Thursday, June 25, 2015

Allahabad Bank Stock Audit (AP or Telangana)



Applications are invited from the Firms of Chartered Accountants for the purpose of Stock and Book Debts audit of accounts with various branches of Allahabad Bank in the states of Andhra Pradesh and Telangana. Those firms having branch (es) either in A.P. or in Telangana and are interested to empanel as Stock Auditors with Bank may submit application as per the format attached and the last date for receipt of the application at our office at the above address shall be 06.07.2015.

The firms which are accepting the fee and costs as fixed by the bank are only requested to apply for
empanelment and the present structure of package (subject to a maximum of Rs. 50,000/-) is as under.

(i) Actual cost of Travel (Actual 2 AC), Stay, Local conveyance on actual basis.

(ii) Audit cost @ Rs. 600/- per man per day

Bank also reserves the right to fix lumpsum amount before allotment of account based on the loan amount and volume of work. Those who are selected will be on panel for a period of 3 years subject to review from time to time.

Scope of work of the Stock Auditors shall be

(a) Physical verification of various items of inventories as per latest stock statement.

(b) Identification of slow moving / non moving / obsolete items of inventory.

(c) Scrutiny & age-wise analysis of book-debts with special reference to doubtful debts.

(d) Verification of outstanding acceptances under Usance letter of credit established by different banks.

(e) Consumable Stores & Stocks

(f) Verification of grade-wise quality of finished goods

(g) Details of bills discounted by different banks and to ensure that they are not included in the statement of Book-Debts submitted to the bank.

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