J&K Bank Invites CA Firms to Conduct Internal Audit

Introduction

The Jammu and Kashmir Bank invites sealed Request for Quotation (RFQ) from Partnership firms / LLP/Companies having at least 2 FCA qualified/professional persons for conducting audit of Internal Audit & Compliance (Follow-up) Functions covering the period from 01.04.2021 to 31.03.2022 with regard to Quality assurance & improvement Programme:

Note:

• The RFQ is non-committal in nature.
• The Bank reserves the right to quash the RFQ without assigning any reason(s) whatsoever.
• The information/Documents received from bidders during the course of this RFQ shall become inalienable property of the Bank. The Bank reserves the right to amend, rescind or re-issue RFQ and all amendments will be advised to the bidders and such amendments will be binding on them. All Bidders must ensure that such amendments/ modifications have been considered by them before submitting the bid. Bank will not have any responsibility in case some omission is done by any Bidder. The Bank also reserves its right to accept or reject any or all the responses to this RFQ without assigning any reason(s) whatsoever.

Objective of Audit

As per the requirement of Internal audit assurance & improvement programme/Internal audit charter, the Bank is required to conduct the audit of Internal Audit & Compliance ( Follow-up) Functions with regard to Quality assurance & improvement Programme.

Scope:

• Review of the internal audit and follow-up framework pertaining to policy, processes and procedures.
• Review of the reporting structure, various audit formats and compliance of audit reports of the Bank.
• Identifying gaps in Types and Number of Audits, Coverage of critical areas, Audit Planning, Audit Management, Audit Execution and compliance thereon.
• Overviewing and assessing the audit process system, procedures, and supervision aspects of audit tasks for quality and reporting its compliance.
• Evaluating levels of effectiveness of Internal Audit and its compliance in Risk focus and Fraud perspective.
• Ensuring adequacy & effectiveness of HR, Proficiency and Trainings.
• Checking whether findings of audit reports during the compliances are being analyzed to ascertain risk areas for mitigation.
• Reviewing 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.
• Reviewing that checklists provided in various audit system are in accordance with the guidelines of RBI/Bank/other Regulatory bodies.
• Identification of redundant procedures, if any, and to suggest measures in order to bring Improvement in audit and its compliances and are comprehendible by the field Internal Auditors.
• Advising for system level remediation of control issues.
• Advising and suggesting for remedial actions, measures for identified gaps.

Eligibility Criteria

• The Bidder should be a Partnership Firm/ Limited Liability Partnership/ Company.
• The Bidder firm/company should be having at least 2 FCA qualified/professional persons & should possess in-depth knowledge and experience in the process & procedures of banking.
• Bidder should have a permanent office in India for at least last three years (as on 31.03.2022)
• The applicant has to be in profitable business for the last three consecutive years as on 31.03.2022 (i.e. FY ended 2019-20, 2020-21 and 2021-22)
• The bidder shall have experience of more than 3 years in conducting a similar completed audit in any Public Sector Bank or Private Sector Bank
• The Bidder should not have been black listed by any Govt. Financial Institutions/ Banks/ Government/ Semi Government departments/ PSU in India.
• The Bidder should not have been banned/declared ineligible for corrupt and fraudulent practices by any Regulatory body/Statutory Body and should not have any disciplinary proceedings pending against the applicant firm or any of the partners with ICAI/RBI.
• The Bidder’s firm should not be owned or controlled by any Director or Employee of J&K Bank
• The Bidder firm shall not be a firm/entity whose name is appearing in the Indian Bank Association’s Caution List

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