PNB scraps RFP for appointment of External auditor to conduct Internal Audit 2025

Punjab National Bank scraps RFP for appointment of External auditor to conduct external audit of Bank’s Internal Audit System 2025

As per the PNB notice dated 12.06.2025, all the prospective bidders have been informed that the captioned RFP process has been scrapped. All prospective bidders have been advised to be guided accordingly

Punjab National Bank in April 2025 had invited proposals for “Appointment of External auditor to conduct external audit of Bank’s Internal Audit System”.

Participation in this Tender Process was open to all bidders who fulfil the ‘Eligibility’ and ‘Qualification criteria. The contract duration was 3 months.

Among others, one of the eligibility criteria was that the bidder should be a registered Indian Company as per Company Act 1956/2013 / Partnership Firm registered under Partnership Act, 1932 / Limited Liability Partnership (LLP) firm registered under LLP Act, 2008. The Bidder was also required to have minimum team of 20 auditors with industry standard certifications such as Chartered Accountants with DISA/CISA and CRISC/IRM/CGEIT. Out of these, 10 auditors should be on organisation’s permanent roll for last 6 six months prior to last date of bid submission. Also, the Bidder was required to have requisite Make in India Compliance.

View PNB Notice for scrapping external auditor appointment Click Here >>

• Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT