Bank Audit

The eligibility criteria as per ICAI is

THE GUIDELINES FOR EMPANELMENT/APPOINTMENT OF THE STATUTORY CENTRAL AUDITORS.
(1)   The auditors firm should be a partnership firm in continuous existence for a period of atleast 15 years.
(2) There should be atleast 3 partners in the firm, out of whom 2 partners should have a standing of more than 10 years in practice.
(3) The firm of the auditors considered for appointment must be having audits of minimum 20 Public Limited Companies, preference being given to the firms having experience in the audit of Public Sector Undertakings.
(4) There should be a minimum of 3 paid chartered accountants employed with the firm and atleast 10 audit assistants (not articled clerks) on the payroll.
(5) Since the Central Auditors have to take up the audit of the concerned Zonal Office, of the Corporation besides a division in the Zone, the audit firm having their main office at the place of Zonal headquarter should be preferred as Central Auditor.
(6) The sister concerns of the audit firms should not be appointed as auditor on rotation.
(7) Appointment shall be for a period of 4 years and thereafter there will be a break of atleast 4 years before being considered for reappointment.
(8) As far as possible the auditors firm which is appointed to audit the accounts of the office of any political party is not to be considered for appointment as auditors of the Corporation.
(9) The audit firm should not have been debarred by RBI.
(10)No disciplinary action should be pending with the Institute of Chartered Accountants of India against the firm or against any of its partners.

THE GUIDELINES FOR EMPANELMENT/APPOINTMENT OF THE STATUTORY DIVISIONAL AUDITORS.
(1) The auditors firm should be a partnership firm in continuous existence for a period of atleast 10 years.
(2) There should be atleast 2 partners in the firm, out of whom 1 partner should have a standing of more than 10 years in practice.
(3) The firm of the auditors considered for appointment must be having audits of minimum 10 Public/Private Limited Companies, preference being given to the firms having experience in the audit of Public Sector Undertakings.
(4) There should be a minimum of 1 full time paid chartered accountant employed with the firm and atleast 5 audit assistants (not articled clerks) on the payroll.
(5) Since the Divisional Auditors have to take up the audit of the concerned Divisional Office, the audit firm having their main office at the place of Divisional headquarter should be preferred as Divisional Auditor. In the absence of any such firm, an audit firm having a branch office at the place of Divisional office could also be considered.
(6) The sister concerns of the audit firms should not be appointed as auditor on rotation.
(7) Appointment shall be for a period of 3 years and thereafter there will be a break of atleast 3 years before being considered for reappointment.
(8) As far as possible the auditors firm which is appointed to audit the accounts of the office of any political party is not to be considered for appointment as auditors of the Corporation.
(9) In addition to the audit of Divisional office, the Divisional auditors shall cover atleast 1/3rd of the branches of the Division every year so that in a period of 3 years all the branches will be subjected to audit.
(10)The audit firm should not have been debarred by RBI.
(11)No disciplinary action should be pending with the Institute of Chartered Accountants of India against the firm or against any of its partners.
 

Application form alonwith Latest Registration Certificate to be sent as Hard Copy addressed to Executive Director (Finance &Accounts): LIC of India Yogakshema (West Wing), Ground Floor, Nariman Point, Mumbai-400 021

Hope this helps............................:)

Hi Shweta, Thank you for your reply and it gives clarification on Bank central audits,  however I need information on empanelment of statutory bank audits of bank branches.