TERMS & CONDITIONS FOR CONCURRENT AUDITORS’ ASSIGNMENT

The following norms shall be applicable for appointment of firms of Chartered Accountants as Concurrent Auditors:

(i)     The firm should be either a proprietory or a partnership firm having Chartered Accountants as proprietor / partner(s).

(ii)    The firm or its proprietor/partners have not been the subject of inquiries in the past by the Institute of Chartered Accountants of India as per the provisions of Section 21 of the Chartered Accountants Act, 1949, and no such inquiry is pending, initiated, or contemplated by the Institute as on the date of application as well as date of acceptance of assignment.

(iii)   Where there are group of firms of Chartered Accountants having common partners, only one of the firms in the group will be eligible for assignment of Concurrent Audit;

(iv)   The Firm would normally be allotted Concurrent Audit of only one branch of the Bank;

(v)    Besides Chartered Accountants, the firm should have other qualified and experienced staff, infrastructure and office within an approachable distance from the location of the auditee branch / office to undertake Concurrent Audit;

(vi)   The firm which conducts Statutory Audit of Central Bank of India shall not be considered for appointment as Concurrent Auditor by the Bank during that year and the next year;

(vii)  The firm which has a partner / proprietor who is also a partner / proprietor of the firm entrusted with the Statutory Audit of Central Bank of India shall not be considered for appointment as Concurrent Auditors in Central Bank of India. In other words, associate concerns of the firm carrying out Statutory Audit of Central Bank of India shall not to be considered for appointment as Concurrent Auditors as in (vi) above;

(viii) If any of the Directors of Central Bank of India is a partner / proprietor in a firm, such firm shall not be considered for appointment as Concurrent Auditor;

(ix)   The tenure of Concurrent Auditor shall generally be of one year. The tenure may be extended on the basis of performance at the discretion of the Management. However, in case the performance of the Concurrent Auditor falls short of the expectation of the Management or the Audit Committee of the Board, the Management may replace the Concurrent Auditor at any time.

(x)    The Concurrent Auditor shall not be entitled for any additional benefits or perquisites.

(xi)   The Concurrent Audit should be conducted on daily basis (on all working days) by audit assistant & Partner/Proprietor shall visit branch atleast for 6/5/4 days in a month for Metro/Dist. Centre /others branches respectively.

(xii)  The location-wise eligibility criteria will be as under:-.

For Metro City Branches

Professional Standing :   More than 7 years

Minimum No. of Partners :   5

Of which FCA/s     : 2

DISA or CISA       : 2

Minimum 5 Public Sector Banks as Concurrent Auditors or Statutory Auditors

For District Head Quarter Branches 

Professional Standing    :    More than 3 years
Partnership Firms Only

Of which FCA/s at least    :    1

& DISA or CISA                  :    1

Minimum 3 Public Sector Banks as Concurrent Auditors or Statutory Auditors

For Branches other than above 

Professional Standing       :             More than 2 years

Partnership/ proprietorship firms Individuals possessing FCA & DISA or CISA Qualification

At-least 1 Public Sector Bank as Concurrent Auditors or Statutory Auditors

(Experience of the Firm only as Statutory and Concurrent Auditors is to be taken and not that of individual partner shall be counted.)

(xiii)   The assignment of concurrent audit given by us should not be given to anybody on subcontract basis.

(xiv)  Mere submission of application for Concurrent Audit & fulfilling the criteria thereof does not, in any way, constitute guarantee for assigning any type of audit of the Bank.

(xv)   The applications received online only shall be considered. Allotment will be made for the vacancies existing and later as and when arise in the area of your choice prioritising and selecting from the applications received. No correspondence shall be entertained in the matter.

(xvi)  Application received shall be valid for only one year.

(xvii) All the applications submitted and received in physical form prior to this process of inviting online applications stand cancelled..

(xviii)        If firm or partners are availing any credit facility(s)from any branch of Central Bank of India or have guaranteed any credit facility, please furnish the following information in a letter addressed to General Manager, (CA&ID) and dispatch by Regd. Post.

Name of the partner

Name of Bank’s Branch

Nature of dealings/Facilities Banking since with A/c No.

(xix)      Schedule of fees for Concurrent Audit:

BUSINESS OF THE BRANCH                                               FEES PAYABLE

(Total Deposits and Performing Assets)

i)     Up to Rs 50.00 crore                    -                              Rs. 9000.00 pm

ii)      Above Rs 50.00 crore to Rs. 150.00 crore    – Rs. 11000.00 pm

iii)     Above Rs 150.00 crore to Rs. 300.00 crore     Rs. 13000.00 pm

iv)     Above Rs 300.00 crore                                               Rs. 15000.00 pm

Service Tax if applicable, will be paid separately provided the firm furnishes the Service Tax registration number.

TDS will be deducted as per rules..