Apply for concurrent audit of Punjab and Sind Bank

STEP1 : Apply online

STEPS 2: Send printed copy etc by 25th june*( For details : refer below)*

Link for Online application
https://www.psbindia.com/OnLine_Application_CCA.php


*ELIGIBILITY CRITERIA:*

*The following criteria shall be adopted while selecting a firm for
concurrent audit assignment:*

*i.* The Chartered Accountants firm should preferably be a partnership firm
with at least one FCA partner. The auditor has to attend branch/office for
at least 14 days in a calendar month. The FCA would visit the branch
personally at least 4 times in a month or as decided by the bank.

*ii.* The Sole Proprietorship Chartered Accountant firms should be
discouraged, however, in case proprietor is a FCA and has employed an
ex-banker of scale-II & above for conducting concurrent audit, the Bank, on
merit of each such case, would consider the application. The auditor has to
attend branch/office for at least 14 days in a calendar month. Further, in
such cases the FCA would visit the branch personally at least 4 times in a
month or as decided by the bank.

*iii.* The license of the proprietor / Key Person of the partnership
concern has been issued for Full Time practice by The Institute of
Chartered Accountants and the proprietor/ Key Person of the partnership
firm is not in another Full Time Service.

*iv.* The firms should be selected from the RBI panel as per gradation
suggested for Branch Statutory Auditor appointment.

*v.* The firms should have qualified Information System Auditor (CISA/DISA)
with adequate exposure of more than 1 year in systems audit. IS audit would
be conducted in accordance with IS Audit policy of the Bank & as per format
provided by the bank, which should form an integral part of concurrent
audit.

*vi.* The firms should have been established for at least 3 years prior to
the date of application. The audit firm or any sister / associate concern /
network firm should not have been debarred/de-paneled/ is not conducting
the statutory audit of the Bank or any of its branches. Preference should
be given to the firms where the partners themselves were ex-bankers or the
firm has got tie-up with ex-bankers, of scale-II & above, with requisite
experience and exposure. In case, CA firm is doing auditing work/providing
any professional Services to any of the customers of the Bank, this must be
disclosed by way of an undertaking/declaration given below: " We have been
allotted Concurrent Audit work of your Branch Office.................. for
the period...........to …........... . In this regard, it is declared that
our firm is / has been providing Professional Services/ is an Auditor of
the following customers of the Branch. This declaration must be enclosed
with every monthly/quarterly report sent by you."

*vii.* The firm is not in any case disqualified under provision of Sec.226
of Companies Act, 1956. The firm or any of its associate firm(s) have never
been de-paneled due to poor performance.

*viii.* Preference should be given to those firms who have adequate
exposure in conducting concurrent audit of the Bank branches of public
sector / major private sector banks.

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

*x.* The firm has to undertake Risk Based Concurrent Audit as per checklist
& audit formats of the Bank. On the implementation of Risk Based Concurrent
Audit system in the bank the concurrent auditors would give rating or
grade, as per policy of the bank, for the audit entity. This rating should
be based on his observations about branch functioning.

*xi. *The firm would mandatorily sign the Dos & Don't statement & abide by
Dos & Don'ts issued by the Bank.

*xii. *The tenure of the concurrent audit would be initially for one year
and would be extended for a further period of one year (overall two years),
based on the performance of the auditor in the first year and the firms may
be considered for audit assignment in other audit units/ locations or
areas. However, after having conducted concurrent audit for two years
continuously, the concerned CCA will be given one year break (Cooling
period), before reappointing them or their associate concern(s).

*xiii.* At any point of time, not more than one audit assignment would be
awarded to any single firm. An audit assignment that needs to be carried
out across the branches/ units at different locations would be considered
as a single assignment for this purpose.

*xiv.* Cooling period of two years would be observed for a firm to become
eligible for appointment in the same audit unit purely at the discretion of
the Bank and no rights whatsoever accrue to the firm for such appointment.

*xv.* The audit coverage should be strictly as per the scope of audit as
may be decided by the Bank from time to time.

*xvi.* The concurrent auditor should not undertake any other activity/
assignment on behalf of the branch or unit without obtaining the prior
concurrence of the audit department in writing.

*xvii.* The present fee structure is as under:

*Sr. No.*

*Criteria for Remuneration (Deposits + Advances) at branch*



*Amount of Remuneration*

*payable per month (lump sum) in Rupees*

1

Up to 100 Crore

10000/-

2

Over Rs.100 Crore & up to Rs.300 Crore

12000/-

3

Over Rs.300 Crore & up to Rs.500 Crore

14000/-

4

Over Rs.500 Crore & up to Rs.1000 Crore

16000/-

5

Over Rs.1000 Crore

18000/-

6

Service Branches

7500/-

7

Treasury & Dealing Rooms (HO Foreign Exchange Dept)

12000/-

8

Investment Portfolio (HO Investment Dept.)

