Empanelment with Canara Bank for Appointment as Concurrent Auditor of its Branches

Niyati (Student) (7730 Points)

17 July 2012

Empanelment with Canara Bank for Appointment as Concurrent Auditor of its Branches

Last date to apply: 31/07/2012

Link: https://www.ucobank.com/notices_default.htm

UCO Bank invites applications from practicing firms of Chartered Accountants of India, in the prescribed format, who are willing to have their firm empanelled as Concurrent Auditors, in the Bank. The CA firm already on our panel should also apply afresh.

I. ELIGIBILITY CRITERIA FOR EMPANELMENT :

1.	CA firms should preferably, be a partnership concern having experience in the field. The Bank may also consider the sole proprietorship concerns and in that case they would be required to submit a declaration that they are full time practicing Chartered Accountants and not employed elsewhere and do not have any other business interest.
2.	The firm should be preferably more than 2 years old.
3.	The firm should have adequate manpower with knowledge of auditing computerized branches.
4.	The firms should be preferably more than 2 years old.
5.	The Headquarters or branch of the CA firm must be located at the place for which they want to take up audit work.
6.	They should not have been disqualified by the Bank to take up work of audit on an earlier occasion.
7.	CA firm should not have been appointed as the Central Statutory Auditors or Branch Auditor for our Bank during the year or previous year.

II. TERMS & CONDITIONS:

(a) Period of Audit/Assignment:

External Audit firms empanelled would be appointed for a period of one year for one branch.

(b) Performance Review:

The performance of the empanelled firms would be periodically reviewed, at least once a year and if found unsatisfactory, the Bank may remove the name of the Concurrent Audit firm from the panel of the bank for a period of minimum of two years.

(c) De-empanelment :

The empanelled firms may be de-empanelled at the Bank’s sole discretion. If any serious acts of omission or commission are noticed in their working, their appointments may be cancelled. If felt necessary, the matter may be reported to ICAI and/or RBI.

(d) Documents to be submitted with the application :

The CA firms shall submit the following documents along with the application.

i)	General information as per format given in the document.
ii)	Copies of certificate of experiences and conduct of Concurrent Audit etc., in relation to similar assignment performed elsewhere, if any.
iii)	Copies of Registration Certificate issued to the firm by ICAI.
iv)	Copy of constitution Certificate issued by ICAI.

(e) Submission of application :

The completed application, in the prescribed format, along with documents as specified in para(d) above in a properly sealed cover should be sent at the address given below so as to reach us on or before 31.07.2012. The envelope must state “APPLICATION FOR EMPANELMENT OF CONCURRENT AUDITORS”.

Assistant General Manager

UCO Bank, Inspection Department,

Head Office, 10 B,T.M. Sarani (1^st floor)

Kolkata – 700 001

(f) Evaluation of applications :

The applications received by the Bank would be screened by a Committee of Executives constituted for this purpose, who will consider empanelment of CA firms based on their experience, CISA/DISA qualifications, number of staff members employed, number of partners, seniority etc. and any other factors deemed suitable by the Committee and the decision of the Committee shall be final.

Merely meeting the eligibility criteria shall not automatically entitle the firm for empanelment and after empanelment the work will be allotted as and when need arises at the sole discretion of the Bank. The empanelment will not give any right to the empanelled firms for carrying out the assignments. The Bank reserves its right to cancel any or all the offers without assigning any reason whatsoever.

V. Payment Terms :

The audit fees shall be paid to the firm as decided by the Bank from time to time and mentioned in offer letter for allotment of assignment and on submission of the relevant audit reports and the relevant Bills along with supporting documents. The following schedule of fees being paid by the Bank depending on the volume of advances at the branch, per month, is given below:

1. Advances upto Rs. 150 Crores	Rs. 9,000/- p.m.
2. Adv. above Rs. 150 Cr. and upto Rs. 500 Cr.	Rs.12,000/- p.m.
3. Adv. above Rs. 500 Cr.	Rs.15,000/- p.m.
4. Treasury Branch	Rs.15,000/- p.m.
5. Service Branch	Rs. 9,000/- p.m

No TA/DT or any other out of pocket expenses would be paid. However the above fee is exclusive of Service Tax, which is payable Extra.

Best Regards,

CA Amit Kumar
B.Com. (H), ACA

P.D.Rungta & Co.
Chartered Accountants

Board : +91 33 3028 2500 (7 Lines)
Cell : +91 98301 22820
email:  amit_kr_agr @ yahoo.co.in

Head Office:
21, Hement Basu Sarani, 3rd Floor , Room .No.317
Kolkata-700 001,West Bengal, India

Branches :
Bhagalpur | Khatima | Godda

Homepage : https://www.pdrungta.co.in/

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