EMPANELMENT OF CONCURRENT AND INTERNAL AUDITORS

Transcription

1 EMPANELMENT OF CONCURRENT AND INTERNAL AUDITORS Akola Janata Commercial Co-op. Bank Ltd. Akola invites applications from well established and experienced chartered accountants to assist the Bank as per Bank's guidelines. Last date for receipt of application is Existing chartered accountants who are empanelled with our bank need to apply afresh. Chief Executive Officer

2 Eligibility criteria (Concurrent & Internal Audit) Major terms and conditions for concurrent and internal audit assignment are stated as under. However, the Bank reserves its right to amend / modify any condition and Bank s decision in this regard will be final. 1. Applicant should be a member of The Institute of Chartered Accountants of India. 2. Chartered Accountants should have experience of minimum 7 years of bank audit work. 3. The allocation of branches to the auditors will be purely the prerogative and discretion of the Bank. 4. The 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 for the entire period. 5. The audit firm will undertake that they will not sub contract the audit assignment. 6. The audit firm will not lobby directly or indirectly for consideration of any credit proposals of their friends/ Relatives / Clients / non clients of the Bank. 7. The firm / any partner s of the firm can have only one audit assignment. The audit firm cannot have any other audit assignments for Akola Janta Bank. 8. The firm s office should be situated in the same city as that of the branch under concurrent/internal audit as far as possible so that senior partners will devote sufficient time at the branch. 9. The firm has to disclose if it has been debarred by ICAI / RBI / any other Bank in the past. In such cases, the firm is not eligible for appointment as Auditor. 10. Firms having DISA / ISA qualified partners and concurrent/internal audit courses of ICAI and also experience of other types of bank audit experience may be preferred. 11. Partner of the audit firm should visit branch for a specified number of days and a confirmation to that effect be obtained from the concerned Branch Manager. 12. Auditors will not be given any other assignment during the period of audit except Credit Appraisal work. 13. The auditor should sign the terms and conditions document in acceptance of the same. 14. A declaration is to be given by all the Chartered Accountant firms entrusted with the Internal/Concurrent Audit that none of the partners in their individual capacity or through allied and associate firms are directly or indirectly involved in internal, concurrent audit or Statutory Audit of other branches of Akola Janta Bank. Sub contracting is strictly prohibited and will be liable for immediate termination of assignment and de-listing from the panel of the bank.

3 15. Bank reserves the right to modify / alter any terms of selection process at any point of time. Selection process will be at Banks absolute and sole discretion. No representation / claim will be entertained whatsoever. 16. Bank reserves its right to review the appointment at any point of time and if necessary, may terminate the appointment by giving one months notice. In case the firm fails to report irregularities, termination may be without any notice. 17. The firm should not have refused any assignment allotted by the bank, and should not have been blacklisted or terminated by the bank in the past.(ok) 18. The Auditors should have requisite infrastructure such as computers, Office Premises, Telephone etc and also adequate qualified staff for audit. 20. Auditors should not have been disqualified under section 226 of the Companies Act, 1956 to accept this appointment. Methodology for application (Concurrent & Internal Audit) 1. The eligible / interested firms should apply during the stipulated period only from 01 st March to 31 st March along with copies of the registration certificate issued by ICAI, Proof of UCN Registration issued by RBI(if applicable), appointment letters of other Bank s (wherever applicable) etc 2. No correspondence / communication from the applicant firms will be entertained by the Bank whatsoever till the Bank communicates selection ( if selected ) to them. 3. The firm may furnish choice in their application. 4. Mere application by the audit firm for registration for empanelment in Akola Janta Bank shall not entitle them for the assignment and Bank s decision shall be final. 5. The appointment / allotment of branch shall be based upon the availability and number of applications. Bank reserves the right to appoint any audit firm for concurrent/internal audit. 6. Upon selection of an audit firm for empanelment, Bank shall communicate the selection to such firm by way of e mail / letter and after receipt of this communication, the selected audit firm should send their acceptance letter. 7. After receipt of acceptance from the firm, Bank will empanel the audit firm for concurrent/internal audit for the next financial year, subject to correctness of facts in the application/annexure. 8. If the selected firm has not sent letter of acceptance duly signed by them along with letter of fidelity within 7 days, their application will be rejected. 9. In respect of firms, which are not being selected, no communication will be sent by the Bank and no correspondence will be entertained

4 Eligibility criteria (Loan Appraisal) Major terms and conditions for CA for loan appraisal. However, the Bank reserves its right to amend / modify any condition and Bank s decision in this regard will be final. 1. Should be a member of The Institute of Chartered Accountants of India. 2. Chartered Accountants should have experience of minimum 10 years of loan appraisal for banks. 3. The allocation of work will be purely the prerogative of the Bank. 4. The CA will undertake that they will not sub contract the assignment and will carry out the work themselves. 5. Should not be auditors/consultant for any other work for the party or its connected concerns directly or indirectly. In such case he should immediately inform the bank and return the proposal sent for appraisal. 6. The CA should not contact/call or entertain the party for any queries regarding his case for credit appraisal 7. The firm has to disclose if it has been debarred by ICAI / RBI / any other Bank in the past. In such cases, the firm is not eligible for appointment on panel for Credit Appraisal. 8. Work experience of credit appraisal of other banks may be preferred. 9. Bank reserves the right to modify / alter any terms of selection process at any point of time. Selection process will be at Banks absolute and sole discretion. No representation / claim will be entertained whatsoever. 10. Bank reserves its right to review the appointment at any point of time and if necessary, may terminate the empanelment by giving one months notice. In case, it is observed that the firm has failed to carry proper appraisal and/or acted against interest of the bank, the bank reserves its right to terminate empanelment without any notice. 11. Auditors should not have been disqualified under section 226 of the Companies Act, 1956 to accept this appointment.

5 Methodology for application (Loan Appraisal) 1. The eligible / interested individuals and firms should apply along with copies of the registration certificate issued by ICAI, Proof of UCN Registration issued by RBI(if applicable), appointment letters of other Bank s (wherever applicable) etc 2. No correspondence / communication from the applicant firms will be entertained by the Bank whatsoever till the Bank communicates Empanelment ( if Empanelled) to them. 3. Mere application for registration for empanelment in Akola Janta Bank shall not entitle them for the assignment and Bank s decision shall be final. 4. The appointment / allotment of work shall be sole discretion of the bank. No claim shall be entertained in this regard 5. Upon empanelment, Bank shall communicate the same to the applicant by way of e mail / letter and after receipt of this communication, the selected firm should send their acceptance letter. 6. After receipt of acceptance from the firm, Bank will empanel an individual or firm for credit appraisal for loans, subject to correctness of facts in the application/annexure. 7. If the selected firm has not sent letter of acceptance duly signed by them, Bank may remind such firms by or letter advising them to respond within 7 days failing which their application will be rejected. 8. In respect of firms, which are not being selected, no communication will be sent by the Bank and no correspondence will be entertained.