Empanelment of CA Firms for Concurrent Audit of Canara Bank

Canara Bank invites eligible/interested Proprietary Concerns / Firms / LLP to apply for empanelment as Concurrent Auditors to conduct Concurrent / Continuous Audits in the designated 644 branches/units from July 1, 2022, to June 30, 2023.

Key Terms & Conditions, Eligibility of Concurrent Audit of Canara Bank:

1. Eligible/ interested Proprietary Concerns / Firms / LLP who agree to the above criteria and conditions may apply online only by June 22, 2022.

2. Only online applications will be evaluated; no other method will be considered.

3. Hard copies of applications/annexures should not be given to the Bank unless specifically requested. Until the firms are chosen, the bank will not accept any correspondence or communication from them.

4. Auditors who have been empaneled for Concurrent Audit over the previous three years are ineligible to be re-empaneled. After a two-year cooling period, they will be eligible for empanelment.

5. Applicant must be an LLP/Partnership firm or a sole proprietorship that is already on the RBI’s register of firms that are circulated among banks for Statutory Branch Audits on a regular basis. Registration with the RBI and assignment to a category determined by the RBI are both required.

6. The Bank will have sole discretion in appointing auditors and allocating branches to them. Such empanelment shall be for a period of twelve months and may be extended for another year (twice), subject to the condition that the maximum duration of empanelment shall not exceed three years (36 months), subject to relevant permissions and performance evaluation.

7. Before beginning the audit assignment, the Concurrent Audit firm should provide the Bank with the name, qualifications, and skill set of the persons who will be conducting the audit at the branch, and such persons will be required to continue auditing for the entire twelve (12) month period.

8. “The eligible auditor / firm must meet the requirements of Section 141 of the Companies Act 2013  for appointment as Bank auditors. Auditors should not be barred from accepting this job under Section 141 of the Companies Act, 2013 and Rule 10 of the Companies (Audit and Auditors) Rules, 2014.”

9. LLPs, Firms, and Proprietary Concerns that are eligible must apply online at www.canarabank.com during the specified time period.

10. Audit firms with specialisation in Forex/ Diploma or Certification Course in Forex/ Already having experience conducting audits of treasury/ forex related branches would be given precedence when applying for CPCFT Mumbai & Manipal.

11. In order of preference, the applicant can choose any three branches / units in one or two Centres / Towns / Cities.

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