Vijaya Bank have initiated the process for Empanelment of Concurrent auditors/ Audit firms for conducting the concurrent audit of their identified branches for the year 2018-19 i.e from July 2018 to June 2019.

1. Important Points in respect of Empanelment with Vijaya Bank

1. Empanelment is for one year

2. Eligibility criteria and list of identified branches are published alongwith the application form on www.vijayabank.com

3. The option is open in the website from 15.05.2018 to 24.05.2018.

4. CA firms will be selected from the eligible firms only.

5. No communication (mails/telephone calls) will be entertained in this regard.

6. If you are eligible, please submit your details through the web portal.

7. Upon submission, one acknowledgement number will be generated and mailed to your email ID provided while submitting the application

2. The eligibility criteria for selection of Concurrent Auditors for the year 2018-19

1. The Chartered Accountant firms/Concurrent Auditors should be on RBI panel.

2. The Chartered Accountant firms should be partnership concern.

3. At -least one of the partners of the audit firm should have a qualified Information System Auditor (CISA/DISA) with necessary exposure to system audit.

4. The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignment.

Further, the Chartered Accountant firms may also take note of the following general terms and conditions while making selection of Concurrent Auditors:

a. Weightage will be given to the firm where the partners themselves are ex-bankers or the firm has got tie-up arrangement with ex-bankers with requisite experience/exposure.

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

c. The audit firm or any sister concern / net work firm should not be conducting the Statutory Audit of the Bank or any office / branches of the Bank.

d. If selected, the Concurrent Auditors shall have to abide by all the terms and conditions of appointment / selection laid down by the Government of India /RBI/Our Bank without reservations. Also they shall be required to sign “Do’s and Don’ts” as stipulated in the government guidelines.

e. The present tenure of the selected Concurrent Auditors will run from 07.2017 to 30.06.2018. However, the tenure may be renewed annually depending on satisfactory performance of the Concurrent Auditors, subject to a maximum of three years on a continuous basis.

f. The decision for selection of Concurrent Auditors shall be the prerogative of the Bank and the Bank’s decision shall be final in selecting the Concurrent Auditors. The Bank will communicate the fact of selection only to the selected firms and no communication of selection / rejection will be made to the firm which are not selected. The decision of the Bank cannot be questioned or contested in any manner whatsoever.

g. The Bank reserves the right to amend or modify the eligibility criteria as deemed fit to suit its requirements.

h. Upon selection, various terms and conditions will be communicated to Chartered Accountant firms / Concurrent Auditors along with the Appointment letters to be complied with by them.

i. The monthly fees payable to concurrent auditors range from Rs.9, 000/- to Rs.20, 000/-, (except FTMD-HO) depending upon the level of the business of the branch/offices. Additionally, applicable service charges are also paid by the Bank.

j. The list of proposed branches for which the Concurrent Auditors are required, are furnished in the Annexure-II. The Concurrent Auditors / the Chartered Accountant firms may mention their choice of branches (maximum of 5 branches) in their application. However, the Concurrent Auditor will be given only one branch, preferably of his choice. In case of more than one concurrent auditor competing /opting for the same branch, the decision of the Bank shall be final and it cannot be questioned or contested in any forum, legal or otherwise.

3. Online Registration form for Empanelment of Concurrent Auditors with Vijaya Bank

Please Click Here for applying

4. List of Vijaya Bank Branches /Offices Identified For Concurrent Audit For  Year 2018-19

Please Click Here for the list of preferred branches

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21 responses to “Empanelment with Vijaya Bank of CA firms for concurrent audit”

  1. CA Sanjeev Manmohan Vora says:

    Proprietory firms should be given preference. They are capable and can appoint qualified staff for the purpose.Even remuneration has to be reasonable and tender system should be discouraged.The fees have to be in confirmity with standards as laid down.

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  4. Amber Sayyed says:

    The site is not working since last two days. After filling all the details and when we click on register, it is showing message “We are sorry an error has occurred”. Is there any other link so that we can apply before the due date??

