Indian Bank Concurrent / Stock Auditors Empanelment FY 2021-22

Indian Bank Empanelment of Concurrent and Stock Auditors for FY 2021-22

Indian Bank invites online applications 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.

Last date for applying online is 26.08.2021

Indian Bank-Empanelment of Concurrent/Stock Auditors

Link to apply online Indian Bank empanelment Click Here >>

On successful submission of application message with a Ref. No._____ will be sent to given mobile & mail ONLY.

Initial communication on assignment / letter will be sent to the above mail only, for any audit assignment allotted to any given branch of the auditor / firm, the receiver of the mail of the assignment is responsible to forward the mail to the concerned branch office of the firm under copy to the sender of the assignment.

Only one application under each audit for a particular RBIUCN (in case of Chartered Accountants) or New Registration No (in case of Cost Accountants) can be submitted.

Basic criteria for assigning for Concurrent Auditsof the bank are normally as under:

The following basic eligibility criteria should be kept in mind while selecting a firm for Concurrent Audit assignments:

(a)The applicant firm should be a Member of ICAI and should be either a partnership firm or proprietary firm having Chartered Accountant(s) as partner(s) / proprietor, duly empanelled with RBI.

(b)The firm should be selected from the RBI panel as per gradation suggested for Branch Statutory Auditor appointment.

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

(d) Audit firms engaged by the Bank 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 audit of Bank. Exceptions may be allowed in case of non-availability of CISA / DISA qualified persons.

(e) Weightage to be given to the firms where the partners themselves were ex-bankers or the firm has got tie-up with ex-bankers with requisite experience and exposure.

(f) Weightage to be given to a firm having exposure in conducting concurrent audit of the 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 assignments.

(h) In case of Proprietary firm, the sole proprietor of the firm is a full time practicing Chartered Accountants and not employed elsewhere and do not have any other business interest (Chartered Accountants in professional service and engaged in part-time teaching vocation, can be considered as in full time practice).

(i) The firm or their partners / proprietor have not been subjected to inquiries in the past for misconduct by the Institute of Chartered Accountants of India as per provision of Section 21 of the Chartered Accountants Act, 1949. Similarly, no such inquiries are pending initiated or contemplated by the Institute till date.

Last Fee Structure for Concurrent Audit was as under:

Advance position of the branch as on 31st March	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	1000

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

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Indian Bank Empanelment of Concurrent/Stock Auditors for FY 2021-22 Last date 26.08.2021

Indian Bank-Empanelment of Concurrent/Stock Auditors

Link to apply online Indian Bank empanelment Click Here >>

Basic criteria for assigning for Concurrent Auditsof the bank are normally as under:

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Indian Bank-Empanelment of Concurrent/Stock Auditors

Link to apply online Indian Bank empanelment Click Here >>

Basic criteria for assigning for Concurrent Auditsof the bank are normally as under:

About The Author

administrator

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One Response

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