IOB Concurrent Auditor Empanelment for the period 01.07.2020 to 30.06.2021

Indian Overseas Bank Concurrent Audit Empanelment for the period 01.07.2020 to 30.06.2021. Applications to be sent manually. last date 28-06-2020


IOB Concurrent Audit Empanelment

The following basic criteria is generally followed by the Bank in selection of audit firms for conducting concurrent audit. However detailed guidelines should be verified from login page

  • The firm should be selected from RBI panel of auditors;
  • The Audit firm should possess a minimum of 5 years experience in Bank audit; However, preference shall be given to:

(a) Partnership firms with 2 partners having FCA qualification.

(b) Minimum one partner having the qualification of Information System Auditor (CISA / DISA)

(c) Atleast one partner should have completed certificate course on concurrent audit in banks conducted by Institute of Chartered Accountants of India (ICAI).

(d) At least one partner should have completed ‘Certificate Course on Forex and Treasury Management’ conducted by ICAI for Authorised Dealers Branch.

(e) The firm having exposure in conducting concurrent audit of the Bank branches for a few public sector/major private sector banks.

The Concurrent Audit in credit concentrated branches having advances of Rs. 200 crores and above, the concurrent firm shall be in category I with minimum of 5 years experience.

The firm or its proprietor/partners have not been the subject of inquiries in the past by the Institute of Chartered Accountants of India as per the provisions of Section 21 of the Chartered Accountants Act, 1949, and no such inquiry is pending, initiated, or contemplated by the Institute as on the date of application as well as date of acceptance of assignment;

Where there are group of firms of Chartered Accountants having common partners, only one of the firms in the group will be eligible for assignment of Concurrent Audit; The firm would normally be allotted Concurrent Audit of only one branch of the Bank;

Besides Chartered Accountants, the firm should have other qualified and experienced staff, infrastructure and office within an approachable distance from the location of the auditee branch / office to undertake Concurrent Audit;

The firm which conducts Statutory Audit of Indian Overseas Bank shall not be considered for appointment as Concurrent Auditor by the Bank during that year and the next year;

The firm which has a partner / proprietor who is also a partner / proprietor of the firm entrusted with the Statutory Audit of Indian Overseas Bank shall not be considered for appointment as Concurrent Auditors in Indian Overseas Bank. In other words, sister/ associate concerns of the firm carrying out Statutory Audit of Indian Overseas Bank shall not to be considered for appointment as Concurrent Auditors;

If any of the Directors of Indian Overseas Bank is a partner / proprietor in a firm, such firm shall not be considered for appointment as Concurrent Auditor;

The assignment of concurrent audit given by us should not be given to anybody on subcontract basis

The firm should have necessary office set up within the same city or periphery of allotted branch/office and adequate personnel to ensure proper deployment and timely completion of assignments.

Partner/Proprietor should visit the branch twice in a week and also participate in discussion with Branch Manager on deficiencies found during that week.

Mere submission of application for Concurrent Audit & fulfilling the criteria thereof does not, in any way, constitute guarantee for assigning any type of audit of the Bank.

Submit Application for online Empanelment Click Here >>

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