Empanelment for Chartered Accountant as Concurrent Auditor with UCO Bank
UCO Bank invites online applications from practicing firms of Chartered Accountants in India for empanelment as Concurrent Auditors [FOR THE PERIOD 01-10-2019 TO 30-09-2020] to undertake Concurrent Audit assignment in designated branches / offices in India.
AUDIT & INSPECTION DEPARTMENT
HEAD OFFICE, KOLKATA
[EXPRESSION OF INTEREST FOR EMPANELMENT OF CONCURRENT AUDITORS]
28th Aug, 2019
UCO Bank invites online applications from practicing firms of Chartered Accountants in India for empanelment as Concurrent Auditors to undertake Online Concurrent Audit assignment in designated branches/ offices except RLHs/AMBs/Service branches, Central Pension Processing Centre, SME Hubs, Treasury, Depository services and HO departments in India.
The firms who are willing to under take the audit in online environment have to apply for Concurrent Audit through online application portal.
I. ELIGIBILITY CRITERIA FOR EMPANELMENT :
a) CA firm should preferably be a partnership concern having experience in the The Bank may also consider the sole proprietorship concerns and in that case they would be required to submit a declaration that they are full time practicing Chartered Accountants and are not employed elsewhere and do not have any other business interest.
b) Audit firms should preferably have qualified Information System Auditor (CISA / DISA) with necessary exposure of system audit. Since all the branches of the Bank are fully computerized, system audit shall form an integral part of audit of the bank.
c) Audit firm should not have been disqualified by any Bank IBA / RBI / ICAI, while taking-up audit work on earlier occasions.
d) Weightage would be given to the CA firms where the partners themselves are ex-bankers or the firm (s) has got tie-up with ex-bankers with requisite experience and exposure.
e) It is to be ensured that the audit firm or any sister / associate concern / network firm is not conducting the statutory audit of the Bank or any of its branches.
f) Weightage will be given to a firm having exposure in conducting Concurrent Audit of the Bank branches for public sector / major private sector banks.
g) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments. The Headquarter or branch of the CA firm should be located at the place for which they wish to take up audit work. Preference would be given to CA firms which are located at the places of our Banks Branches.
h) The assignment should be carried out in a professional manner and in case of any misconduct or negligence, the Bank is free to report the matter at any time to ICAI / IBA / RBI. This will be in addition to the disengagement from the Concurrent Audit assignment.
i) The firm will not be allowed to sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified chartered
j) A declaration to be furnished by the firm that credit facilities availed by the firm or partners of firm 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 non performing asset or are existing non- performing assets, as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would be immediately terminated, besides the firm being liable for any action under ICAI/ RBI/IBA guidelines.
k) The firm should execute undertaking of fidelity and secrecy on its letter head in the format prescribed by the Bank.
l) Concurrent Auditors would have to sign Dos & Donts statement in order to have proper arms length relationship with the Branch/ Department of which they are conducting Concurrent Audit. Such undertaking would be submitted
m) Any other terms and conditions of the assignment as decided by the Bank from time to time.
II. SCOPE OF CONCURRENT AUDIT :
1. Areas covered in the Banks Standard format/module for Concurrent Audit specify the scope of Concurrent Audit. Concurrent Auditor would examine all the transactions and identify the ones which are not as per the Banks laid down rules/circulars and guidelines/instructions received from regulators & authorities like Govt. of India, RBI & SEBI etc. from time to time.
2. Every quarter Concurrent Auditor would also check if there is any wide variation in the cost of deposits and yield on advances as compared to the previous periods as well as Zonal average figures. A copy of the guidelines on the manner of conducting the audit will be provided to the firm at the time of allotment of branches and thereafter from time to time.
3. Concurrent Auditors will also get rectified all the irregularities identified by them during the course of the audit. Monthly Concurrent Audit reports should be released within 15th of succeeding month and Quarterly Concurrent Audit reports should be submitted within 10th of succeeding quarter.
4. Comment on Banks policies or Evaluation of the decisions taken by Branch Managers/authorized officials are beyond the scope of Concurrent Audit. However, any violation of delegated powers as laid down by the bank and violations of laid down policies, system & procedures of the Bank are within the scope of the Concurrent Audit.
IV. TERMS & CONDITIONS :
(a) Empanelment :
Applications received from the Chartered Accountant firms in response to the notification, within the given time limit and in the given format fulfilling the prescribed eligibility criteria shall be empanelled by the Bank. The panel shall remain valid for a period of one year i.e. from 01.10.2019 to 30.09.2020 unless otherwise advised in writing.
(b) Engagement of Concurrent Auditors & other conditions
(i) Suitable firms would be identified for each assignment and be approved taking into account their experience and exposure, similar activity carried out for the Bank or other banks, availability of adequate trained resources, location of the audit unit etc. Such approved Concurrent Auditors firms would be issued letters of engagement by the Audit & Inspection Department.
(ii) The tenure of the Concurrent Auditor would be initially for one year and would be subject to renewal every year and can be extended maximum up to a period of 3 years overall at banks discretion.
(iii) After completion of specified maximum period of three years, cooling period of one year would be applicable for a firm to become eligible for engagement. This will be purely at the discretion of the Bank and no rights whatsoever accrue to the firm for such engagement.
(iv)The Concurrent Auditors should adhere to the audit coverage strictly as per the scope as may be decided by the Bank from time to time.
(v) The Concurrent Auditors should not undertake any other activities / assignment on behalf of the branch or unit, other than the activities for which they are engaged, without obtaining the concurrence of the Head Office, Audit & Inspection Department in writing.
(c) Period of Audit / Assignment :
External Audit firms empanelled/selected would be engaged for a period of one year i.e. from 01.10.2019 to 30.09.2020 for the branches / offices identified for monthly Concurrent Audit.
(d) Performance Review :
The performance of the empanelled firms would be periodically reviewed, at least once a year and if found unsatisfactory, the Bank may remove the name of the Concurrent Audit firm from the panel of the bank .
(e) De-empanelment :
The empanelled firms may be de-empanelled at the Banks sole discretion. If the performance of the Concurrent Auditor is found unsatisfactory or any serious act of omission or commission is noticed in their working, their engagement may be cancelled at any point of time. If felt necessary, the matter may be reported to ICAI and/or RBI/IBA for necessary action.
(f) Application processes :
Applications are to be made Online. Auditors have to submit a preference of three branches from the enclosed list of branches identified for audit during the year 01.10.2019 to 30.09.2020.
Please note that while filling up online application, the system will display APPLICATION ID and PASS WORD at the top of second page of online application i.e. affer clicking SAVE & NEXT button of first page. Please note the same immediately for your future reference.
After Final SUBMISSION of the application, the system will not allow to edit or modify your application. Please take the print of your submitted application immediately after clicking FINAL SUBMISSION for your future reference and record. No need to send the application by post /mail.
THE BANK RESERVE THE RIGHT TO ACCEPT OR REJECT ANY APPLICATION AND THIS ANNUAL PROCESS AT ANY TIME WITHOUT ANY LIABILITY AND ASSIGNING ANY REASON THEREOF.
Last date for submission of application is 07-09-2019. The online application portal will remain open from 28.08.2019 to 07.09.2019 (23:59:59 hrs).
Click Here – To Download The Official Empanelment Pdf.
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