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Indian Bank Empanelment of Concurrent/Stock Auditors for 2020-21. Last date 25-08-2020

Indian Bank Empanelment of Concurrent/Stock Auditors for 2020-21. Last date 25-08-2020

August 19, 2020 Concurrent Audit, Empanelment 1 Comment

Indian Bank Empanelment of Concurrent and Stock Auditors for 2020-21 

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 25-082020 

Indian Bank-Empanelment of Concurrent/Stock Auditors

Link to apply online Indian Bank empanelment Click Here >>

Basic criteria for assigning for Concurrent Audits

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 inthe 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.
 
 
 

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 abcaus.in 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 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

Download Detailed Terms and Conditions Click Here >>

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One Response

  1. KAMLESH KUMAR AGRAWAL August 19, 2020

    application for concurrent audit and stock audit in indian bank FY 20.21

    Reply

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