August 4, 2014

Allahabad Bank Invites Biodata of CA Firms for Concurrent and Revenue Audit





FAX -2231-2422, E-MAIL-

BIODATA FORMAT - ( Year 2014 –15 )

1. Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent / Revenue Auditor in the Bank.

2. The panel of auditors maintained last year (excluding existing concurrent auditors) since expired and will not be further used.

3. The Bio-data should be submitted in the under-noted format to the Dy.General Manager, Inspection Deptt, Concurrent Audit Cell, Head office, Fourth Floor, 14, India Exchange Place, Kolkata –700001 only by postal service / courier.

4. “Application for empanelment for Concurrent & Revenue Audit-2014” should be mentioned on the envelope carrying Bio-data

5. Mere submission of application does not, in any way, constitute guarantee for allotment of any audit job from the bank. After empanelment, the work will be allotted as & when need arises at the sole discretion of the Bank.

6. The following type of audit firms are not required to submit their Bio-data:
a ) if Firm / it’s proprietor / any partner has been disqualified / depanelled or whose appointment has been terminated by RBI/ ICAI/ Bank / any other Bank on an earlier occasion.
b ) Audit firms who have conducted statutory audit of Allahabad bank branches for the year 2013-14.
c) Associate concerns of Audit firms who have conducted statutory audit of
Allahabad bank branches for the year 2013-14, defined as under by RBI:
“Associate concerns means any corporate body or partnership firm wherein the proprietor and/or partner(s) of the statutory audit firm and/or their relative(s) is/are Directors or partners and/or jointly or severally hold 20% or more of the interest in the corporate body or partnership. “Relative” for this purpose will mean the spouse or any lineal ascendant or descendant of the proprietor or partner of the statutory audit firm.”

7. If the space provided for against any item in the Bio-data format is not sufficient, details may be furnished in a separate sheet..

8. All enclosures must be attested as true copy under seal by the proprietor / at least one partner in case of partnership firm)

9. Any change in the Bio-data format will result in rejection of the same. 

10. The last date for receipt of Bio-data is 18th August, 2014. Please dispatch Bio – Data in such way that it must reach to above address (mentioned at point no. 3), latest by 18th August 2014 positively. Please note that application received thereafter will not be entertained.
The selection and eligibility criteria of Concurrent Auditors will
be as under:
a. The firm should be selected from the RBI panel of CA Firms as per the gradation suggested for Statutory Branch Auditor appointment
b. The firm should preferably be a partnership firm of Chartered Accountants and should be in existence for more than 5 years.
c. One of the Auditors (any of the partner or employed CA) should be qualified as Information System Auditors (CISA / DISA) with necessary exposure to the Systems Audit.
d. Weightage to be given to the firms, where the partners themselves are exbankers or the firm has got tie-up with ex-bankers with requisite experience and exposure.
e. The Ex-staff of our Bank should not be involved in the Concurrent Audit work.
f. 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.
g. Weightage to be given to a firm having exposure in conducting Concurrent Audit of the Bank Branches of a few public sector / major private sector Banks.
h. The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments.
11. Concurrent Audit Fee Structure :
Branches with total Business as on 31st March 2014       Audit Fee(in Rupees, Per Month`)
Up to 50 Cr                                                                        12,000
Above 50 Cr to 100 Cr                                                      13,000
Above 100 Cr to 150 Cr                                                    14,000
Above 150 Cr to 200 Cr                                                    16,000
Above 200 Cr to 500 Cr                                                    18,000
Above 500 Cr to 1000 Cr                                                  20,000
Above 1000 Cr & FCTM                                                  25,000

12. Zonal Manager / Inspection Department may not pay the bill if any report is not submitted as per the time schedule / not submitted within the time schedule / or if the same has not been compiled as per the instructions / guidelines or not submitted in the prescribed format or is otherwise found unsatisfactory or monthly Report (E-Report) is not received as per guidelines. However, if the delay in submission of the report has been caused due to genuine difficulty / exigencies, payment to the CA firm can be approved by DGM / GM, Inspection Deptt, HO on the recommendations of Zonal Manager.

13. Bank reserves right to initiate stringent disciplinary action against the Concurrent Auditor in case Frauds / sizeable income leakage are reported at later date in Concurrent Audit Branches & fact may be reported to RBI & ICAI.

14. Empanelled Chartered Accountants are allotted the Concurrent Audit workinitially for a period of one year. On completion of the year, if the performance is found satisfactory, the assignment may be renewed for subsequent years on yearly basis, subject to maximum of three years. Then one year cooling period is given compulsorily to the Auditors, during which no Concurrent Audit work of any Branch is allotted. On completion of cooling period, the Auditor may be given Concurrent Audit work of other Branch if found suitable.

15. The Bank reserves its right to review the appointment at any point of time and if necessary, can cancel the appointment by giving one month’s notice. In case the firm fails to report serious irregularities / high value income leakage, Bank reserves right to report the matter to RBI / ICAI / IBA & initiate disciplinary action. Such firms will be black listed and they will not be eligible for assignment of audit work with Bank for next five years.

16. Concurrent Audit has very important role in identifying System lapses,irregularities of every type, income leakage, ensuring compliance of terms of sanction for advances, detecting frauds, pointing out symptoms of sickness in time, etc.

17. Quality of Concurrent Audit is reflected in reducing number of irregularities, absence of persisting irregularities as RBI envisages that Auditor should also educate staff about hazards of deviation from Systems and Procedures. If Concurrent Audit is effective, it should also result in up gradation of the Branch in annual inspection and / or maintaining higher-level ratings obtained ( Low - medium risk under RBIA)

18. If the RBIA rating of the Branch is downgraded, the performance of the Concurrent Auditor shall be critically examined and reviewed for deciding continuance of service or otherwise.

19. If the Concurrent Auditor fails to detect and report irregularities/deviations from laid down policies/norms, his services are liable to be terminated without any notice.

20. If the Concurrent Auditor fails to attend the Branch on day-to-day basis or the attendance of the Partner / Proprietor of the firm is found to be poor, his services are liable to be terminated without any notice.


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