Empanelment of CA firm for Internal Audit of UCO Bank

Introduction

UCO Bank, a body corporate constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, has its Head Office at 10, B T M Sarani, Kolkata – 700 001. The Bank’s history is parallel to India’s freedom struggle and was founded by noted industrialist Shri. G D Birla. UCO Bank (hereinafter referred to as “Bank”) is one of the leading Public Sector Banks having pan India presence. The Bank was nationalized on 19th July‟1969 and is presently a Public Sector Bank with the Government of India holding major stake of its Capital.

Objectives

a) This RFP is floated with an objective to invite applications from Chartered Accountant (CA) Firms for empanelment with the Bank, subject to fulfilling eligibility criteria stipulated in Clause 4 for carrying out review of Internal Audit Function and Quality Assurance Audit of Audit & Inspection Department along with other works which are part parcel of advertisement or incidental thereto.

b) The applications satisfying the Eligibility Criteria as per the RFP and having experience in conducting similar audits / review in Banking and Financial Sector are preferred.

c) Once the responses to the RFP are received, the Bank will start the evaluation process and finalize the panel of Chartered Accountant Firms who will satisfy the eligibility criteria.

Broad Scope of Work

Bank invites proposals from eligible Chartered Accountant Firms with the view of entering into empanelment for broad categories of work as mentioned herein below :-

a. Review of the internal audit framework pertaining to policy, processes and procedures.

b. Review of reporting structure and various audit formats of the Bank.

c. Review of the Risk rating framework of Branches and to ascertain whether various risk assessment parameters, criticality, risk ratings and audit observations reflects the true picture of Branches/business unit.

d. Whether checklists provided in various audit system are in accordance with the guidelines of RBI/Bank.

e. Identification of redundant procedures if any and to suggest measures in order to bring Improvement in audit.

f. Evaluating the effectiveness of internal audit.

Eligibility Criteria (All mandatory provisions)

It is mandatory for agencies to ensure that the following minimum eligibility criteria as on the date of RFP are eligible to apply. Agencies not meeting the necessary eligibility criteria will not be considered for further evaluations

1. The bidder shall be CA Firm (LLP/ Partnership) Should not be an individual, Proprietary or HUF.

Proof of Documents required- Certified True Copy of LLP agreement / partnership deed.

2. The bidder should have minimum turnover Rs.25.00 Crores and above.

Proof of Documents required- Copies of Audited Balance Sheet for last 3 years, IT Returns & GST Returns.

3. The bidder should be well acquainted with Banking regulations of India and shall have conducted /rendered / provided one or more of the following services to the industry.

• Conducting review of internal audit function of the institution/organization and evaluation of its effectiveness.
• Internal Audit and Risk Advisory
• Audit Control Evaluation, Risk and Compliance
• Compliance to regulatory guidelines and management of risk
• Any other in similar lines or Governance, Risk Management and Compliance.

Proof of Documents required- A Self-declaration with details of branches and their address by the Applicant on it’s letter head.

4. Bidder should have Conducted review of internal audit function and evaluated its effectiveness / rendered Audit & Advisory service/ Risk Evaluation – mitigation / Risk Management/Compliance/Specific Advisory service to strengthen Internal Audit function to PSB or private banks or any industry in India.

Proof of Documents required- A Self-declaration by the Applicant on it’s letter head.

5. The bidder should have the resources and experienced professionals having knowledge of :

(i) Banking Domain
(ii) Internal Audits in Banks
(iii)Governance, Risk Management and Compliance.
(iv)Information System Security Management System Lead Auditor (ISMS-LA) / DISA certification.

Proof of Documents required- A Self-declaration by the Applicant on its letter head.

6. The Applicant Firm should not have any type of present empanelment with UCO Bank and if there was any empanelment in the past, their dealings with us must be satisfactory.

Proof of Documents required- Will be validated by Audit & Inspection Department UCO Bank Head Office.

7.  The Applicant Firm should not be owned or controlled by any Director or Employee or Relatives of UCO Bank.

Proof of Documents required- A Self-declaration by the Applicant on it’s letter head.

Terms and Conditions

a) The duration of Empanelment of proposed Firms will be for a period of Three Years. However, the Bank reserves the right to cancel or extend the validity period of empanelment.

b) The Bank will have right to remove any Firm from the empaneled list without assigning any reason whatsoever and without any cost & compensation therefore. Bank also reserves the right to modify the terms and conditions for empaneled Firms.

c) The Empaneled Firm is/are expected to maintain high level of professional ethics and will not act in any manner, which is detrimental to Bank’s Interest. The Firm will maintain confidentiality on matters disclosed till proper instruction is issued for publication. Bank reserve the right to impose penalty in case of any violation of the above.

d) The Firm should be able to execute order at short notices.

e) Bank has the right to award the work to any of the empaneled CA Firm, depending on the exigencies of the work and for any particular work depending on the nature and magnitude of the work.

f) Applications received after due date & time or without prescribed documents will be rejected.

g) Bank reserves the right for rejection of any/all applications or have empanelment done otherwise without assigning any reason whatsoever and without any cost & compensation therefor. All decisions taken by the bank would be final and no further representation in this regard will be entertained.

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