Empanelment of CA Firm for Concurrent Audit of Karnataka Vikas Grameena Bank

Terms and Condition

The following are the terms and conditions for applying for empanelment as Concurrent auditor and Conditions for appointment:

1. Applicant should be a Proprietorship, Partnership or Company ( here in after called as Audit Firm).

2. The audit firm shall satisfy the minimum eligible criteria like professional qualification, experience etc ie. Auditor/partner shall be qualified FCA and undertaken Statutory audit in any bank or concurrent audit in any other bank

3. The audit firm shall submit one application only. If more than one application is submitted, only one application will be considered by the Bank at its choice. However, this does not disqualify any audit firm from submitting application as member of any other partnership firm.

4. The empanelment and allocation of branches to the auditors will purely be the prerogative of the Bank. Such empanelment shall be initially for a period of one year and can be extended up to a maximum period of 3 years subject to satisfactory performance of the auditor.

5. The concurrent audit firm should furnish the name and qualification of the persons, who shall be conducting audit in the branch, to the Bank before commencing the audit assignment and such persons will have to continue audit for all the months during the concurrent period.

6. The concurrent audit firm shall give an undertaking that they will not sub contract the audit assignment.

7. The concurrent audit firm will not lobby directly or indirectly for considering any credit proposals of their friends/clients to the Bank.

8. Auditors should not have been disqualified under Section 226 of the Companies Act, 1956 to accept this appointment.

9. The Concurrent audit firm / or the partners should not have any credit facilities with the audit branch for which they are applying for except credit facilities against their own deposits. The audit firm shall not have any conflict of interest that are of material significance in discharge of their functions as Concurrent Auditors.

10. The Company / Directors and Firm /any partners’ of the firm should not have statutory audit, credit audit, valuation of fixed / current assets or any other similar assignments with any branch.

Methodology of Selection

1) The interested audit firms should apply in the prescribed format furnished in the Bank’s website on or before the specified date. They should send the application to General Manager, inspection Department, Head Office, Belgaum Road, Dharwad.

2) Mere submission of application by the audit firms for appointment as Concurrent Auditor in Karnataka Vikas Grameena Bank shall not entitle them automatically for assignment. The application will be processed and empanelment will be communicated in due course

3) The audit firm which is provisionally selected for empanelment will be communicated through letter/ e-mail and the acceptance to the Bank’s offer is to be confirmed by the audit firm immediately.

4) After receipt of letter of acceptance from the audit firms, the Bank will appoint the audit firm for concurrent audit for the period of one year subject to correctness of information furnished in the application

5) If the selected firm has not sent copies of other details as called for and letter of acceptance duly signed by them within the due date, the provisional selection will stand automatically cancelled. No separate intimation in this regard will be communicated.

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