Empanelment -Central Bank of India -Concurrent Audit Assignment
GUIDELINES FOR CONCURRENT AUDIT ASSIGNMENT IN CENTRAL BANK OF INDIA*
The following norms shall be applicable for appointment of firms of
Chartered Accountants as Concurrent Auditors:
I. Applicant firm should be a Member of ICAI and should be either a
partnership firm or proprietary firm having Chartered Accountant(s) as
partner(s) / proprietor, *duly empanelled with RBI(RBI panel 13-14);*
II. The firm or its partner(s) / proprietor *have not been subjected to
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. The firm or its partners are duly qualified as auditors in terms of
Section 141 of the Companies Act. 2013
IV. 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;
V. The Firm would be allotted Concurrent Audit of only one branch of the
Bank under normal circumstances;
VI. 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;
*VII. The firm which conducted Statutory Audit of any branch of Central
Bank of India during 2012-13 & 2013-14 shall not be considered for
appointment as Concurrent Auditor by the Bank.*
*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 (VII) above;*
*IX. 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;*
*X. 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;*
XI. In case the performance of the Concurrent Auditor falls short of the
expectation, the Bank shall have discretion to 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/proprietor, timely submission of reports & inspection of units etc.
XII. Ideally the Partner/Proprietor should get the concurrent audit
conducted under their direct supervision on daily basis. It may be
desirable that the Proprietor/partner/CA employee of the firm, who will
attend the proposed Concurrent Audit Assignment, has attended the *Certificate
course on Concurrent Audit of the banks, conducted by the ICAI*.
XIII. Depending on the size of the branch eligibility criteria will be as
under:-
Sr. NoBranch CategoryCategory of the CA Firm, assigned by RBI1CFB /
Treasury branchI2MCB / ELBI & II3VLB/SSB/GAD/CBS & other branches located
at Metro & Dist. HQI, II & III4All branches not covered aboveI, II, III & IV
XIV. The assignment of concurrent audit cannot be given to others on
sub-contract basis;
XV. 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;
XVI. The online applications only shall be considered. Allotment will be
considered 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.
*XVII. 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 Rs. 10000/-, the same shall be a
disqualification;*
XVIII.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;
XIX. The Concurrent Audit should be conducted on daily basis (on all
working days). The scope of concurrent Audit shall encompass guidelines
from Regulator, DFS besides Bank's requirement.
XX. Monthly Concurrent Audit fee ranges from Rs. 13500/- to Rs. 55000/-
based on the business figures of the branch as on 30/09/2014. 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;
XXI. Concurrent Auditors shall submit findings every week to auditee
branch, & submit monthly/Quarterly reports within 7 days of the close of
the month/quarter on *prescribed formats*. Failure to submit report in
time will attract penalty of 10% of fees payable. The Bank reserves the
right to change the reporting formats, at any time.
The Bank is in process of procuring Audit Software for conducting
Concurrent Audit and reporting therein. Selected firm will have to conduct
the concurrent audit and submit reports as per provisions of the software,
once the same is made alive. Separate login ID shall be provided to the
concurrent Auditors.
XXII. The Partner/Proprietor shall have to attend meetings as & when
called by the Executives of Regional Office! Zonal Audit Office or Central
office, at their own cost.
*XXIII. CA Firm should not have business dealing with any borrower of the
branch for which concurrent audit assignment is sought.*
XXIV. CA firm, conducting Concurrent Audit of the branch, will not canvass
credit proposals directly or indirectly.
XXV. Bank reserves the right to modify / alter any terms of selection
process at any point of time. Selection process will be at Bank's absolute
and sole discretion. No representations /claims will be entertained
whatsoever.
*XXVI. The CA firm should not have refused any assignment allotted by the
Bank in the past.*
XXVII. The CA Firm, while accepting assignment, should execute an
undertaking of fidelity and secrecy on its letterhead in the prescribed
format provided by the Bank.
XXVIII. The CA Firm getting concurrent audit assignment will have to
carry out short inspection / unit visit and submit the report along with
regular report. No separate fee will be paid for carrying out the unit
visit.
*Important:*
1. The online application may be considered even for another branch at
same or nearby station, even though not opted by the applicant depending on
exigency.
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 12.12.2014 only.(up to 6.00
pm)*
6. *Selected firms for assignment of concurrent audit shall be informed
on or before 25/12/2014 by e-mails only on email address provided in online
application*.* No separate letter shall be issued for this purpose. A
printout of the mail duly signed & stamped by the firm is to be sent to
respective Zonal Audit Office along with other annexures.*
7. Bank reserves the right to change! delete! add any term and condition
at any stage regarding assignment of Concurrent Audit and Bank's decision
in this regard will be final.
*8. The Proprietor / Partner (s) of CA Firms should not be defaulter (s)
of any Bank for any liability / loan or obligation. An undertaking to this
effect is to be submitted to the concerned Zonal Audit Office.*
9. The proprietor / partner (s) of CA Firm to disclose whether they have
been debarred by ICAI / RBI / Central Bank of India or any other Bank.