    -Thankyou.

  5. UMESH says:

    When i am doing the register for submitting , this error message is showing every time “We are Sorry, error has occurred.” please give the suggestion , how can i resolve this issue ?

  6. Cheenu Bhatia says:

    Please send link for undertaking as nothing is on the website in relation to undertaking. Also, the same was not generated at the time of generation of the acknowledgment.

  7. Nimesh says:

    i am unable for find undertaking letter which is required to be submitted with application form to the bank..please send link…

  8. Jameskutty Antony says:

    Sir

    The only way to overcome this situation is, we should not quote or accept assignments which are not remunerative. Some of our fellow professionals accept these cheap fees and that is why they come out with such low fees again.

    We are prohibited from participating in tenders and quoting fees unless the tender is open for Non-CA’s also. please see the link below:

    https://taxguru.in/chartered-accountant/responding-tenders-icai-guideline-members.html

  9. CA Chandan Shahi says:

    where is the link to download undertaking

  10. lokesh says:

    where i can found the undertaking. plz send link

  11. Shitin says:

    You need to send the same to the following address:

    The Deputy General Manager,
    Central Inspection Department
    Vijaya Bank
    Head Office,
    No.41/2,M.G.Road,
    Bangalore-560001

  12. Surajit Ghosh says:

    i am also confused about the address where we will send the undertaking along with the copy of online application. there is nothing found in the Vijaya Bank website in this regard.

    the CA firms those have no backings to get the assignment, are falling in great trouble to survive.

    in west bengal, we get a offer to do a audit of govt hospital which is about 40 to 50 kms away from kolkata, at a remuneration of rs.2500/- monthly on condition, that CA partner should visit the hospital at least once in a week and staff should attain the audit of atleat 3 to 4 days in a week.

    now various audit offer by the government or government company on EOI basis without giving full details about the assignment in their advertisement. some are asking tender deposit also. now we the member of premier institute of india are becoming contractor, fighting with each other to survive by way of undercutting of fees and compromising with the appointing authority by various ways.

    although it is universally truth that maker (management) can not be checker(auditor), but in our country maker is now appointing the checker and thereby influencing various ways to compromised with them otherwise, checker’s (auditor) are being dismissed on some fishy ground.

    please raise your voice in this matters

  13. ashish lath says:

    Whether the link of empanellement of concurrent auditor vijaya bank has been removed from site? As written above that the last date date of application submission is 15.05.15. Please reply.

  14. DEEPAK GOYAL says:

    pl let me know the address where acknowledgment of online submitted from is to be deposited

  15. srinivasan says:

    Where to send the application, No address is provided

  16. Abhilash says:

    Over the time CA degree also got diluted, so don’t cry over fee & business (“business”) – 🙂

  17. CA MBG Tilak says:

    I absolutely agree with the views of Sarva Sri CA. Mukesh Saran, Natarajan
    etc & ICAI ought to do something good , “REVOLUTIONARY”, to save image of CA Firms particularly Proprietory firms.

    • ram says:

      Ufcourse. As long as no unity within CA’s, election of useless persons for representing our firm make our profession diluted. Proprietory firms are either compromise with the bankers in quality or they have to lose the assignemnt, otherwise they cannot survive in the unhealthy competition.

  18. CA. Mukesh Saran says:

    Its nothing but a huge mockery of bank’s. They want quality without paying. The want value “WITHOUT” money. CA fraternity must do something “REVOLUTIONARY” to save image of CA, the “Alphabet of Trust”.

  19. natarajan says:

    The Scale of fees is very poor. The date of commencement of audit is from October 2013. Advertisement for the same is given after expiry of two months which itself indicates how much importance concurrent audit is being given

  20. Hitesh says:

    Only 29 branches are considered for concurrent audit. So many branches are outside the scope of statutory as well as concurrent audit. While reducing scope of statutory audit it was thought that more and more branches will be covered by concurrent audit, but it is not so. Again proprietorship firm is not eligible.

    Also scale of fee is low.

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