Punjab Sind Bank Concurrent Audit Online Empanelment FY 2024-25. Last date 08.06.2024

Punjab & Sind Bank Concurrent Audit Online Empanelment FY 2024-25

Punjab & Sind Bank Concurrent Audit application has been invited from interested Chartered Accountant Firm for Bank Branches for the Financial year 2024-25

The last date for submission of online application is 08.06.2024

Link to apply online Click Here >>

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Punjab Sind Bank Concurrent Audit Online Empanelment 2024-25

Selection criteria

The following criteria should be adopted while selecting a firm for concurrent audit assignments:

1. The Chartered Accountants firm should preferably be a partnership firm with at least one FCA partner.

2. The firms should preferably be selected from the RBI panel as per gradation suggested for Branch Statutory Auditor appointment

3. The firms should preferably have qualified Information System Auditor (CISA/DISA) qualification.

4. The firms should have been established for at least 3 years prior to the date of application. The audit firm or any sister / associate concern / network firm should not have been debarred/de-paneled and is not conducting the statutory audit of the Bank or any of its Branches.

5. The present fee for concurrent audit ranges from Rs.16000/- to Rs. 37000/-.

6. The tenure of the concurrent audit would be initially for one year.

7. It is to be ensured that:

  • The firm is not in any case disqualified under provision of Sec.141 of Companies Act, 2013
  • The firm or any of its associate firm(s) have never been de-panelled due to poor performance.
  • The license of the proprietor / Key Person of the partnership concern have been issued for Full Time practice by The Institute of Chartered Accountants and the proprietor/ Key Person of the partnership firm is not in another Full Time Service.
  • The firm exists on the given address and the main occupation of the firm is Accountancy.
  • The firm is not doing Statutory Audit of the bank for the year 2021-22, 2022-23 & 2023-24.
  • That in case your firm is doing auditing work/providing any professional Services to any of the customers of the bank, this must be disclosed with relevant details on firms letter head

8. Preference should be given to those firms who have adequate exposure in conducting concurrent audit of the Banks.

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

10. In addition to above, the audit firms shall:

  • Execute undertaking of fidelity and secrecy on its letterhead upon appointment.
  • Not sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified Chartered Accountants.
  • Furnish a declaration that credit facilities availed by the firm or partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantor/s have not turned or are existing as non- performing assets as per the prudential norms of RBI.In case the declaration is found incorrect, the assignment would get terminated besides the firm being liable for any action under ICAI / RBI guidelines.
  • Mandatorily sign the Do’s & Don’ts & abide by the Do’s & Don’ts issued by the Bank.

11. Since large number of on-line applications is received for limited number of branches identified for concurrent audit, as such, no communication will be sent by the Bank and no correspondence will be entertained in respect of firms, which are not being selected. Further, selection of preference in branches would not mean allotment to that branch only..

12. The monthly report should reach by 7th of next month to the Branch, Zonal Office and Zonal Inspectorates. In addition to that quarterly concurrent audit report should reach the Head Office by 15th after close of the quarter.

13. The applicant is mandatorily required to submit the followings through speed-post/courier. Please note that scan copies sent through mail are not acceptable & may result into cancellation::

    • Duly signed & stamped PRINT of On-Line application
    • ICAI Constitution Certificate
    • ICAI Membership Certificate

Latest by 08.06.2024 to:
Assistant General Manager
Punjab & Sind Bank
HO Inspection & Audit Department
4th Floor, Bank House, Rajendra Place
Delhi – 110008.

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