Empanelment of CA Firm for Concurrent Audit of Jalore Nagrik Sahkari Bank Limited

Terms and Conditions

1. JNSB invites applications from practicing Firms of Chartered Accountants, who are willing to have their Firm empaneled as Concurrent auditor of the bank.

2. Applicant should be a Chartered Accountant with minimum standing of 2 years. Preference shall be given to ACA/FCA or partnership firm.

3. The audit Firm having CISA/ DISA qualified partners/ Proprietors would have preference. Weightage shall be given to firms where partners themselves are ex-bankers or the firm has got tie-up with ex-bankers with suitable experience and exposure. Due regard will also be given to firm having partners completed certificate course In Concurrent Audit of Bank, conducted by Institute of Chartered Accountants of India.

4. Auditing and Reporting need to be done through on line Risk Based concurrent Audit module (RBCA), computer proficiency shall be required.

5. The gradation of auditors shall be based on gradation suggested for branch statutory auditor appointment.

6. Period of the assignment is from April 2022 to March 2023 and the last date for submission of application online is 25.03.2022 at 5 PM.

7. The tenure of the concurrent audit would be initially for one year only. It would be extended for further one year, based on the performance of the auditor in the first year.

8. The audit firm will be responsible for not reporting serious irregularities / discrepancies / frauds / gross negligence/ malafide intention (with or without financial loss). Bank reserves the right to terminate the audit assignment besides notifying such deficiencies and incompetence to the Council of ICAI / RBI/ IBA.

The concurrent audit is to be carried out in a professional manner as per guidelines issued by ICAI / RBI / GOI and our bank from time to time. In any case of misconduct & negligence , the Bank is free to report the matter to ICAI/RBI under the guidelines from time to time.

10. The Audit Firm should undertake that they will not subcontract the audit assignment.

Do’s for Concurrent Auditors(CA Firms)

1. Pre concurrent audit study of the branch / department should be done getting all relevant information and off site surveillance reports of the auditee as stated in the engagement letter.

2. Prepare proper audit plan based on 1 above, covering all the areas of the scope, keeping in the view the time lines.

3. Have a structured introductory meeting with the auditee and seek all the information required in advance with proper time schedule. Introduce the audit team to the auditee officials.

4. Audit team should be accompanied by senior and experienced members as required

5. Auditors to display team spirit and avoid misunderstandings/ arguments in the presence of auditees.

6. Discuss the finding of C.A., with branch officials on daily basis and try to get the defects rectified then and there itself immediately.

7. Give auditees a chance to express their opinion while discussing the issues. Getting proper explanation in a co-operative atmosphere will save precious time.

8. In case of difference of opinion with auditee, the auditor should first discuss with the leader of his team. Further discussion on a higher level may be made, if required.

9. In case, auditor comes across any information which causes him to suspect any element of fraud, gross negligence, gross incompetence or similar unfavorable actions or tendencies, he should report the matter to the leader of the team immediately.

10. Auditor should keep utmost secrecy of the information / audit observations/ issues etc. relating to the auditee.

11. Be courteous , cooperative and professional.

Don’ts for Concurrent Auditors(CA Firms)

1. Auditor should not have any professional or commercial relationship either direct or indirect with borrowers / beneficiaries of the branch / department which they are auditing and also will not have in future as far as possible for a minimum period of three years.

2. Auditor should not take advantage of his association as concurrent auditor with the branch / department of the bank and canvas for any client / business with the bank either directly or indirectly.

3. Auditor should not represent on behalf of any client / customer of the bank for a minimum period of as far as possible two years after the completion of term of the audit.

4. Auditor should not share / pass on / discuss any audit related observations/ issues / findings with anyone other than concerned in the bank.

5. Auditor need not act overly reserved or unfriendly in order to maintain his independence as an auditing officer. A forbidding attitude on his part may well cause others to adopt the same attitude towards him. This can adversely affect the work entrusted to the inspecting officer.

6. Auditor should not get involved in heated argument with auditee.

7. Auditor should not give orders to auditee and seek requirements form the officer assigned to assist him on a particular job. The concerned officer would issue the necessary orders to their employees if he accepts inspector’s suggestions and recommendations.

8. Auditor should not delay the submission of audit report.

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