Empanelment UCO Bank Concurrent Audit

anthony (Finance) (7918 Points)

16 July 2011  

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.


  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.
  1. The firm should be preferably more than 2 years old.
  1. The firm should have adequate manpower with knowledge of auditing computerized branches.
  1. The Headquarters or branch of the CA firm must be located at the place for which they want to take up audit work.
  1. They should not have been disqualified by the Bank to take up work of audit on an earlier occasion.
  1. CA firm should not have been appointed as the Central Statutory Auditors or Branch Auditor for our Bank during the year or previous year.


  1. Areas covered in the Bank’s standard format for Concurrent Audit specifies the scope of concurrent audit. The copies of the formats are attached as Annexure 1 & 2. Concurrent Auditors would examine all the transactions undertaken by a branch for which they have been appointed on an on going basis and identify the ones which are not as per the Bank’s laid down rules/circulars etc. and guidelines/instructions received from authorities like, Govt. of India, Reserve Bank of India and SEBI etc., from time to time.
  1. Every quarter Concurrent Auditor would also check if there is any wide variation in the cost of deposits and yield on advances with previous periods as well as Zonal average figures. A copy of the guidelines on the manner of conduct of audit will be provided to the firm at the time of allotment of branches and from time to time thereafter.
  1. The Auditor will not evaluate the decisions taken by a branch manager or an authorized official of the branch. However, the auditor will be necessarily required to see whether the transactions or decisions are within the policy parameters laid down by Head Office and whether it violates the instructions or policy prescripttions of the RBI and that they are within the delegated authority.


  1. Bank would provide to the concurrent auditors a suggestive/illustrative checklist of items/areas to be checked daily/weekly/monthly/quarterly/half-yearly and concurrent auditors should identify the deficiencies/irregularities in accordance with the checklist.
  1. Concurrent Auditors shall be required to get rectified all the irregularities identified by them during the course of audit and report the irregularities which remained uncertified with reasons as to why the same were not rectified within 7 days of the month succeeding the month of reporting. and quaterly report to be submitted within 10 days from the end of quarter.
  1. The concurrent auditors would also be required to report immediately to the Bank’s higher authorities wherever any serious irregularity or transactions involving malafide, corrupt practices and gross indiscipline or any fraudulent transaction is detected by them.
  1. The monthly/quarterly audit reports shall be required to be submitted in a pre-approved structured format, which should be provided to the auditors by the Bank. The monthly reports should be submitted within 7 days from the end of the month to which the report relates and quarterly reports to be submitted within 10 days from the end of quarter.


(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 and if found unsatisfactory, the Bank may terminate their services by giving one month’s notice in advance or paying one month’s fees in lieu thereof at any point of time.

(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 31.07.2011. The envelope must state “APPLICATION FOR EMPANELMENT OF CONCURRENT AUDITORS”.

ssistant General Manager

UCO Bank : Head Office (4th Floor)

Inspection Department

10, B.T.M. Sarani

Kolkata – 700 001.

(f)     Evaluation of applications:

The applications received by the Bank should 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.


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:

Sl. No. Criteria for remuneration Amount of remuneration per month.
1. Advances upto Rs.150.00 crore Rs.9,000/-
2. Advances above Rs.150.00 crore Rs.12,000/-
3. Advances above Rs.500.00 crore Rs.15,000/-

 (The above fee is exclusive of service