concurrent audit conducted under their direct supervision daily.

XIII. Depending on the size of the branch eligibility criteria will be as under:-

Sr. No

Branch Category

Category of the CA Firm, assigned by RBI

1

CFB / Treasury branch

I

2

MCB / ELB

I & II

3

VLB / NBO & other branches located at Metro & Dist. HQ

I, II & III

4

All branches not covered above

I, II, III & IV

The assignment of concurrent audit shall not be given to anybody on sub-contract basis;

XIV. Mere submission of application for Concurrent Audit & fulfilling the criteria thereof does not, in any way, constitute guarantee for assigning any type of audit of the Bank;

XV. The online applications only shall be considered. Allotment will be made for the listed branches in the area of applicant’s choice, prioritizing and selecting from the online applications. The Bank reserves the right to add / delete name of branch(s) from the list. No correspondence shall be entertained in the matter.

XVI. If firm or partners are availing any credit facility(s) from any branch of Central Bank of India or have guaranteed any credit facility in favour of a third party exceeding `10000/-, the same shall be a disqualification;

XVII. Concurrent Auditors shall provide various Certifications done earlier by Branch Statutory Auditors, covering NPA provisioning, Insurance coverage, P&L Account, ALM, CRAR, DICGC, LFAR etc. Similarly, certification regarding Tax Audit shall also be provided by the Concurrent Auditors. It is pertinent to note that the Concurrent Auditors are carrying out all the verifications on a continuous basis which the Branch Statutory Auditors, at year end, are giving as Certificates. These Certificates, as a part of the Concurrent Audit assignment, would be given by the Concurrent Auditors on their letter head without any additional certification fee;

XVIII. Payable monthly fee shall be ranging from `12000/- to `30000/- based on the business figures of the branch as on 3 1/03/2013. Service Tax, if applicable, shall be paid separately provided the firm furnishes the Service Tax registration number. TDS shall be deducted as per rules. The monthly fee shall be paid through electronic mode by the branches. All concurrent auditors shall submit details to the auditee branch for payment by NEFT; The Concurrent Auditor shall not be entitled for any additional benefits or perquisites;

XIX. Concurrent Auditors shall submit findings every week to auditee branch, findings every month to respective controller. The quarterly reports shall be submitted, within 7 days of the close of the quarter. The Bank reserves the right to change the reporting format, at any time.

XX. The firm shall be required to conduct credit audit along with concurrent audit for the accounts with sanctioned limit of ` 1.0 crore & above.

Important:

1. The online application may be considered even for another branch at same or nearby station, if opted by applicant.

2. If we do not receive complete set of documents in a single lot as mentioned in assignment letter within 15 days of receipt of the mail, assignment shall stand cancelled automatically, without giving any reason thereof, and no correspondence shall be entertained in the matter.

3. If above terms and conditions are acceptable to you, then only file your application ‘On-line’. Please do not send hard copy of the On-line application to our office.

4. Please furnish address for communication only in the ‘on-line’ application.

5. Online Applications can be submitted up to 13/06/2013 only.

6. The Bank shall communicate, on or before 01.07.2013, on email address provided in online application, to the firms to whom concurrent audit assignments are awarded.

7. Bank reserves the right to change/ delete/ add any term and condition at any stage regarding assignment of Concurrent Audit.

LINK TO APPLY ONLINE FOR CONCURRENT AUDIT OF CENTRAL BANK OF INDIA

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0 responses to “Online Empanelment for Concurrent Audit of Central Bank of India”

  1. tsrajamaheswaran says:

    dear Sir,
    What are the eligibility/criteria for empanelment as a concurrent auditor of State bank Of India.With whom we have to apply for empanelment
    Thanking you

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