Empanelment for Chartered Accountant for Concurrent Audit of Allahabad Bank
(A GOVERNMENT OF INDIA UNDERTAKING)
HEAD OFFICE : 2, NETAJI SUBHAS ROAD, KOLKATA-700 001
CONCURRENT AUDIT CELL, Inspection Department -14
India Exchange Place
|Application for Concurrent / Revenue Audit (Year 2019-20)|
1. Allahabad Bank invites applications as per prescribed format from practicing firms of Chartered Accountants firms / Retired Officials of Allahabad Bank who are willing for empanelment as Concurrent / Revenue Auditor in the Bank.
2. The panel of Auditors maintained last year (including existing concurrent auditors) expiring in September 2019 will not be further used. Hence, all the concurrent auditors (except Banks retired officials) selected earlier have also to apply afresh for the empanelment process.
3. The applications should be submitted to the Deputy General Manager, Inspection Deptt, Concurrent Audit Cell, Head office, Fourth Floor, 14, India Exchange Place, Kolkata 700001 by Registered or speed post or by courier only.
4. Application for empanelment for Concurrent/Revenue Audit-2019 20 (either FRESH or RENEWAL with UCN) should be mentioned on the top of the envelope carrying the applications.
5. Mere submission of application does not, in any way, constitute guarantee for allotment of any audit job from the Bank. After empanelment, the work will be allotted as & when need arises at the sole discretion of the Bank.
6. The following type of audit firms are not required to submit their application :
a) If Firm / its proprietor / any partner has been disqualified / de empanelled or whose appointment has been terminated by RBI/ ICAI/ IBA/ Bank / any other Bank on an earlier occasion.
b) Audit firms who have conducted statutory audit of Allahabad bank branches for the year 2018-19.
c) Associate concerns of Audit firms who have conducted statutory audit of Allahabad bank branches for the year 2018-19, defined as under by RBI:
Associate concerns means any corporate body or partnership firm wherein the proprietor and / or partner(s) of the statutory audit firm and / or their relative(s) is / are Directors or partners and/or jointly or severally hold 20% or more of the interest in the corporate body or partnership. Relative for this purpose will mean the spouse or any lineal ascendant or descendant of the proprietor or partner of the statutory audit firm.
7. If the space provided against any item in the application format is not sufficient, details may be furnished in a separate sheet.
8. All enclosures must be attested as true copy under seal by the proprietor / at least one partner (in case of partnership firm).
9. The application form should be signed in full by all partners.
10. Any change in the application format will result in rejection of the same.
11. The last date for receipt of applications is 14th August, 2019. Please send the application in such a way that it must reach at the above address (mentioned at point no.3), latest by 14th August 2019 up to 5.00 PM. positively. The application received thereafter will not be accepted / entertained and will be returned undelivered.
12. Please enclose the undernoted documents only along with Summary Sheet (Annexure A) & Bio-data form (Annexure B).
i) Latest MEF Confirmation certificate issued by ICAI as on 31.01.2019.
ii) CISA Certificate.
iii) DISA Certificate.
iv) NISM Certificate.
v) PAN Card Certificate of the Firm/Co.
vi) Latest Statutory Audit Appointment letter issued by any Bank.
vii) Latest Concurrent Audit Appointment letter issued by any Bank (One Only).
B. Selection and eligibility criterion of external Concurrent Auditors :
Basic Criterion :
Appointment of external Chartered Accountant firms as Concurrent Auditors will be done with the following basic criterion :
i) The audit firm preferably should be in the RBI panel.
ii) Weight age will be given to the audit firms where the partners themselves were ex bankers, DISA, CISA holders.
iii) Preferably it should be a partnership firm of Chartered Accountants.
iv) Experience in Statutory/Concurrent Audit of banks will also be examined.
General Criterion :
a) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments.
b) The firm has to disclose if it has been debarred by ICAI / RBI / IBA/ Allahabad Bank in the past. In such cases, the firm is not eligible for appointment as Concurrent Auditor.
c) The audit firm or any sister / associate concern / network firm is not conducting the Statutory Audit of our Bank or any of its Branches.
d) The firm should execute an undertaking of fidelity & secrecy on its letter head in the format prescribed by the Bank.
e) Bank reserves its right to review the appointment and performance of Concurrent audit firms (as per job assigned to execute in time bound manner and in case the firm fails to report irregularities also) , at any point of time and if found necessary, can cancel the appointment by giving one months notice.
f) The assignment should be carried out in a professional manner and in case of any misconduct & negligence; the Bank is free to report the matter to ICAI / RBI under the guidelines from time to time. This will be in addition to the disengagement from the assignment.
g) The firm should be responsible for failure to detect frauds / major deficiencies in implementation of control mechanism / revenue loss etc.
h) The Chartered Accountant firm entrusted with the Concurrent Audit has to submit declaration that none of the partners in their individual capacity or through allied and associate firms are directly or indirectly involved in Concurrent Audit of other Branches of Allahabad Bank. Sub-contracting is strictly prohibited and will be liable for immediate termination of assignment.
i) They will also have to submit 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.