12000/-

9

H.O.I.T Department

12000/-

The above fee is exclusive of Service Tax.

*xviii. *No out of pocket expenses or traveling allowance / halting
allowance would be paid to the concurrent audit firms for carrying out the
assignment. However, the service tax, education cess etc. would be paid as
applicable from time to time in addition to the basic fee. The concurrent
auditors may be reimbursed actual out of pocket expenses incurred in
connection with travel involved for conducting stock audits. The payment to
the concurrent auditors would be subject to deduction of tax at source at
appropriate rates.

*xix.* All the necessary certificates that need to be given as a part of
the concurrent audit assignment (Bills of Entry verification, A1/A2 Forms
etc.) would be given by the audit firm under its letterhead without any
additional certification fee.

*xx.* On the implementation of Risk Based Concurrent Audit system in the
bank the concurrent auditors would give rating or grade, as per policy of
the bank, for the audit entity. This rating should be based on his
observations about branch functioning.

*xxi.* The Concurrent auditor shall use the checklist and other operating
guidelines provided by the Bank. Need based training / consultation would
be provided to them for enhancing the quality of the audit.

*xxii.*The Concurrent Auditors should certify all the reports under Branch
Statutory Audit System wherever Concurrent Audits are conducted by external
Chartered Accountants, similarly, Certification regarding Tax Audit would
also be taken from such Concurrent Auditors.

*xxiii.*The Concurrent auditor i.e. Chartered Accountant Firm should also
undertake stock audit function for which they will be suitably remunerated,
as per policy of the Bank.

*xxiv.*All matters of grave nature, as defined & communicated by the Bank
from time to time, which are likely to cause loss to the bank, in respect
of which immediate action is called for on the part of the
Branch/Zonal/Head Office have to be informed immediately by way of
Confidential/Flash Reports. Before drawing up the report, the Concurrent
Auditor should have a thorough discussion with the in-charge of audit unit
to ascertain all relevant points/facts on the subject to be covered in the
confidential/flash report. The copies of reports need not be given to the
Branch. Such reports should be sent to General Manager (Inspection) with a
copy to respective Zonal Manager. The Concurrent Auditor should invariably
furnish therein his views/opinion/conclusions based on his findings.

*xxv.*The concurrent audit report is to be submitted to Branch, Zonal
Office and respective Zonal Inspectorate, however, CCAR for quarter end is
to be submitted to HO. Inspection Dept. also.

*xxvi.*A formal wrap-up discussion with the in-charges of audit unit along
with the concurrent auditors will be held once in quarter with the Zonal
Manager, at Zonal Office. In case of audit of departments at Head Office,
the wrap up discussion with HOD alongwith concurrent auditors would be held
with General Manger (Inspection) once in a quarter at Head Office.

*xxvii.*The CCA should ensure that the deficiencies pointed out in the
concurrent audit reports are rectified & closed within a reasonable period,
as prescribed by the bank. The pending issues of the previous reports need
to be mentioned as a persisting irregularity/deficiency in the subsequent
reports and the audit reports i.e. monthly and quarter ended. The
concurrent audit reports of quarter end are to be formally closed once in a
quarter.

*xxviii.*The concurrent auditor is to submit the report (a softcopy through
email followed by Hard copy) strictly as per the schedule prescribed. Any
delay in submission should result in withholding the professional fee,
which should be released after the approval from General Manager
(Inspection). Repeated instance would lead to cancellation of assignment.

*xxix.*The concurrent auditor to carry out assignment in a professional
manner and in case of any misconduct & negligence the Bank should report
the matter to ICAI / RBI. This will be in addition to the disengagement
from the assignment.

*xxx.*In the event of colluding with customer/third part causing pecuniary
loss/damage to the bank, the bank shall recommend the name of the
concurrent auditor to IBA for inclusion in its caution list circulated
among banks on the advice of RBI, besides termination of assignment.

*xxxi.* In addition to above, the audit firms shall:

a) Execute undertaking of fidelity and secrecy on its letterhead in the
format prescribed by the Bank.

b) Not sub-contract the audit work assigned to any outside firm or other
persons even though such persons are qualified Chartered Accountants.

c) Furnish a declaration that credit facilities availed by the firm or
partners or firms 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 or are existing as non- performing assets as
per the prudential norms of RBI. In case the declaration is found
incorrect, the assignment would get terminated besides the firm being
liable for any action under ICAI / RBI guidelines.

d) *Print of Online application, ICAI Constitution Certificate, ICAI
Membership Certificate, DISA/CISA certificate should be submitted latest by
25th june 2013 to:*

*Asst. General Manager (I) Punjab & Sind Bank
H.O. Inspection Department,
06,Scindia House, Connaught Place,
New Delhi-110001
E-mail - ho.insp@psb.org.in
Phone – 011- 23716646/23716647/23718685
Fax- 23714911*

Any other terms and conditions of the assignment would be decided by the
Bank on a case-to-case basis.
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