Allahabad Bank Concurrent / Revenue Audit for the Year 2019-20 – Last date 14th August, 2019

Allahabad Bank Concurrent / Revenue Audit for the Year 2019-20 Last date 14th August, 2019

Allahabad Bank invites applications as per prescribed format from practicing firms of Chartered Accountants firms/Retired Officials of Allahabad Bank who are willing for empanelment as Concurrent / Revenue
Auditor in the Bank.

The panel of Auditors maintained last year (including existing concurrent auditors) expiring in September 2019 will not be further used. Hence, all the concurrent auditors (except Banks retired officials) selected earlier have also to apply afresh for the empanelment process.

Allahabad Bank Concurrent / Revenue Audit 

The applications should be submitted to the ‘Assistant General Manager, Allahabad Bank, Inspection Deptt, Concurrent Audit Cell, Head office, Fourth Floor, 14, India Exchange Place, Kolkata -700001‘ by Registered or speed post / courier only.

“Application for empanelment for Concurrent/Revenue Audit-2019-20” (either FRESH or RENEWAL with UCN) should be mentioned on the envelope carrying the applications.

The following type of audit firms are not required to submit their application :

(a) If Firm / its proprietor / any partner has been disqualified / de- empanelled or whose appointment has been terminated by RBI/ ICAI/ IBA/Bank / any other Bank on an earlier occasion.

(b) Audit firms who have conducted statutory audit of Allahabad bank branches for the year 2018-19.

(c) Associate concerns of Audit firms who have conducted statutory audit of Allahabad bank branches for the year 2018-19, 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.”

The last date for receipt of applications is 14th August, 2019. Please send the application in such a way that it must reach at the above address (mentioned at point no.3), latest by 14th August 2019 up to 5.00 PM. positively. The application received thereafter will not be accepted /entertained and will be returned undelivered

Selection and eligibility criterion of external Concurrent Auditors :

Basic Criterion :

Appointment of external Chartered Accountant firms as Concurrent Auditors will be done with the following basic criterion :

i) The audit firm preferably should be in the RBI panel (as per gradation based on the size of the branch to the extent feasible).

ii) Weightage will be given to the audit firms where the partners themselves were ex bankers, DISA, CISA holders.

iii) Preferably it should be a partnership firm of Chartered Accountants.

iv) Experience in Statutory/Concurrent Audit of banks will also be examined.

General Criterion:

a) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments.

b) The firm has to disclose if it has been debarred by ICAI / RBI / Allahabad Bank in the past. In such cases, the firm is not eligible for appointment as Concurrent Auditor.

c) The audit firm or any sister / associate concern / network firm is not conducting the Statutory Audit of the Bank or any of its Branches.

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

e) Bank reserves its right to review the appointment and performance of Concurrent audit firms ( as per job assigned to execute in time bound manner and in case the firm fails to report irregularities also ) , at any point of time and if found necessary, can cancel the appointment by giving one month’s notice.

f) The assignment should be carried out in a professional manner and in case of any misconduct & negligence; the Bank is free to report the matter to ICAI / RBI under the guidelines from time to time. This will be in addition to the disengagement from the assignment

g) The firm should be responsible for failure to detect frauds / major deficiencies in implementation of control mechanism / revenue loss etc.

h) The Chartered Accountant firm entrusted with the Concurrent Audit has
to submit declaration that none of the partners in their individual capacity or through allied and associate firms are directly or indirectly involved in Concurrent Audit of other Branches of Allahabad Bank. Sub-contracting is strictly prohibited and will be liable for immediate termination of assignment.

i) They will also have to submit declaration that credit facilities availed by the firm or 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 guarantor/s have not turned or are existing as non-performing 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 under ICAI / RBI guidelines.

Concurrent Audit is to be done on daily basis.

Audit fees:

Fee payable to Concurrent Auditors:

Branches with total Business  Audit Fee (in
Rupees, Per Month
Plus GST)
Service Branches /CAPC/HUB/Back Office/HO Dept/ RMPC/ KPK 12,000
Up to Rs.50 Cr with Credit outstanding of Rs. 15 Cr & above 12,000
Above Rs.50.00 to Rs.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

Fee payable for Top 100 branches :

The fee structure for the top 100 branches is additional 20% of normal fee for conducting more focused audit by concurrent audit in top 100 branches
including SIBs. Though the remuneration has been fixed on monthly basis, the same shall be payable only on quarterly basis on submission of reports as above, by the Zonal Office concerned on being satisfied as regards adequacy and coverage of all the points mentioned in the check-list. TDS will be deducted in the eligible cases as per rules.

Important.

(1) Please attach Summary of Bio Data for Chartered Accountant Firms For the Year -2019-2020 (ANNEXURE A) on top of Application for inclusion of name in the panel of chartered accountants for concurrent / revenue audit (ANNEXURE B).

(2) Please don’t attach any other document except the above. Attaching document other than the above will result in Non Consideration of the application.

Download RFP and Application Format Click Here >>

read latest abcaus posts

----------- Similar Posts: -----------

Leave a Reply

Subscribe to ABCAUS Newsletter

Get reliable, authentic and latest updates on taxation/corporate and other laws in your mail box free.



After subscribing, please check your email (including spam or junk folder) and activate the subscription link by clicking it.