Empanelment of Chartered Accountants for Concurrent Audit of Bank of Maharashtra

Bank of Maharashtra invites applications from practising firms of Chartered Accountants in Ratnagiri District in Maharashtra State, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors/Revenue Auditors of the Bank for specified branches/offices/key risk areas for FY 2024-25.

The following are the terms and conditions for applying for the position of Concurrent Auditor and Revenue Auditor at Bank of Maharashtra for the financial year 2024-25.

Mandatory Conditions for Appointment

1. The applicant must be a partnership, a limited liability partnership, a proprietorship firm, or a company that is already on the R.B.I.’s list of banks for statutory audits. Firm registration with the RBI is mandatory. The audit firm’s category (I, II, Ill, IV) should be indicated.

2. Those Audit firms that are conducting Concurrent Audits in our bank continuously for a period of THREE years are not eligible for re-empanelment for the year 2024-25.

3. The Bank will be solely responsible for appointing auditors and allocating branches. Such empanelment should be initially for one year and may be renewed for a maximum of three years subject to the auditor’s good performance.

4. The Concurrent Audit firm agrees that it will not subcontract the audit work under any pretext. The audit report must be signed by the officials identified in the online applications.

5. Auditors should not have been disqualified under Section 143 of the Companies Act, 2013 to accept this appointment.

6. The Concurrent Audit firm, its partners, directors, or any of its clients should not have any credit facilities with the auditee branch for which they are applying, with the exception of credit facilities against personal deposits.

7. The Firm/ any partners/ Directors of the Firm/ Company/ LLP/ Proprietor should not have Statutory Audit, Credit Audit, Valuation of Fixed/ Current assets or any other similar assignments with any branch of Bank of Maharashtra.

8. The firms should have sufficient experience in conducting audits in Banks/ our Bank. Other things being equal, the Audit firms with Proprietor/ Partner with CISA/ DISA qualifications will be given preference. Weightage will be given to a firm having exposure in conducting concurrent audits of the Bank Branches for public sector/ major private sector banks.

9. The firm should have the necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments. 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.

10. Only one branch will be allotted to the Selected Firm. However, the Bank has trio discretion to change the allocation of branches based on any administrative exigencies.

To Read More Refer to the Notification Given Below.

Methodology of Selection

1. For Concurrent Audit

• Eligible interested people/ firms/ LLPs/ companies should apply online exclusively using the link provided on the bank’s website, during the specified period, i.e. from 07.08.2024 (10.00 AM) to 14.08.2024 (05.00 PM). They should not submit the Bank a hard copy of the application or annexures unless specifically requested. The Bank will not accept any correspondence or communication from applying firms until it communicates acceptance to them (if selected).
• The applicant has to necessarily furnish his choice of 3 branches in descending order in the application on the website.
• An acknowledgement number will be generated for each completed application and displayed on the website soon after submission. This will be used as a future reference number for the bank/applicant. The applicant can keep a printout of the completed/submitted application, as well as the acknowledgement number, for future reference.
• The applications received by the Bank will be screened by a Committee of Executives formed for this purpose, which will consider empanelment of CA firms based on their experience, CISA/ DISA qualifications, number of staff members employed, number of partners, seniority, and any other factor deemed necessary by the Committee, and the Committee’s decision will be final.
• For specialized branches/ offices i.e. TIBD, SWIFT, De Mat Cell, Credit Card Cell, DCRD, CBS-PMO, Data Centers, Services Branches, Head Office – Verticals/Cells, CPCs, etc. required qualifications in that particular area and past experience in auditing such verticals, will be taken into account during allotment.
• Simply meeting the eligibility criteria will not automatically qualify the firm for empanelment. After empanelment, tasks will be assigned as needed at the Bank’s sole discretion. The empanelment will not grant the empanelled entities any rights to carry out the assignments. The Bank maintains the right to cancel any or all of the offers without assigning any cause.
• The appointment/allotment of branches shall be based on the availability of branches and the number of Audit Firms in a particular area. The Bank reserves the right to appoint any Audit Firm for Concurrent Audit.

To Read More Refer to the Notification Given Below.

2. For Revenue Audit

• In respect of Firms that are not being selected, for Concurrent Audit for the year 2024-25, they will be eligible for Revenue Audit assignment. Based on the Bank’s requirement, firms will be selected for Revenue Audit work and allotment will be made accordingly.

To Apply Online – Click Here

For Offical Empanelment Download PDF Given Below: