Canara Bank Invites Application for Empanelment as Concurrent Auditors for 529 Branches

Canara Bank invites application from the eligible / interested Proprietary Concerns / Firms / LLP for empanelment as Concurrent Auditors for conducting Concurrent / Continuous Audit in the identified 529 branches / units for the period from 01.07.2021 to 30.06.2022.

Terms and conditions for Appointment, Fee structure, Methodology for application / selection, conducting audit / reporting and review of performance of the auditors are furnished.

The letter of Acceptance, undertaking letter and do’s and don’ts to be sent by the selected auditors on receiving the offer letter by way of e-mail from the Bank is furnished in Annexure.

The list of 529 identified branches/ units with address is furnished inAnnexure IV.

Eligible/ interested Propreitary Concerns / Firms / LLP, who are agreeable to the above terms & conditions, may apply online only in the application, on or before 12.06.2021

Application received through online only will be entertained and no other mode will be considered. Refer to instructions.

Please note that hard copies of applications / annexures should not be sent to the Bank unless called for. Bank will not entertain any correspondence/ communication from the applying firms till selection of the firms.

TERMS AND CONDITIONS

A. FOR APPOINTMENT OF EXTERNAL CONCURRENT AUDITORS,
B. FOR CONDUCTING CONCURRENT AUDIT / CONTINUOUS AUDIT OF IDENTIFIED BRANCHES AS PER LIST
C. REGARDING METHOD OF REPORTING & REVIEW OF PERFORMANCE

The following are the terms and conditions for applying for empanelment as Concurrent Auditor in Canara Bank from 1st July 2021 to 30th June 2022:

I. MANDATORY CONDITIONS FOR APPOINTMENT:

1. Applicant should either be a LLP / Partnership firm or Proprietorship, already in the panel of the RBI, which are circulated among the Banks for Statutory Branch Audit of the Banks from time to time. Registration with RBI and category allotted by RBI are mandatory.

2. The empanelment and allocation of branches to the auditors will be purely the prerogative of the Bank. Such empanelment shall be initially for a period of twelve months and can be extended for a period of one year (twice), subject to condition that maximum period of empanelment is not more than three years (36 months).

3. The Concurrent Audit firm should furnish the name, qualification and skill set of the persons, who shall be conducting audit in the branch, to the Bank before commencing audit assignment and such persons will have to continue audit for all the Twelve (12) months.

4. The Concurrent Audit firm shall undertake that they will not sub contract the audit assignment.

5. The Concurrent Audit firm shall not lobby directly or indirectly for considering any credit proposals of their friends / clients to the Bank / auditee branch.

6. “The eligible auditor / firm should be qualified under provisions of Section 141 of Companies Act 2013 for appointment as auditors of the Bank. Auditors should not be disqualified under Section 141 of the Companies Act, 2013 read with Rule 10 of The Companies (Audit and Auditors) Rules,2014 to accept this appointment.”

7. The Concurrent Audit firm or the partners / LLP or its designated partners / or the proprietor or any of their clients should not have any credit facilities with the auditee branch for which they are applying for except credit facilities against their own deposits.

8. The LLP / firm / any partners/designated partners / Proprietor should not have statutory audit (Central audit or Branch Audit), credit audit, valuation of fixed / current assets or any other similar assignments with Bank / or / any branch of Canara Bank.

9. The LLP / firm / any partners/designated partners of the firm / Proprietor should not have any disciplinary matters pending with IBA / ICAI / RBI / National Financial Reporting Authority- NFRA and they should not have suffered any disqualification.

10. The Auditors’ Services should not have been terminated or stopped by our bank earlier for (i) want of satisfactory performance or (ii) serious acts of commission or omission or (iii) professional misconduct or (iv) any other adverse reasons.

If the name of the ECA is appearing in the list of Third Party Entities- TPEs prepared by IBA, or list of entities blacklisted by professional bodies such as ICAI or blacklist of other banks, then no empanelment would be considered.

11. The eligible auditor / LLP / Firm should be having sufficient experience in conducting concurrent audits of Banks / Bank branches.

12. The eligible auditor / LLP / Firm should have their office / infrastructure in the proposed Centre / town / city opted for.

13. No weightage shall be given for audit experience in small finance banks and payment banks.

14. Only one branch will be allotted to a selected firm. However, the Bank has the discretion to change the allocation of the branches based on any administrative exigencies.

15. The offer of appointment shall be treated as provisional till the empaneled audit firm takes up the audit assignment within the stipulated date in the stipulated auditee unit.

For Online Apply

https://canarabankcsis.in/eca/user_valid.aspx

Last Date to Apply 12.06.2021