State Bank of India Invites Chartered Accountant firm for Concurrent Audit of LHO Bhubneshwar region for the year 2015-2016. Last
date for submission of application is 26th June, 2015. Eligibility condition and overview is given below:
STATE BANK OF INDIA
LOCAL HEAD OFFICE, BHUBANESWAR
SELECTION AND EMPANELMENT OF CHARTERED ACCOUNTANT FIRMS FOR
OUTSOURCING OF CONCURRENT AUDIT
1. State Bank of India: Overview
State
Bank India (“SBI” or “Bank”) a body corporate constituted under the
State Bank of India Act, 1955 having its Corporate Centre at State Bank
Bhavan, Madame Cama Road, Mumbai is the largest commercial bank in India
having a nationwide financial network of more than 15000 branches and
offices and more than 40,000 ATMs/Internet Banking Kiosks. The Bank has
five Associate Banks and many non-banking subsidiaries and Joint
Ventures. The Bank also has 189 foreign offices spread over 35 countries
covering all time zones of the world. It has its Local Head Office at
Bhubaneswar which control 822 branches, 19 BPR Outfits with four
Administrative Offices and 21 Regional Business Offices operating
throughout the state of Odhisha (at present).
2. Objective of Concurrent Audit (CA)
Concurrent
Audit (CA) is an examination which is contemporaneous with occurrence
of transactions and is carried out as near thereto as possible. It
attempts to shorten the interval between a transaction and its
examination by an independent person not involved in the process. Our
bank being a scheduled commercial bank has in place an effective
Concurrent Audit System (CAS) to comply with Reserve Bank of India (RBI)
guidelines as also to supplement the efforts of the internal audit
department to strengthen the internal control system. The CAS is a part
of Bank's early-warning system to detect irregularities and lapses which
helps checking repeated/recurring violations of the internal and
regulatory guidelines, controlling risks and in preventing fraudulent
transactions.
The broad areas prescribed by RBI for Concurrent
Audit are Cash, investments, Deposits, advances, Letter of Credit &
Bank Guarantees, Foreign Exchange Transactions, Housekeeping and other
critical items pertaining to compliance of GOI/RBI/Other statutory
instructions. The scope prescribed by RBI is given in Annexure-A.
3. Objective of Process
The
Bank desires to engage professional Chartered Accountants firm for
conducting Concurrent Audit at its identified / to be identified
branches/units in Odisha on continuous basis in accordance with the
scope of engagement mentioned herein and for the purpose of audit on a
near real time/real time basis that will provide timely feedback and
support to the controllers / management and is a Management Tool to
promote and control consciousness, facilitates protection against frauds
and also timely detection thereof.
4. Scope of Engagement & Eligibility Criteria.
The
engagement of Concurrent Auditor by the Bank for conducting CA at
branches / BPR outfits/ Units shall be by way of fully outsourced model,
wherein all members of the Audit Team will be from the outsourced
agency. Further, the Bank have opted that clustering of branches/BPR
Outfits is to be strictly avoided. Hence, no concurrent auditor shall be
allotted more than one branch for Concurrent Audit.
Those firms which satisfy all the following are only to apply:
a. Grade 1, 2 and 3 firms as on 31.05.2015 as per RBI Grade for this purpose.
b. Firms established prior to 2008
c. Firms having at least one year of experience of concurrent audit in any commercial bank.
d. Firms having their Headquarters in Odisha and majority of partners living in Odisha.
e.
Firms which have sufficient number of trained representatives of firm,
articled Clerk trained by ICAI on concurrent audit, retired commercial
banks’ officers, qualified Chartered Accountant as partner or associate
or as staff, who will be available on all working days to attend to the
Concurrent audit.
f. Firms should not have been Central / Branch Statutory auditors in SBI or its associates for the annual closing 2014-15.
Source- www.sbi.co.in
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