Indian Bank Empanelment of Concurrent/Stock Auditors for 2019-20. Last date 07-06-2019

Indian Bank Empanelment of Concurrent and Stock Auditors for 2019-20. Last date to apply is 07-06-2019

Indian Bank invites applications in the prescribed format only from the practicing firms of Chartered Accountants of India, who are willing to have their firm empanelled as Concurrent Auditor & Stock Auditor in the bank.

Empanelment would be valid upto JUNE 2020

Any of Chartered Accountants on the Bank’s panel of Auditors can be utilised for stock audit & credit audit at the discretion of Heads of Inspection Centres. Concurrent auditors of branches should not be entrusted with Stock audit / credit audit

Indian Bank-Empanelment of Concurrent/Stock Auditors

Basic criteria for assigning for Concurrent Audits

(a) Audit firm must have RBIUCN (should appear in the list for this year provided by ICAI).

(b) There should not be any disciplinary action by RBI pending against the firm. The name of the firm should not appear in the list of Third Party Entities (TPE) Caution list of IBA.

(c) An audit firm eligible to be engaged for audit work should have qualified Information System Auditor (CISA / DISA) with necessary exposure to systems audit since all branches are fully computerized and IS audit should form an integral part of the a Exceptions may be allowed in places where non-availability of CISA / DISA qualified persons.

(d) Weightage will be given to the firms where the partners themselves are ex-bankers or the firm has (got tie-up with) ex-bankers with requisite experience and exposure as associates.

(e) Any audit firm or any sister / associate concern / network firm conducting the statutory audit of the Bank or any of its branches at present during 2017-18 & 2018- 19 shall not be considered for empanelment

(f) Weightage will be given to a firm having exposure in conducting concurrent audit of Bank branches for a few public sector / major private sector banks.

(g) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignment

(h) The concurrent audit firm will not lobby directly / indirectly for consideration of any credit proposals of their friends / relatives / clients / non clients of the bank . 

Fee structure at present

Fees payable is based on the level of Total Advances of the branch. The fees  once fixed shall remain the same throughout the tenure of the concurrent audit irrespective of change in the total advances or authorisation of the branch for Forex transaction. The only exception may be in case of transfer / shifting of entire business of another branch to the auditee branch. Bank’s decision will be final in this regard

Fee Structure for Concurrent Audit:

Advance position of the branch as on 31.05.2019 Fees per month (Rs)
Upto Rs. 50 crores 15000
Above Rs.50 and upto Rs. 125 crores 17500
Above Rs.125 and upto Rs. 250 crores 20000
Above Rs.250 and upto Rs.500 crores 25000
Above Rs.500 and upto Rs.1000 crores 30000
Above Rs.1000 and upto Rs.3000 crores 35000
Above Rs.3000 crores 40000
Additional fees for FOREX authorised branches

Fee Structure for Stock Audit:

Fund based working capital limits Fees per month (Rs)
Upto Rs. 2.00 crores 10000
Above Rs.2.00 and upto Rs. 5.00 crores 12000
Above Rs.5.00 and upto Rs. 10 crores 15000
Above Rs.10 and upto Rs.25 crores 17500
Above Rs. 25 and upto Rs.100 crores 25000
Above Rs.100 crores 50000

Interested Chartered Accountants/ Firms conforming to the eligibility criteria may send their application (given in the annexure) only through post / courier as per format given to the following address in hard copy only to reach on or before 7th June 2019Applications sent /received through any other mode will NOT be entertained.
Those who are presently doing concurrent audit for Indian bank are also required to apply again. The applicants are requested to send enclosures(mentioned  above) only. Do not enclose copies of assignment letters of banks etc.

The Bank reserves its right to accept or reject the applications subject to the Banks norms and criteria.

Applications  received directly to the address given below only will be entertained.

General Manager (I & C)
Indian Bank
Corporate Office
Inspection Department
254-260, Avvai Shanmugam Salai,

Download Format of Application Click Here >>

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