Bank of Maharashtra Concurrent Audit online empanelment 2018-19

Bank of Maharashtra Concurrent Audit online empanelment 2018-19 for the year 2018-19

Bank of Maharashtra is inviting applications from practicing firms of Chartered Accountants for the empanelment of Concurrent Auditors for the year 2018-19.

This empanelment is for Concurrent Audit assignment for selective Bank branches present in all states and Union Territories.

The application process is online through link provided on Bank’s website Click Here >>

The  online  application  process will start  from  22.03.2018  and  it will  remain open till 26.03.2018 up to 5 pm (for 5 days).

Bank of Maharashtra Concurrent Audit 

Following are the terms and conditions for applying for empanelment of Concurrent Auditor in Bank of Maharashtra for the period April 2018 to March 2019 —

I. Mandatory Conditions for Appointment —

1. Applicant should be either a Partnership or Proprietorship Firm or a Company, already in the panel of the R.B.I., which is circulated among Banks for Statutory Audit of Banks from time to time. Registration of Firm with RBI is mandatory. The Category of the Audit Firm (viz. I, II, Ill, IV) should be mentioned.

2. Those Audit firms which are conducting Concurrent Audit of our branches continuously for a period of THREE years or THREE terms are not eligible for re-empanelment for the year 2018-19.

3. Empanelment and allocation of branches to the auditors will be purely the prerogative of the Bank. Such empanelment shall be initially for a period of one yearonly and can be extended up to a maximum period of 3 years subject to satisfactory performance of the auditor/requirement of the Bank.

4. The Concurrent Audit firm will undertake that they will not sub contract the audit assignment under any pretext/ in any form.

5. The Concurrent Audit firm will not lobby directly or indirectly for considering any credit proposals of their friends / clients to the Bank.

6. Auditors should not have been disqualified under Section 143 of the Companies Act, 2013 to accept this appointment.

7. The Concurrent Audit firm / or the partners/or directors/ or any of their clients should not have any credit facilities with the auditee branch for which they are applying for except credit facilities against their own deposits.

8. The Firm / any partners / Directors of the Firm / Company should not have Statutory Audit, Credit Audit, Valuation of Fixed / Current assets or any other similar assignments with any branch of Bank of Maharashtra.

9. The firms should be having sufficient experience in conducting audits in Banks / our Bank. Other things being equal, the Audit firms with Proprietor / Partner with CISA / DISA  qualification will be given preference. Weightage will be given to a firm having exposure in conducting concurrent audit of the Bank Branches for public sector / major private sector banks.

10. The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments. Weightage would be given tothe CA firms where the partners themselves are ex-bankers or the firm(s) has got tie- up with ex-bankers with requisite experience and exposure.

11. Only one branch will beallotted to Selected Firm. However, the Bank has sole discretion to change the allocation of branches based on any administrative exigencies.

12. Whenever any of the Proprietor / Partner / Director of the Audit Firm / Company is related to any of the employees / Directors of the Bank, the relationship with such employees / Directors should be specifically mentioned in the application.

13. The Bank has the discretion to consider or reject any of the applications without assigning any reasons.

14. Only the Audit Firm provisionally selected for empanelment will be communicated through email. No individual intimation will be sent to the audit firm whose application is not considered for empanelment. No further correspondence will be entertained in this regard.

15. The Audit Firms should give their consent in writing in the prescribed format agreeing to comply with and agreeing to be bound by the terms and conditions prescribed by the Bank after allotment of assignment as a Concurrent Auditor.

16. The Audit firm selected is eligible for reappointment subject to Annual Review by the Bank up to a maximum period of 3 Terms / 3 Years. Reappointment may be to the same branch or to any other branch at the discretion of the Bank.

17. The Audit Firm shall submit the reports in the prescribed format covering all the Audit areas advised from time to time.

18. If selected for empanelment, the Audit firm shall submit an undertaking for ensuring compliance of “Dos and DON’Ts” on the prescribed lines at the time of assignment.

19. The assignment should be carried out in a professional manner and in case of any misconduct or negligence; the Bank is free to report the matter at any time to ICAI / RBI / NFRA.This will be in addition to the disengagement from the Concurrent Audit assignment.

20.The firm should execute undertaking of fidelity and secrecy on its letter head in the format prescribed by the Bank at the time of appointment.

II. Methodology of Selection —

Eligible interested individuals / Firms / Companies should apply online only through the link provided on the bank’s website i.e. www.bankofmaharashtra.in during the stipulated period only i.e. from 22.03.2018 to 26.03.2018.They should not send the hardcopy of the application / annexures to the Bank without being called for. No correspondence / communication from the applying Firms will be entertained by the Bank whatsoever.

The applicant has to necessarily furnish his choice of 3 branches in descending order in the application in the website.

An acknowledgement number for each completed application will be generated and the same will be displayed in the website immediately after submitting the application. This shall serve as a future reference number for the Bank / applicant.

The applications received by the Bank would be screened by a Committee of Executives constituted for this purpose, which will consider empanelment of CA firms based on their experience. Category of the firm, CISA / DISA qualifications, number of qualified staff members employed, number of partners, work experience, office location, no. of offices etc. and any other factor considered necessary by the Committee for which the decision of the Committee shall be final.

Merely meeting the eligibility criteria shall not automatically entitle any firm for empanelment. 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 empaneled firms for carrying out the assignments. The Bank reserves its right to cancel any or all the offers without assigning any reason whatsoever.

The appointment / allotment of branches shall be based on the availability of branches and number of Audit Firms in a particular area. The Bank reserves the right to appoint any Audit Firm for Concurrent Audit.

Based on the above, Audit Firms will be provisionally selected for empanelment. Bank shall communicate the provisional selection to such Firms by way of email / letter and call for the hard copies of the application, letter of acceptance, copies of registration certificate issued by ICAI, proof of UCN registration issued by RBI etc. within the specified date.

After receipt of hard copy of the application, letter of acceptance and other documents from the Firms; the Bank will empanel the Audit Firm for Concurrent Audit for the period from  01/04/2018 to 31/03/2019 subject to correctness of the information furnished in the application / annexures.

If the selected Firm has not sent hard copies of the application and other details and letter of acceptance duly signed by them within the due date, the provisional selection will stand automatically cancelled. No separate intimation in this regard will be communicated.

In respect of Firms which are not being selected, no communication will be sent by the Bank and no correspondence will be entertained.