Thursday, June 18, 2015

SBI Concurrent Auditor Empanelment 2015-2016 (LHO Bhubneshwar)

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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