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ANNEXURE.

 

UCO BANK

HEAD OFFICE

KOLKATA

 

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.

 

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.

 

  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.

 

 

II. SCOPE OF CONCURRENT AUDIT:

 

  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 prescriptions of the RBI and that they are within the delegated authority.

 

 

III. REQUIREMENTS FROM AUDIT FIRMS:

 

  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. 

 

 

IV. 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 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”.

 

Assistant 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.

 

 

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:

 

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 tax.)

 

 

 

 

 

 

 

 

 

APPLICATION FOR EMPANELMENT OF CONCURRENT AUDITOR

 

1.

Name of the Firm

 

 

 

2.

Date of Establishment

 

 

 

3.

Registration No. of firm with ICAI

(Certificate to be enclosed)

 

 

 

4.

Constitution of the Firm

(Individual/Proprietorship/Partnership).

 

 

 

5.

Date of Reconstitution of the Firm

(Copy of latest Constitution Certificate issued by ICAI to be enclosed).

 

 

 

6.

Registered Office, if any

 

 

 

7.

Postal Address

 

 

 

8.

No. of full time Partners

 

 

 

9.

Staff Strength:

 

(a) No. of Chartered Accountants.

 

(b) Other Paid assistants.

 

 

 

10.

Phone Nos.     i) Landline (s) :

                       ii) Mobile No.

 

Fax No.

 

e-mail ID No.

 

 

 

11.

Service Tax Registration No.

 

 

 

12.

Unique Code of Bank Audit

 

 

 

13.

Details of Branch/Office with address:

 

Sl.No.

Name of Branch/Office

Name of Branch Head

Address

Phone No./Fax No./Mobile No.

e-mail ID No.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14. Particulars of Partners/Proprietor (only for full time partners)

 

Sl.No.

Name

Age

Designation

Qualification

Whether ACA/FCA

Membership No.

Date of Enrolment with ICAI

Date of Certificate of practice

Date of joining this firm

Whether DISA/CISA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Relevant Certificates to be enclosed)

 

 

15. Details of important UCO Bank Assignment including the present one:

 

No.

Assignments

Zone

Year

Branch/Office

a.

As Central Statutory Auditor

 

 

 

b.

As Statutory Branch Auditor

 

 

 

c.

As Concurrent Branch Auditor

 

 

 

d.

As Stock/Income & Expenditure/Revenue Auditor

 

 

 

e.

Treasury Management Audit

 

 

 

f.

Foreign Exchange Business

 

 

 

g.

Others – RBIA, Dealing Room etc.

 

 

 

 

 

16. Details of experiences with Other Banks:

 

No.

Assignments

Name of Bank

Year

Branch/Office

i)

As Statutory Auditor

 

 

 

ii)

As Concurrent  Auditor

 

 

 

 

iii)

As Concurrent Auditor for Specialized functions viz

Treasury, Forex, Dealing Room IS Audit, Risk Based

Internal Audit etc.

 

Name of Audit

Name of the Bank

Name of the Branch/Office

Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17.

Other Corporate/Govt. works handled with details for the last 3 years.

:

 

 

 

 

18.

Name of the CA Firms where any of the Partner(s) is/are interested as Partner/Proprietor.

:

 

 

 

 

 

19.

Whether the firm has ever been depanelled by the Bank or any other Bank for Concurrent Audit or for any other assignment. If yes, details of such events with reasons thereof.

:

 

 

 

 

 

20.

Whether the firm or any partners have been debarred by ICAI/RBI. If yes, details of such events.

:

 

 

 

 

21.

Any other relevant information, the firm tends to give

:

 

 

We confirm that the firm was not Central Statutory/Branch Auditor or Associate Concern of Statutory Bank Auditors of branches of UCO Bank during the year or during the previous year.

 

We confirm that the information/details furnished above is/are true and correct. We undertake to furnish necessary proof there, if any when required by the Bank.

 

 

 

 

 

Place :

Signature of Authority/Signatory

 

 

 

 

 

 

Date :

Name:

 

 

 

 

 

 

 

Membership No.

 

 

 



Attached File : 40_9835_uco_bank.doc

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