Indian Overseas Bank Concurrent Audit Empanelment for the period 01.07.2022 to 30.06.2023.
TERMS & CONDITIONS
IOB Concurrent Audit Empanelment
The following basic criteria will be adhered to in selection of audit firms for conducting concurrent audit.
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Only online application will be considered. No other application will be entertained whether submitted in hard copy or through ’email
Last date for submission : 15.06.2022
- The firm should be selected from RBI panel of auditors;
- The Audit firm should possess a minimum of 2 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) The dealing partner of the branch 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. 250 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 of the bank during that year and the next year, i.e. firms which conducted Statutory Audit of the Bank as on 31.03.2020 and 31.03.2021 shall not be considered for appointment as Concurrent Auditor;
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 will be assigned concurrent audit of the branch for a period of one year and extended every year based on yearly review. The maximum term for a firm shall not exceed 3 years. Thereafter one year cooling period will be given before assigning concurrent audit to the firm again.
The senior Partner/Proprietor with DISA/CISA qualification should visit the branch at least one day 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
All the applications submitted and received in physical form prior to this process of inviting online applications stand cancelled
If firm or partners are availing any credit facility/ies from any branch of Indian Overseas Bank or have guaranteed any credit facility, please furnish the following information in a letter addressed to General Manager (Inspection) and dispatch by Speed Post.
Name of the Partner
Name of Bank’s branch
Nature of dealings / facilities
Banking since with A/c. No
The monthly fees payable is based on classification of the branches on 31.03.2021. GST shall be paid separately. TDS will be deducted as per rules.
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