Karnataka Vikas Grameena Bank invites application for concurrent audit from Chartered Accountant Firms for FY 2024-25
Karnataka Vikas Grameena Bank a leading Regional Rural Bank owned by Government and Sponsored by Canara Bank, having 629 branches across Dharwad, Belagavi, Haveri, Gadag, Bagalkot, Vijayapur, Udupi, Uttara Kannada and Dakshina Kannada districts of state Karnataka desires to engage Chartered Accountants for Concurrent Audit in their branches. The particulars of the eligibility, remuneration, terms and conditions and Application Form etc., are furnished in the website of the Bank www.kvgbank.com. The last date for receipt of the completed applications at Bank’s Head Office (Inspection Division) is 10.03.2024
The applications are to be submitted to:
The General Manager,
Inspection Division,
Karnataka Vikas Grameena Bank,
Head office,, Belgaum road,
Dharwad – 580 008, Karnataka
The following are the terms and conditions for applying for empanelment as Concurrent auditor and Conditions for appointment:
1. Applicant should be a Proprietorship, Partnership or Company.
2. The audit firm shall satisfy the minimum eligible criteria like professional qualification, experience etc ie. Auditor/partner shall be qualified FCA and undertaken Statutory audit in any bank or concurrent audit in any other bank
3. The audit firm shall submit one application only. If more than one application is submitted, only one application will be considered by the Bank at its choice. However, this does not disqualify any audit firm from submitting application as member of any other partnership firm.
4. The empanelment and allocation of branches to the auditors will purely be the prerogative of the Bank. Such empanelment shall be initially for a period of one year and can be extended up to a maximum period of 3 years subject to satisfactory performance of the auditor.
5. The concurrent audit firm should furnish the name and qualification of the persons, who shall be conducting audit in the branch, to the Bank before commencing the audit assignment and such persons will have to continue audit for all the months during the concurrent period.
6. The concurrent audit firm shall give an undertaking that they will not sub contract the audit assignment.
7. The concurrent audit firm will not lobby directly or indirectly for considering any credit proposals of their friends/clients to the Bank.
8. Auditors should not have been disqualified under Section 226 of the Companies Act, 1956 to accept this appointment.
9. The Concurrent audit firm / or the partners should not have any credit facilities with the audit branch for which they are applying for except credit facilities against their own deposits. The audit firm shall not have any conflict of interest that are of material significance in discharge of their functions as Concurrent
Auditors.
10. The Company / Directors and Firm /any partners’ of the firm should not have statutory audit, credit audit, valuation of fixed / current assets or any other similar assignments with any branch.
11. The Company / Directors and Firm/any partners’ of the firm should not have any disciplinary matters pending with ICAI/RBI and they should not have suffered any disqualification.
12. The audit firm should have sufficient experience in conducting audits in Banks
13. The audit firm should be nearer to the proposed audit branch as far as possible.
14. Maximum of 3 branches will be allocated to the audit firm. However, the Bank has the discretion to change the allocation of the branches based on administrative exigencies.
15. The audit firm should give their consent in writing / undertaking letter in the prescribed format agreeing to comply with and bound by the terms and conditions prescribed by the Bank.
16. While discharging their duties as Concurrent Auditors, the audit firm shall follow the applicable guidelines / procedures as may be advised by Government/ CVC and other Regulatory agencies.
17. The auditor / audit firms shall exercise due diligence while conducting the concurrent audit. The auditor / audit firm is accountable for any deficiencies in the audit report / lack of diligence on the part of the auditor or any of its employees leading to any losses.
18. The audit firm shall own professional responsibility for concealment of facts, not reporting serious irregularities or losses on account of non reporting/non detection of early warning signals/frauds.
19. The auditor / audit firm shall indemnify the Bank against all actions, omissions, proceedings, claims, suits, damages and any other expenses for causes attributable to the auditor / audit firm including any loss suffered on account of any breach of the terms and conditions of the offer of the appointment.
20. The performance of the auditor /audit firm shall be reviewed at periodical intervals and if the performance is found wanting, then the services of the audit firm shall be terminated with due intimation at the discretion of the Bank and such Audit firms shall stand de-empanelled. This is without prejudice to referring the issues to the professional body and also claims damages for such unsatisfactory service, whatsoever by the audit firm or any of its employees.
The monthly concurrent audit report shall be completed before 10th of succeeding month. If the report is not completed by 10th of succeeding month a penalty by way of 10% cut in the monthly remuneration will be imposed. Further if the report is not submitted before 15th of the succeeding month no remuneration become payable to the concurrent Auditors for such month
Details of Fee Structure:
| Business Level | Amount in Rs. per branch/ month |
| For branches with total business up to Rs 100 crores | 8000 |
| Branches with total business of Rs 100 crores & above but less than 250 crores | 9000 |
| Branches with total business of Rs 250 crores & above | 10000 |
| Currency Chest (Weekly) | 9000 per month |
In addition to the above Rs 800/- per month for auditing of extension counter. In case branch under concurrent audit is situated outside the head quarter, the travelling and conveyance expense of Rs 1000 per branch shall be paid.
Download Terms and Conditions & Application Form Click Here >>
- Jewellery purportedly received from grandparent under Will added as unexplained credits
- SC lays down tests to determine if a debt is financial debt or operational under IBC
- Commonality of directors of companies does not mean deposits received was bogus
- Application though named as rectification but if tax is not legitimate, it also touches merit: HC
- Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of FMV
