Terms and conditions
1. Andhra bank invites
applications from practicing Firms of Chartered Accountants, who are willing to
have their Firm empanelled as Concurrent auditor of the bank.
2. Applicant should be a partnership firm
with minimum two partners as FCAs / Proprietory concerns ( Proprietor should be
an FCA) with minimum standing of 5 years. Preference shall be given to
partnership firm.
3. The audit Firm having CISA/ DISA
qualified partners/ Proprietors would have preference.
4. The Firms will be selected from the
RBI panel as per gradation suggested for branch Statutory Auditor appointment.
5. Period of the assignment is from April
2015 to March 2016 and the last date for submission of application online is 03.04.2015.
6. The concurrent audit is to be carried
out in a professional manner as per the guidelines issued by ICAI /RBI /GOI and
our bank from time to time
7. The Audit Firm should undertake that
they will not subcontract the audit assignment.
8. The firm should have necessary office
set up and adequate personnel to ensure proper deployment and timely completion
of the assignment.
9. While accepting the assignment, the
firm should execute undertaking of fidelity and secrecy on its letterhead in
the format prescribed by the Bank.
10. A declaration to be furnished by the
firm that credit facilities availed by the firm or the 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 guarantors are not turned or are
existing as nonperforming 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 as per ICAI/ RBI guidelines.
11. The Firm/ any partner of the Firm
should not be Statutory auditors of our bank for the year 2014-15.
12. The Firm/any partners should not have
any disciplinary matters pending with ICAI/ RBI and they should not have
suffered any disqualification including Section 226 of the Companies Act.
13. The audit Firm provisionally selected
only, will be intimated. No individual intimation will be sent to others.
14. A qualified chartered accountant has
to visit the Branch at least twice a week to supervise the audit work. The
Audit Firm is required to conduct the audit work for a minimum of 21 working
days in a month
15. Bank reserves the right to terminate
the assignment by giving one month’s notice in writing if it is found that the
quality of the audit is not satisfactory. In case the auditors choose to
resign, one-month prior notice should be given to the Branch/Zonal Office/ Head
Office and in such a case the assignment will get terminated only after the
Head Office issues communication accepting the resignation.
16. Concurrent Audit also includes short
inspection. Short inspections are to be conducted as per the directions of
Zonal Office and the report should be submitted to the concerned Zonal Office.
17. Concurrent auditors are required to
carry out Limited review of accounts for all specified quarters.
18. Verification
of Forex Transactions: (applicable to all “B” category branches)
i) Concurrent auditors
will have to carry out 100% verification of bills of entry in respect of import
transactions and submit a separate certificate on quarterly basis.
ii) EDI copy of shipping
form along with SDF have to be verified for ensuring that Short realization or
Non Realizations allowed if any are within the powers delegated to them or duly
approved by RBI.
iii) Concurrent auditors
have to verify export bills written off during the month and certify that the
branch has recovered export incentives availed by the exporter as per RBI
guidelines, while writing off the unrealized export bills.
iv) This report is to be
sent to Investment and International Banking Department, Mumbai. Copy of the
covering letter to be sent to Inspection and Audit Department, Head Office.
19. Concurrent audit has to be carried out
on a daily basis covering transactions of all the working days of the calendar
month as per Risk Based concurrent audit. Reporting however will be on monthly
basis.
20. Concurrent audit extends to Extension
Counters attached to the branch and all other areas of branch operations
without exception including ATMs attached to the branch / Forex business etc.
You may also report on any other relevant aspects, which you may come across
during the course of the Audit without restricting yourself to Structured
Format of reporting.
21. The fee for concurrent Audit ranges
from Rs. 13,000 to Rs. 26,000 p.m based on size of business of the branches. In
addition to the monthly fees, the following additional payments are also
payable
i) Rs. 500 for every Extension Counter
attached to the Branch per month.
ii) Rs. 500 per
fortnight for all Forex Category A & B Branches for issuing fortnightly
certificates as per format;
iii) 10% of quarterly fee is given for
certification of quarterly accounts
iv) Service Tax payable is extra and
TDS will be deducted at source.
v) One qualified Charted
Accountant is eligible for TA & DA for conducting outstation unit
inspections /stock audits/short inspections and for attending joint meetings
convened by Zonal offices as per eligibility of concerned Branch Managers.
vi) For conducting short
inspection, a fee of Rs.1500/- per borrowal account for the number of accounts
in excess of 5.
22. Penalty
by way of deduction of fee by 10% would be imposed , if the report is not
submitted by 10 th of the succeeding month.
23. The
Auditor/Audit firm will be responsible for not reporting serious
irregularities/discrepancies/frauds/gross negligence/ malafide intention (With
or without financial loss). Further Bank reserves the right to
terminate the audit assignment besides notifying such deficiencies and in
competencies to the Council of ICAI / RBI/ IBA.
24. A tentative list of centres proposed
for concurrent audit is here. Bank is at liberty to add or delete centres as per need.
Contact: ANDHRA BANK
(A Govt of India
Undertaking)
Inspection &
Audit Department Head Office,
Koti, Sultanbazar 4th
Floor, Hyderabad – 500 095
Phone:040-24683422/406/402
Fax: 24758526
e-mail:
co-insp@andhrabank.co.in
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