Empanelment of Chartered Accountant firm for concurrent audit assignment of Andhra Bank for 237 branches all over India-Last date to apply is 10/04/2016
| Terms and conditions | |
| 1 | Andhra bank invites applications from practicing Firms of Chartered Accountants, who are willing to have their Firm empanelled as Concurrent auditor of the bank. |
| 2 | Applicant should be a partnership firm with minimum two partners as FCAs / Proprietary concerns ( Proprietor should be an FCA) with minimum standing of 5 years. Preference shall be given to partnership firm. |
| 3 | The audit Firm having CISA/ DISA qualified partners/ Proprietors would have preference. Weightage shall be given to firms where partners themselves are ex-bankers or the firm has got tie-up with ex-bankers with suitable experience and exposure. . Due regard will also be given to firm having partners completed certificate course in Concurrent Audit of Bank, conducted by Institute of Chartered Accountants of India. |
| 4 | The gradation of auditors shall be based on gradation suggested for branch statutory auditor appointment . |
| 5 | Period of the assignment is from April 2016 to March 2017 and the last date for submission of application online is 10.04.2016. |
| 6 | The tenure of the concurrent audit would be initially for one year and would be extended for further period of one year (overall three years), based on the performance of the auditor in the previous/earlier year. |
| 7 | The audit firm will be responsible for not reporting serious irregularities / discrepancies / frauds / gross negligence / malafide intention (with or without financial loss). Bank reserves the right to terminate the audit assignment besides notifying such deficiencies and incompetence to the Council of ICAI / RBI / IBA. |
| 8 | The concurrent audit is to be carried out in a professional manner as per guidelines issued by ICAI /RBI /GOI and our bank from time to time . In any case of misconduct & negligence , the Bank is free to report the matter to ICAI/RBI under the guidelines from time to time. |
| 9 | The Audit Firm should undertake that they will not subcontract the audit assignment. |
| 10 | The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignment. |
| 11 | While accepting the assignment, the firm should execute undertaking of fidelity and secrecy on its letterhead in the format prescribed by the Bank. |
| 12 | A declaration to be furnished by the firm that credit facilities availed by the firm or the partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantors have not turned or are existing as nonperforming assets as per the prudential norms of RBI. In case the declaration is found incorrect , the assignment would get terminated besides the firm being liable for any action as per ICAI/ RBI guidelines. |
| 13 | The Firm/ any partner of the Firm should not be Statutory auditors of our bank for the year 2015-16 . |
| 14 | The Firm/any partners should not have any disciplinary matters pending with ICAI/ RBI and they should not have suffered any disqualification including Section 143 of the Companies Act. |
| 15 | The audit Firm provisionally selected only, will be intimated. No individual intimation will be sent to others. |
| 16 | A qualified Chartered Accountant has to visit the Branch at least twice a week to supervise the audit work. The Audit Firm is required to conduct the audit work for a minimum of 21 working days in a month. |
| 17 | Bank reserves the right to terminate the assignment by giving one month’s notice in writing if it is found that the quality of the audit is not satisfactory. In case the auditors choose to resign, one-month prior notice should be given to the Branch/Zonal Office/ Head Office and in such a case the assignment will get terminated only after the Head Office issues communication accepting the resignation. |
| 18 | Concurrent Audit also includes short inspection. Short inspections are to be conducted as per the directions of Zonal Office and the report should be submitted to the concerned Zonal Office. |
| 19 | Concurrent auditors are required to carry out Limited review of accounts for all specified quarters. |
| 20 | After completion of specific period, the firms may be considered for audit assignment in other locations or areas. Cooling period of two years would be observed for a firm to become eligible for appointment in the same audit unit. This will be purely at the discretion of the Bank no rights whatsoever accrue to the firm for such appointment. |
| 21 | Verification of Forex Transactions: (applicable to all “B” category branches)
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| 22 | Concurrent audit has to be carried out on a daily basis covering transactions of all the working days of the calendar month as per Risk Based concurrent audit. Reporting however will be on monthly basis. |
| 23 | Concurrent audit extends to Extension Counters attached to the branch and all other areas of branch operations without exception including ATMs attached to the branch / Forex business etc. You may also report on any other relevant aspects, which you may come across during the course of the Audit without restricting yourself to Structured Format of reporting |
| 24 | The fee for concurrent Audit ranges from Rs. 13,000 to Rs. 26,000 p.m based on size of business of the branches. In addition to the monthly fees, the following additional payments are also payable
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| 25 | Penalty by way of deduction of fee by 10% would be imposed , if the report is not submitted by 10 th of the succeeding month. |
| 26 | The Auditor/Audit firm will be responsible for not reporting serious irregularities/discrepancies/frauds/gross negligence/ malafide intention (With or without financial loss).Further Bank reserves the right to terminate the audit assignment besides notifying such deficiencies and in competencies to the Council of ICAI / RBI/ IBA. |
| 27 | A tentative list of centres proposed for concurrent audit is here. Bank is at liberty to add or delete centres as per need. |
| 28 | The selection is based on requirement and at the sole discretion of Bank . |
| 29 | Concurrent Auditors, who are already conducting Audit of our Branches and have not completed three years of tenure , need not apply. |
| Applications need to be submitted on line only. No need for submission of physical copies. I /We read the terms and conditions and accepted the same. |
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| Apply Online | |
| Print Application if already Applied | |
