GUIDELINES FOR
SUBMITTING ONLINE APPLICATION FOR CONCURRENT AUDIT ASSIGNMENT IN CENTRAL BANK OF INDIA FOR THE YEAR 2016
ONLY
INTERNET EXPLORER IS ALLOWED FOR SUBMISSION OF APPLICATION
PLEASE
SELECT THE BRANCH/OFFICE FROM THE LIST OF IDENTIFIED BRANCHES/OFFICES FOR WHICH
APPLICATIONS ARE BEING INVITED, AS PER CATEGORY OF THE FIRM. PLEASE CLICK “GUIDELINES
FOR CONCURRENT AUDIT ASSIGNMENT FOR DETAILS.
ENTER
THE BRANCH CODE IN THE FIELD PROVIDED. NAME OF THE BRANCH/OFFICE SHALL APPEAR
AFTER ENTERING THE BRANCH CODE.
GIVE
THE DISTANCE IN ‘KMs’ FROM FIRM’S OFFICE. THE DISTANCE SHOULD BE MANAGEABLE FOR
VISITING BRANCH DAILY. TRAVELLING EXPENSES SHALL NOT BE PAID OR REIMBURSED.
IF
FIRM IS PREPARED TO TAKE UP, ASSIGNMENT OF BRANCH AT ANY OTHER CENTRE, THEN IT
CAN FURNISH THE NAME OF SUCH BRANCHES AT OTHER CENTRE. AS UNDER ONE “RBI UCN’,
ONLY ONE APPLICATION CAN BE SUBMITTED, THE SELECTION OF BRANCH/OFFICE(ES)
SHOULD BE DONE CAREFULLY.
AFTER
SELECTION OF BRANCH/OFFICE (ES), ENTER “UCN/RBI REG. NO.*” IF FIRM’S RBI CATEGORY MATCHES
WITH THE BRANCH CATEGORY, DETAILS OF THE FIRM SHALL BE POPULATED IN THE APPLICATION FORM.
THERE
IS POSSIBILITY THAT CATEGORY OF THE FIRM MIGHT HAVE BEEN CHANGED BY ICAI BUT
SAME HAS NOT BEEN MODIFIED IN THE DATA RECEIVED BY THE BANK FROM RBI. IN SUCH
CASE PLEASE SELECT THE BRANCH AS PER EARLIER CATEGORY OF THE FIRM.
IF
THERE IS ANY CHANGE IN THE CATEGORY OF THE FIRM, SAME CAN BE ENTERED IN THE
FIELD PROVIDED FOR (REVISED CATEGORY: ).
AS
PER DETAILS AVAILABLE WITH RBI, REQUIRED ROWS FOR ENTERING PARTICULARS OF
PARTNERS SHALL BE GENERATED. IF SUCH ROWS ARE MORE THAN ACTUAL PARTNERS AS ON
THE DATE OF APPLICATIONS ON ACCOUNT OF RETIREMENT/RESIGNATION OF ANY PARTNER ,
IN SUCH CASE NAME OF RETIRED/ RESIGNED PARTNER’S NAME ICAI MEMBERSHIP NO. MAY BE FURNISHED WITH ENTERING
“SINCE RETIRED/RESIGNED IN OTHER COLUMN/FIELD IN THE ROW.
FOR
ENTERING DETAILS OF CONCURRENT/STATUTORY AUDIT EXPERIENCE, PLEASE PUT THE
NUMBER OF ROWS REQUIRED FOR ENTERING THE DETAILS AS UNDER:
DURING LAST FIVE YEARS (UP TO30TH SEPT’15 IF FIRM HAS
CONDUCTED CONCURRENT/STATUTORY AUDIT AT MANY BRANCHES OF A PARTICULAR BANK
CONTINUOUSLY, THEN SAME CAN BE REPORTED IN SINGLE ROW BY ENTERING NAMES OF
BRANCHES IN THE “BRANCH” COLUMN (E.G. BR A, BR B, BR C) AND IN DATES COLUMN
ASSIGNMENT START DATE at first branch and END DATE of last branch assignment
completion date (latest)
FIRM’S EXPERIENCE IN SPECIALIZED AUDIT SHOULD BE BASED ON
FACTS AND SUPPORTING PROOFS MAY BE SOUGHT LATER ON, IF REQUIRED.
PLEASE DON’T SEND PRINT OUT/SOFT COPY OF YOUR APPLICATION
TO ANY OFFICE OF OUR BANK. COPY OF APPLICATION FORM ALONG WITH OTHER DOCUMENTS
SHALL BE OBTAINED FROM THE SELECTED FIRMS ONLY.
ANY TYPE OF CANVASSING SHALL BE A DISQUALIFICATION.
PLEASE NOTE.
TERMS AND CONDITIONS/GUIDELINES FOR CONCURRENT AUDIT
ASSIGNMENT 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
panel14-15);
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 not be allotted
Concurrent Audit of more than one branch/Office/Dept. 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 2013-14 & 2014-15 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
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. No
|
Branch Category
|
Category of the CA Firm,
assigned by RBI
|
|
1
|
CFB / Treasury branch
|
I
|
|
2
|
MCB / ELB
|
I & II
|
|
3
|
VLB/SSB/GAD/CBS &
other branches located at Metro & Dist. HQ
|
I, II & III
|
|
4
|
All branches not covered
above
|
I, 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 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 “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 `13500/- to `33000/- based on the business figures of the branch as on 30/09/2015. 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 their details to the auditee
branch for payment by NEFT; The Concurrent Auditor shall not be entitled for
any additional benefits or perquisites. Monthly fee shall not be reviewed on
account of increase in branch business due to routine increase in business or
due to merger/transfer from other branches.
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 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.
XIV. CA firm, conducting
Concurrent Audit of the branch, will not canvass credit proposals directly or
indirectly.
XV. Bank reserves the right
to modify / alter any terms of selection process at any point of Selection process will be at Bank’s absolute and sole
discretion. No representations /claims
will be entertained whatsoever.
XVI. The CA firm should
not have refused any assignment allotted by the Bank in the past.
XVII. The CA Firm, while
accepting assignment, will have to execute an undertaking of fidelity and secrecy on its letterhead in the prescribed format
provided by the Bank.
XVIII. 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.
XXIX The CA firms will be
required to comply with the RBI circular DBS. CO.FrMC.BC.
No.11/23.0.001/2010-11 dated June 30, 2011 according to which the concurrent
auditors were required to look into and report, inter alia, on the genuineness
of the title documents especially for large value loans.
Important:
- The online application may be considered even for another branch at same or nearby station depending on exigency, even though not opted by the applicant.
- If we do not receive complete set of documents in a single lot as mentioned in assignment letter within 15 days of receipt of our mail, assignment shall stand cancelled automatically, without giving any reason thereof, and no correspondence shall be entertained in the matter.
- 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.
- Please furnish address for communication only in the ‘on-line’ application.
- Online Applications can be submitted up to date indicated in website. (up to 6.00 pm)
- Selected firms for assignment of concurrent audit shall be informed on or before 25.12.2015 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.
- 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.
- 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.
- 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.
Link
to Apply Online for Empanelment (Use Only Internet Explorer)
Click
here to Print/Save your Application once you made the Application (Use Only
Internet Explorer)
Please Print/Save a copy of application for future reference.
For
queries related to filing Online Application, please contact Audit and
Inspection Department on 022-61648650
Last Date for filing Online Applications: 15.12.2015.
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