UCO Bank invites Application for Empanelment of Concurrent Audit

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Sonali Maity | Sep 14, 2021 | Views 59977

UCO Bank invites Application for Empanelment of Concurrent Audit

UCO Bank invites Application for Empanelment of Concurrent Audit

UCO Bank invites practising chartered accountants Firms in India to apply online for engagement as concurrent auditors in designated branches. CA Firms not under cooling period ( i.e. no continuous audit for last three consecutive years in any branches /offices of UCO Bank) are eligible for applying as per list of branches mentioned in Annexure-I.

UCO Bank
invites online application from practicing firms of Chartered Accountants in India for engagement as Concurrent Auditors to undertake Concurrent Audit assignment in designated branches/ offices through computerized application package and RLHs/ AMBs/Service branches, Central Pension Processing Centre, SME Hubs, Treasury, Depository services and HO departments in India through manual process.

The firms who are willing to undertake the audit in computerised application environment have to apply for Concurrent Audit through online application portal.

I. ELIGIBILITY CRITERIA FOR ENGAGEMENT:

CA Firms not under cooling period ( i.e. no continuous audit for last three consecutive years in any branches /offices of UCO Bank) are eligible for applying as per list of branches mentioned in Annexure – I. For CA firms already engaged with us and not under cooling and their branch is listed in Annexure – II {Branches which are not identified for 2021·22) may apply for branches listed in Annexure – I.

a) CA firm should preferably be a partnership concern having experience in the field. The Bank may also consider the sole proprietorship concerns and in that case they would be also required to submit a declaration that they are full time pradicing Chartered Accounfonfs, not employed elsewhere, do not have any other business interest with UCO Bank and not a Director in UCO Sank or related to any of the present Directors of UCO Bank.

b) Applicant should either be a LLP / Partnership firm or Proprietorship. already in the panel of the RBI, which are circulated among the Banks for Statutory Branch Audit of the Banks from time to time. Registration with RBI and category allotted by RBI are mandatory.

c) The Concurrent Audit firm should furnish the name. qualification and skill set of the persons, who shall be conducting audit in the branch, to the Bank before commencing audit assignment and such persons will have to continue audit for all the Twelve (12) months.

d) The Concurrent Audit firm shall not lobby directly or indirectly for considering any credit proposals of their friends/ clients to the Bank/ auditee branch.

e) Tile Auditors’ Services should not have been terminated or stopped by our bank earlier for (ii want of satisfactory performance or (ii) serious acts of commission or omission or (iii) professional misconduct or (iv)any other adverse reasons.

f) If the name of the ECA is appearing in the list of Third Party Entities- TPEs prepared by IBA, or list of entities blacklisted by professional bodies such as ICAI or blacklist of other banks, then no empanelment would be considered.

g) The eligible auditor / LLP / Firm should have their office / infrastructure in the proposed Centre / town / city opted for.

h) Audit firms should preferably have qualified Information System Auditor (CISA/DISA) with necessary exposure of system audit. Since all the branches of the Bank are fully computerized, system audit shall form an integral part of audit of the bank.

i) The applicant can opt for any flve branches / units in the order of preference either in one or two Centre/ Town/ City.

j) Audit firm should not have been disqualified by any Bank IBA/RBI/ICAI, while taking-up audit work on earlier occasions.

k) Weightage would be given to the CA firms where the partners themselves are ex-bankers or the firm(s) has got tie-up with ex-bankers with requisite experience and exposure.

I) It is to be ensured that the audit firm or any sister / associate concern / network firm is not conducting the statutory audit of the Bank or any of its branches.

m) Weightage will be given to a firm having exposure in conducting Concurrent Audit of the Bank branches for public sector/ major private sector banks.

n) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments. The Headquarter or branch of the CA firm should be located at the place for which they wish to take up audit work. Preference would be given to CA firms which are located at the places of our Bank’s Branches.

o) The assignment should be carried out in a professional manner and in case of any misconduct or negligence, The Bank is free to report the matter at any time to ICAI / IBA/RBI. This will be in addition to the disengagement from the Concurrent Audit assignment.

p) The firm will not be allowed to sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified chartered accountants.

q) A declaration to be furnished by the firm that credit facilities availed by the firm or partners of firm in which they are partners or directors, including any facility availed by a third party for which the firm or its partners are guarantor/s, have not turned non performing asset or are existing non- performing assets, as per the prudential norms of RBI. In case the declaration is found incorrect the assignment would be immediately terminated, besides the firm being liable for any action under ICAI/ RBI/IBA guidelines.

r) The firm should execute undertaking of fidelity and secrecy on its letter head in the format prescribed by the Bank.

s) Concurrent Auditors would have to sign Do’s & Don’ts statement in order lo have proper arms length relationship with the Branch/ Department of which they are conducting Concurrent Audit. Such undertaking would be submitted annually.

I) Any other terms and conditions of the assignment as decided by the Bank from time to time.

 

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