ICMA-Creation of a panel of Cost Accountant Firms for sending to RBI for its consideration for Stock / Concurrent Audit in the banks

12th April, 2016

Creation of a panel of Cost Accountant Firms for sending to RBI for its consideration for Stock / Concurrent Audit in the banks

A panel consisting of list of eligible Cost Accountant Firms would be formed and sent to RBI so that they may examine and consider the same for recognizing them for audit work in banks in India.

Members who are desirous to be empanelled as auditors (Stock and/or Concurrent audit/Risk based internal audit) in banks may mail scanned copies of their duly filled in application (Form 2A/2B and the annexure A/B/C) to the mail id: cobi@icmai.in and the hardcopy to the address below. Before making the application, members are requested to read through the standard eligibility criteria (relevant to that of RBIs) in annexure 1. For convenience, the MS-Word format of the forms is being provided. The content of the format should not be changed in any case. If any form is received with altered format, it is likely to be rejected. Scanned copies of the applications, complete in all respect need to be mailed to cobi@icmai.in on or before 25 th April, 2016 and thereafter by post to the address:

Secretary
Committee on Banking & Insurance
Institute of Cost Accountants of India
CMA Bhawan, 4th Floor
84 Harish Mukherjee Road
Kolkata 700 025

On receipt of the above details, the Institute shall scrutinize the same and verify the correctness of information with the available updated database of the membership department. Thereafter, the eligible list of Cost Accountant Firms would be sent to RBI for their further process.

CMA Amit Anand Apte
Chairman, Committee on Banking & Insurance

Annexure 1

Eligibility criteria for empanelment of Stock Auditors in banks

• The firm of Cost Accountants (proprietorship / partnership / LLP) should be in practice at least for 3 years.
• It should have at least one full time qualified ACMA as proprietor / partner
• A full time partner does not include a person who is:

-A partner in other firms

-Employed full time / part time elsewhere, or engaged in practice otherwise or engaged in other activity.

• The firm and its members should have unblemished track record (no history of blacklisting by any bank / FI, no listing in default / caution / debarment list of RBI / IBA / SEBI / the Institute etc.)
• The firm should have necessary office set-up and adequate personnel to ensure proper deployment and timely completion of assignments.

Eligibility criteria for empanelment of Concurrent Auditors / Risk based internal auditor in banks

• The firm of Cost Accountants (partnership / LLP) should be in practice at least for 5 years.
• It should have at least two full time qualified FCMAs as partners
• A full time partner does not include a person who is:

-A partner in other firms

– Employed full time/part time elsewhere, or engaged in practice otherwise or engaged in other activity.

• The firms should preferably have at least 1 qualified Information System Auditor (CISA / DISA / Diploma in IS AUDIT AND CONTROL) with necessary exposure to systems audit since All Banks are fully computerized. In case any firm does not have CISA / DISA / Diploma in IS AUDIT AND CONTROL qualified partners at the time of appointment, they should undertake to ensure completion of the same within 1
• Preference will be given to firms where the partners themselves were ex-bankers or the firm has got tie-up with ex-bankers with requisite experience and exposure.
• The firm and its members should have unblemished track record (no history of blacklisting by any bank / FI, no listing in default / caution / debarment list of RBI / IBA / SEBI / the Institute etc.)
• The firm should have necessary office set-up and adequate personnel to ensure proper deployment and timely completion of assignments.

Annexure 1
Form 2A
Form 2B
Annexure (A)
Annexure (B)
Annexure (C)