Empanelment of CA Firms for Concurrent Audit of State Bank of India
Reetu | Dec 24, 2021 |
Empanelment of CA Firms for Concurrent Audit of State Bank of India
Applications are invited from eligible Chartered Accountant Firms for empanelment as Concurrent Auditors in the Bank branches.
Applications are invited from eligible Chartered Accountant Firms for empanelment as Concurrent Auditors in the Bank branches / outfits.
Those firms which satisfy the following are eligible to apply:
a) Grade I, II and III firms as per RBI Grade as on the date of application. CA Firms with RBI grading IV are not eligible to apply.
b) CA Firms having at least one year of experience of Concurrent Audit in any Commercial Bank. Firms with below 1 year experience will not be eligible to apply.
c) CA Firms which have sufficient number of trained representatives of firm articled Clerk trained by ICAI on Concurrent Audit, Retired Officers of commercial Banks, qualified Chartered Accountants as Partner or Associate or as Staff, who will be available on all working days to attend to the Concurrent Audit.
d) CA Firms chosen for empanelment as Concurrent Auditors should be other than the ones selected for empanelment for any other purposes such as Stock Auditors, Statutory Auditors etc., for SBI to eliminate any room for conflict of interest.
e) CA Firms who are already engaged as Concurrent Auditors in SBI are not eligible to apply.
f) “As on 30.11.2021, Chartered Accountant Firms which are under cooling period of one year after completing three years of concurrent audit in State Bank of India are not eligible to apply”.
g) Where CA Firm is having more than one office in different geographical locations, such CA Firms can apply for empanelment separately for each office / location subject to:
i) Should have an office in the centre / location.
ii) Separate designated Chartered Accountant should be available for conducting Concurrent Audit.
iii) Maximum of three branches shall be allotted to a single firm.
The duly filled in application form in a sealed cover superscribed as “Application for Empanelment of Chartered Accountant Firms for Concurrent Audit at RACC” should reach to “ The Deputy General Manager (HR, Admin. & Ops), State Bank of India, HR Wing, Internal Audit Department, Corporate Centre, State Bank Nireekshan Bhavan, Lingampally Post, Hyderabad- 500019 (Telangana State) on or before_ 10.01.2022 “.
i. The application and all correspondence and documents relating to this process must be written in English. The applicant must provide individual and factual replies to specific questions asked in the application. Documents submitted should be complete in all respects as required.
ii. Application as per Annexure-A needs to be submitted duly filled in with required particulars accompanied by copies of supporting documents i.e. Constitution of the Firm (Company / Partnership/ Proprietorship firm), RBI Grading certificate, Experience certificate etc. All supporting documents to Application must be self-attested by the authorized signatory for the applicant firm.
iii. Incomplete application and application without required supportive documents will not be considered by the Bank.
i. The last date for receipt of application is__10.01.2022__. Please note that no application shall be accepted after 5.00 p.m. of the above date. Application submitted after due date or after the stipulated time of the due date or incomplete in any respect are liable to be rejected. The dully filled application along with the supporting documents should be submitted to The Deputy General Manager (HR, Admin. & Ops), State Bank of India, HR Wing, Internal Audit Department, Corporate Centre, State Bank Nireekshan Bhavan, Lingampally Post, Hyderabad- 500019 (Telangana State).
ii. SBI is not responsible for non-receipt of completed application within the specified date and time due to any reason including postal delays or otherwise. Physical Applications to be submitted either by Post / Courier / Personal delivery at State Bank of India, HR Wing, Internal Audit Department, Corporate Centre, State Bank Nireekshan Bhavan, Lingampally Post, Hyderabad- 500019.
Application once submitted will be treated as final and no further correspondence will be entertained. As no subsequent modification of application/documents are permissible, the firms are advised to exercise utmost care in preparation and submission of application / documents.
The applicants are not permitted to authorize their Agents/brokers etc. (including individuals and/or third-party firms/companies) to either collect or submit the application/ documents on their behalf. The Bank will summarily reject such requests and arrangements. No sub-contracting of the empanelment is permissible.
i) Applications received, complete in all respect and within the prescribed time, will be scrutinized on the basis of the basic eligibility criteria as given above at Para 2 by a Selection Committee formed for the said purpose. Applications not accompanied by all the required details and supporting documents would be liable for rejection.
ii) The Bank reserves the right to disqualify any or all applications either on the basis of their responses without assigning any reasons, whatsoever. Those applicants who satisfy the requirements and specifications as determined by the Bank as per the terms and conditions of this document shall be short-listed.
iii) Those applicants who fulfill all the basic eligibility criteria will be evaluated based on location of firm, residential status of partners, experience, reputation, availability of sufficient trained personnel (ICAI Trained article clerks/ retired commercial bank officers) with the firm and such other factors as the Bank may deem fit for its requirements.
iv) The final selection of the CA firms will be approved by a Selection Committee at IAD.
v) Bank also reserves the right to make query with the firm or any other agency, ask for additional information, particulars, and submission of one, some or more undertakings from any firm at any point of time. None of such act shall be deemed as an offer of empanelment as Concurrent Auditor by the Bank to the firm unless and until Bank intimates in writing to the firm regarding allocation of any branch / unit for concurrent audit.
1) Preference will be given to those firms which have ICAI trained Concurrent Auditors and those firms which have concurrent audit experience in State Bank of India (SBI).
2) Concurrent Auditors shall normally be positioned at the location where the selected Branches / BPR Outfits operate.
3) Concurrent audit to be done on daily basis. Trained representative of the firm (Articled Clerk trained by ICAI on concurrent audit) / retired commercial banks officers /qualified Chartered Accountants to be available on all days.
4) One of the Principal Partners or senior partner to visit the branch at least 2/3 times a week, minimum 8 times every month, depending on the business and risk profile of the branch/BPR Outfits. Number of visits may be increased depending upon the volume and need at the branch / outfit under concurrent audit.
5) Bank will impose financial penalty for unauthorized absence, non-detection of income leakage, major lacunae in conduct of account including reporting to RBI/ ICAI (as per Annexure-D).
6) Bank may impose non-financial penalty leading to termination of contract for instances of failure to comment on fraud, misappropriation of funds, any other serious irregularities which result in loss to the Bank.
7) If there is any change in the constitution of your firm or you suffer from any statutory disqualification, you must inform the Bank immediately.
8) CA firms to furnish personal details / comply with KYC norms, viz., proof of identity and address proof / contact numbers / contacts in case of emergency, etc., of all the representatives of the firm who visit the Branch / CPC, for security reasons.
9) The partners / representatives of CA firms who visit the Branch / CPC shall make their presence in a register maintained for the said purpose.
10) CA firms shall liaise with the Branch / CPC on a regular basis and provide their periodic audit plan and enable the Branch / CPC to furnish / provide documents without affecting loss of audit man days for CA firms and / or customer service is not affected in the Branch / CPC.
11) The representatives of the CA firms shall not enter prohibited / restricted areas, viz., IT server room, record room, strong room, locker room and / or any other security related areas without the prior approval from the Branch Manager.
12) CA firms shall not hold any documents overnight in their custody. Hence, all vouchers / books/ registers/ security document / title deeds / any other documents / vital correspondence etc., are to be returned to the officials of the Branch / CPC on each day.
13) Branch / CPC shall be advised to provide applicable ” Enquiry” rights / access to the Bank’s Core Banking System to the representatives of the CA firm.
14) CA firms shall not seek copies (hard / soft /photostat) of Bank’s instructions / circulars / vital correspondence / study materials etc.
15) Branch / CPC will be providing reasonable level of stationary.
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