Empanelment of CA Firm for Concurrent Audit of The Kangra Central Co-operative Bank

Eligibility, Guidelines & Terms

1. The following norms shall applicable for appointment of firm of Chartered Accountants/ Retired officers of KCCB as Concurrent Auditors:

i. Applicant must be a registered firm of ICAI and should be either a partnership firm or proprietary firm having Chartered Accountant(s) as partner(s)/ proprietor, duly empaneled with RBI and have office in Himachal Pradesh as per ICAI record.

ii. The CA Firm or its partners are duly qualified as auditors in terms of Section 141 of the Companies Act, 2013.

iii. The partners/ proprietor/ CA Employee must have DISA OR Certified Course of Concurrent Auditors of ICAI.

iv. The applicant firm shall be in existence for a period of minimum five years as on date of EOI and should have bank audit experience.

2. Where there are group of firms of Chartered Accountants having common partners, only one of the firms in the group will b eligible for assignment of Concurrent Audit.

3. Besides Chartered Accountants, the firm should have other qualified and experienced staff, infrastructure and office within an approachable distance from the location of the auditee branch/ office to undertake Concurrent Audit.

4. The firm which has partner/ proprietor who is also a partner/ proprietor of the firm entrusted with the Statutory Audit of Bank shall not be considered for appointment as Concurrent Auditors in the Bank. In other words, associate concerns of the firm carrying out Statutory Audit of Bank shall not to be considered of appointment as Concurrent Auditors as in (5) above.

Scope of Concurrent Audit

1. Surprise physical verification of cash at branch and ATM cash reconciliation along with safekeeping and dual custody.

2. High Value cash transaction, particularly any abnormal receipts & payments.

3. Surprise verification of cash by an officer other than the joint custodian conducted in branch.

4. Cash in excess of retention limit.

5. Adequacy of insurance cover for cash in hand and cash in transit.

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