Indian Overseas Bank
Central Office, 763, ANNA SALAI,
Chennai – 600002


INDIAN OVERSEAS BANK invites application from eligible Chartered Accountant firms for assignment of Concurrent Audit in the prescribed format available on our website The list of branches available for concurrent audit and the terms and conditions are published on our website. The filled in application should be submitted in pdf. format to email ID on or before 06.07.2018.

General Manager (Inspection)



1. The application downloaded from the website should be filled in and duly signed by Authorized Signatory and should be emailed to in pdf format on or before 06.07.2018.

2. The audit firm is to select only 3 branches, nearer to their office/branch office and the distance is to be mentioned for the selected branch. Applications without distance will not be accepted.

3. UCN No. allotted by RBI should be mentioned in the application without fail.

4. There are five branches in the list specifically for Category 1 Audit firms and for remaining branches all category Audit Firms can apply.

5. All the applications received up to 5.00 p.m. will be acknowledged on the same day through email. If acknowledgement is not received before 6.00 p.m. please call 044-28519563.


The following basic criteria will be adhered to in selection of audit firms for conducting concurrent audit.

– The firm should be selected from RBI panel of auditors;

– The Audit firm should possess a minimum of 5 years experience in Bank audit;

However, preference shall be given to

a. Partnership firms with 2 partners having FCA qualification.

b. Minimum one partner having the qualification of Information System Auditor (CISA / DISA)

c. Atleast one partner should have completed certificate course on concurrent audit in banks conducted by Institute of Chararted Accountants of India (ICAI).

d. Atleast one partner should have completed ‘Certificate Course on Forex and Treasury Management’ conducted by ICAI for Authorised Dealers Branch.

e. The firm having exposure in conducting concurrent audit of the Bank branches for a few public sector/major private sector banks.

– The Concurrent Audit in credit concentrated branches having advances of Rs. 200 crores and above, the concurrent firm shall be in category I with minimum of 5 years experience.

– The firm or its proprietor/partners have not been the subject of inquiries 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;

– 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; The firm would normally be allotted Concurrent Audit of only one branch of the Bank;

– 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;

– The firm which conducts Statutory Audit of Indian Overseas Bank shall not be considered for appointment as Concurrent Auditor by the Bank during that year and the next year;

– The firm which has a partner / proprietor who is also a partner / proprietor of the firm entrusted with the Statutory Audit of Indian Overseas Bank shall not be considered for appointment as Concurrent Auditors in Indian Overseas Bank. In other words, sister/ associate concerns of the firm carrying out Statutory Audit of Indian Overseas Bank shall not to be considered for appointment as Concurrent Auditors;

– If any of the Directors of Indian Overseas Bank is a partner / proprietor in a firm, such firm shall not be considered for appointment as Concurrent Auditor;

– The assignment of concurrent audit given by us should not be given to anybody on subcontract basis

– The firm should have necessary office set up within the same city or periphery of allotted branch/office and adequate personnel to ensure proper deployment and timely completion of assignments.

– Partner/Proprietor should visit the branch twice in a week and also participate in discussion with Branch Manager on deficiencies found during that week.

– 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.

– All the applications submitted and received in physical form prior to this process of inviting online applications stand cancelled.

– If firm or partners are availing any credit facility/ies from any branch of Indian Overseas Bank or have guaranteed any credit facility, please furnish the following information in a letter addressed to General Manager (Inspection) and dispatch by Speed Post.

Name of the Partner

Name of Bank’s branch

Nature of dealings / facilities

Banking since with A/c. No

– The monthly fees payable shall be evaluated on the business figures of the branches as on 31.03.2018. Tax, GST shall be paid separately. TDS shall be deducted as per rules. TDS will be deducted as per rules.

Date of Opening of accepting Application 27.06.2018
Last date for submission 06.07.2018

Download Application For Assignment Of Concurrent Audit In 1011 For The Period 01.07.2018 To 30.06.2019

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13 responses to “Empanelment -Indian Overseas Bank for Concurrent Audit”

  1. SIBIN BABU says:


  2. CA SAKSHI JAIN says:

    Where is the list of Branches to be audited??

  3. Deepak Kainth says:

    Where is list of Branches to be audited

  4. Ca Kailash Kumar says:

    where is list of branches

  5. M Murali says:

    Kindly confirm whether renewals of Concurrent Audit automatically done or we need to apply

  6. M Murali says:

    We are doing Concurrent Audit of a branch in coimbatore which expires on 30/06/2017. Whether we need to apply for renewal or automatically gets renewed? Kindly confirm at the earliest

  7. Nitin says:

    validate and print button not working. Any remedy?

  8. Mahesh Dulwani says:

    Validate & Preview option not working & customer care not answering properly, customer care no. 04428519563 not responding.

  9. Mahesh Dulwani says:

    No further processing on submitting validate & preview while submitting application & while calling to IOB customer care they had provided this number 04428519563 to call but this number not reachable.

  10. James Antony says:

    ‘Validate and Preview’ button is not working. What to do?

  11. PRASHANT GUPTA says:


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