Empanelment with Canara Bank for Appointment as Concurrent Auditor
Dhirendra R. Maurya
FOR INFORMATION:
Empanelment with Canara bank for Appointment as Concurrent Auditor of its branches
LAST DATE 07.07.2012
Link to Apply - https://www.canarabankcsis.in/ext_audit/user_valid.aspx
Terms & Conditions – The following are the terms and conditions for applying for empanelment as Concurrent Auditor in Canara Bank from July, 2012 to June 2013:
I. MANDATORY Conditions for appointment:
1. Applicant should be either a Partnership or Proprietorship firm or a Company, already in the panel of the R B I, which are circulated among the Banks for Statutory Audit of the Banks from time to time. Registration of firm with RBI is mandatory.
2. The auditors who are already doing the Concurrent Audit of our branches are eligible for re-empanelment. However, those Audit Firms which are conducting Concurrent Audit of our branches continuously for a period of THREE years or THREE terms are not eligible for re-empanelment.
3. The empanelment and allocation of branches to the auditors will be purely the prerogative of the Bank. Such empanelment shall be initially for a period of one year and can be extended upto a maximum period of 3 years subject to satisfactory performance of the auditor.
4. 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 audit assignment and such persons will have to continue audit for all the months.
5. The Concurrent Audit firm will undertake that they will not sub contract the audit assignment.
6. The Concurrent Audit firm will not lobby directly or indirectly for considering any credit proposals of their friends/clients to the Bank.
7. Auditors should not have been disqualified under Section 226 of the Companies Act, 1956 to accept this appointment.
8. The Concurrent Audit firm / or the partners or any of their clients should not have any credit facilities with the auditee branch for which they are applying for except credit facilities against their own deposits.
9. The firm/any partners/Directors of the firm/ Company should not have statutory audit, credit audit, valuation of fixed / current assets or any other similar assignments with any branch of Canara Bank.
10. The firm/any partners/ Directors of the firm/ Company should not have any disciplinary matters pending with ICAI/RBI and they should not have suffered any disqualification.
11. The firms should be having sufficient experience in conducting audits in Banks / our Bank . Other things being equal the Audit Firms with Proprietor/ partner with CISA /DISA qualification will be given preference.
12. The firm should be nearer to the proposed auditee branch.
13. Only one branch will be allotted to a selected firm. However, the Bank has the discretion to change the allocation of the branches based on any administrative exigencies.
14. Whenever any of the Proprietor / Partner/ Director of the Audit firm/ Company is related to any of the employees/ Directors of the Bank, the relationship with such employees/ Directors should be specifically mentioned in the application.
15. The Bank has the discretion to consider or reject any of the applications based on any of the RBI / Government / Internal guidelines of the Bank.
16. Only the audit firm provisionally selected for empanelment will be communicated through e-mail. No individual intimation will be sent to the audit firm whose application is not considered for empanelment.
17. The provisional selection of the audit firm shall be made on the basis of a pseudo random technique methodology through a software and Bank is not liable for any error in selection of audit firms.
18. 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.
19. The Audit Firm selected is eligible for reappointment subject to Annual Review by the Bank upto a maximum period of 3 Terms / 3 Years. The re-appointment may be to the same branch or to any other branch at the discretion of the Bank.
20. The Audit firm shall submit the reports in the prescribed format covering all the Audit areas advised from time to time. The Auditors shall certify all the reports under branch Statutory Audit system covering NPA provisioning, Insurance Coverage, P & L A/c, CRAR, Certification regarding Tax Audit and other areas to be advised from time to time.
DHIRENDRA R. MAURYA