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Empanelment of Concurrent Audit – INDIAN OVERSEAS BANK




Concurrent Audit – Empanelment   

FEE STRUCTURE Rs.12000-Rs.30000

PORTAL OPENING DATE: 12.08.2016  CLOSE DATE:22.08.2016


Link to apply online





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


–           The Audit firm should be on RBI panel of auditors;


–           Preference shall be given to


  1. Partnership firms with 2 partners having FCA qualification;


  1. Partners having the qualification of Information System Auditor (CISA / DISA);


  1. Partners having completed certificate course on concurrent audit in banks conducted by Institute of Chartered Accountants of India (ICAI).


  1. Firm having experience in conducting concurrent audit of the bank branches of 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;


–           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 application & 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, during that year and the next year, shall not be eligible for application and for appointment as Concurrent Auditor of the Bank;


–           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 be eligible for application & not 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 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;


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


–           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(s) from any branch of Indian Overseas Bank or have guaranteed any credit facility, shall not be eligible;


–           The monthly fees payable shall be evaluated on the business figures of the branches as on 31.03.2016. Service Tax, if applicable, shall be paid separately provided the firm furnishes the Service Tax Registration No. TDS will be deducted as per rules.