*Click here to Apply Online for concurrent Assignment with Central Bank of
India*
<https://www.centralbankofindia.co.in/concurrentAuditorApp/con_audit_details.aspx>*Click
here to Print/Save your Application*
<https://www.centralbankofindia.co.in/concurrentAuditorApp/validateRefNoToPrntSve.aspx>
The following norms shall be applicable for appointment of firms of
Chartered Accountants as Concurrent Auditors:
I. Applicant firm should be a Member of ICAI and should be either a
partnership firm or proprietary firm having Chartered Accountant(s) as
partner(s) / proprietor, *duly empanelled with RBI(RBI panel 13-14);*
II. The firm or its partner(s) / proprietor *have not been subjected to
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. The firm or its partners are duly qualified as auditors in terms of
Section 141 of the Companies Act. 2013
IV. 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;
V. The Firm would be allotted Concurrent Audit of only one branch of the
Bank under normal circumstances;
VI. 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;
*VII. The firm which conducted Statutory Audit of any branch of Central
Bank of India during 2012-13 & 2013-14 shall not be considered for
appointment as Concurrent Auditor by the Bank.*
*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 (VII) above;*
*IX. 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;*
*X. 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;*
XI. In case the performance of the Concurrent Auditor falls short of the
expectation, the Bank shall have discretion to 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/proprietor, timely submission of reports & inspection of units etc.
XII. Ideally the Partner/Proprietor should get the concurrent audit
conducted under their direct supervision on daily basis. It may be
desirable that the Proprietor/partner/CA employee of the firm, who will
attend the proposed Concurrent Audit Assignment, has attended the *Certificate
course on Concurrent Audit of the banks, conducted by the ICAI*.
XIII. Depending on the size of the branch eligibility criteria will be as
under:-
Sr. NoBranch CategoryCategory of the CA Firm, assigned by RBI1CFB /
Treasury branchI2MCB / ELBI & II3VLB/SSB/GAD/CBS & other branches located
at Metro & Dist. HQI, II & III4All branches not covered aboveI, II, III & IV
XIV. The assignment of concurrent audit cannot be given to others on
sub-contract basis;
XV. 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;
XVI. The online applications only shall be considered. Allotment will be
considered 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.
*XVII. 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 Rs. 10000/-, the same shall be a
disqualification;*
XVIII.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;
XIX. The Concurrent Audit should be conducted on daily basis (on all
working days). The scope of concurrent Audit shall encompass guidelines
from Regulator, DFS besides Bank's requirement.
XX. Monthly Concurrent Audit fee ranges from Rs. 13500/- to Rs. 55000/-
based on the business figures of the branch as on 30/09/2014. 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;
XXI. Concurrent Auditors shall submit findings every week to auditee
branch, & submit monthly/Quarterly reports within 7 days of the close of
the month/quarter on *prescribed formats*. Failure to submit report in
time will attract penalty of 10% of fees payable. The Bank reserves the
right to change the reporting formats, at any time.
The Bank is in process of procuring Audit Software for conducting
Concurrent Audit and reporting therein. Selected firm will have to conduct
the concurrent audit and submit reports as per provisions of the software,
once the same is made alive. Separate login ID shall be provided to the
concurrent Auditors.
XXII. The Partner/Proprietor shall have to attend meetings as & when
called by the Executives of Regional Office! Zonal Audit Office or Central
office, at their own cost.
*XXIII. CA Firm should not have business dealing with any borrower of the
branch for which concurrent audit assignment is sought.*
XXIV. CA firm, conducting Concurrent Audit of the branch, will not canvass
credit proposals directly or indirectly.
XXV. Bank reserves the right to modify / alter any terms of selection
process at any point of time. Selection process will be at Bank's absolute
and sole discretion. No representations /claims will be entertained
whatsoever.
*XXVI. The CA firm should not have refused any assignment allotted by the
Bank in the past.*
XXVII. The CA Firm, while accepting assignment, should execute an
undertaking of fidelity and secrecy on its letterhead in the prescribed
format provided by the Bank.
XXVIII. The CA Firm getting concurrent audit assignment will have to
carry out short inspection / unit visit and submit the report along with
regular report. No separate fee will be paid for carrying out the unit
visit.
*Important:*
1. The online application may be considered even for another branch at
same or nearby station, even though not opted by the applicant depending on
exigency.
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 12.12.2014 only.(up to 6.00
pm)*
6. *Selected firms for assignment of concurrent audit shall be informed
on or before 25/12/2014 by e-mails only on email address provided in online
application*.* No separate letter shall be issued for this purpose. A
printout of the mail duly signed & stamped by the firm is to be sent to
respective Zonal Audit Office along with other annexures.*
7. Bank reserves the right to change! delete! add any term and condition
at any stage regarding assignment of Concurrent Audit and Bank's decision
in this regard will be final.
*8. The Proprietor / Partner (s) of CA Firms should not be defaulter (s)
of any Bank for any liability / loan or obligation. An undertaking to this
effect is to be submitted to the concerned Zonal Audit Office.*
9. The proprietor / partner (s) of CA Firm to disclose whether they have
been debarred by ICAI / RBI / Central Bank of India or any other Bank.
*Click here to Apply Online for concurrent Assignment with Central Bank of
India*
<https://www.centralbankofindia.co.in/concurrentAuditorApp/con_audit_details.aspx>*Click
here to Print/Save your Application*
<https://www.centralbankofindia.co.in/concurrentAuditorApp/validateRefNoToPrntSve.aspx>
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