Indian Overseas Bank Concurrent Audit Empanelment for the financial year 2026-27 (from 01.07.2026 to 30.06.2027)
Indian Overseas Bank has invited online applications for Bank Concurrent Audit Empanelment for the financial year 2026-27.
The following basic criteria will be adhered to in selection of audit firms for conducting concurrent audit.
Only online application will be considered. No other application will be entertained whether submitted in hard copy or through email.
Date of Opening of accepting Application: 27.05.2026 11.00 AM
Last date for submission :10.06.2026 05.00 PM
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 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 31.03.2025 and 31.03.2026 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 firm which are assigned Concurrent Audit of Indian Overseas Bank for the period 2023-24 and completing 3 year’s period shall not be considered for appointment as concurrent auditor of the bank.
The firm which are presently assigned with Concurrent Audit of Indian Overseas Bank need not to apply
The RBI/IOB de-panelled auditors/ Terminated auditors 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 01.04.2026. GST shall be paid separately. TDS will be deducted as per rules.
Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous…
Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment - ITAT In…
Once assessee discharges primary onus of providing basic documents in support of the identity, genuineness and the creditworthiness it shifts…
CBDT has notified Cost Inflation Index for Financial Year / Tax Year 2026-27 CBDT has notified "384" as Cost Inflation…
Power of CIT(A) under section 251(1)(a) to remand case could be exercised only when the assessment is passed u/s 144…
ICAI (Global Networking) Guidelines, 2025 kept in abeyance In February 2026, ICAI had issued ICAI (Global Networking) Guidelines 2025 to…