IDBI Bank invites CAs for Concurrent Audit for the year 2020-21

Scope

Internal Audit provides reasonable assurance with regard to the effectiveness and efficiency of the Bank’s operations, compliance with rules and regulations, and reliability of financial reporting. 

Internal Audit plays a significant role in evaluating the effectiveness of the Banks’ Internal Control Systems. From the beginning, Internal audit is providing an independent view to management on the efficiency and effectiveness of the internal Controls in the Bank.

Internal Audit Department undertakes independent reviews of Bank’s operations, encompassing financial, administrative, and project-related activities covering from credit to information technology.

The primary objectives of Internal Audit are to -

Ascertain whether Bank’s assets are properly safeguarded.
Assess the reliability and integrity of information and
reporting thereof.
Verify compliance with established Banks policies,
procedures, guidelines, agreements, laws and regulations.
Identify means to eliminate waste and misuse of resources, abuse, and other risks.
Recommend improvements relating to efficiency, economy, and effectiveness in the use of Bank resources.

Eligibility Criteria

IDBI Bank invites online applications from practicing partnership firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank. 

The CA firms which are already doing a concurrent audit of branch need not apply. 

Also, CA firms that are under the cooling period need not apply.

Eligibility Criteria for CA firms 

• It should be a Partnership firm of Chartered Accountants. 
• The firms should have a standing of a minimum of five years for the audit of branches with advances up to Rs.200 crore and minimum 10 years for other branches and other units/offices. 
• Preference to be given to the firms where the partners themselves were ex-bankers or the firm has got tie-up with ex-bankers with requisite experience and exposure and the firms having qualified Information System Auditor (CISA/DISA) with necessary exposure of system audits. 
• It is to be ensured that the audit firm or any sister/associate concern is not conducting the statutory audit of the bank or any of its branches.
• The firm should have necessary exposure in conducting concurrent audit of the Bank branches for a few public sectors/major private sector banks. 
• The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignment.

Instructions

1. Instructions for filing up the Empanelment Form 
2. Before applying read the Notices hosted on the Bank’s website for applying online for empanelment of CA Firms. (Download pdf of notice at end of this post)
3. CA Firms having 5 years of experience are eligible to apply i.e. firms registered before July 01, 2015 are eligible to apply. 
4. Proprietorship CA Firms are not eligible to apply. 
5. CA Firms that are already empanelled with IDBI or have done/ are doing any Concurrent Audit Assignment are not supposed to apply. Their details are already available in the system. 
6. Kindly use Google Chrome Browser, as Chrome supports the site in the best manner. 
7. In case a CA Firm is not having GST No., please mention 11AAAAA1111A1Z1 in the GST No. Column. 
8. If the firm is not having branches, kindly mention No. of Branches in India and No. of Branches outside India as ‘0’ on Page 1. Also, you need to skip the Point No.4 i.e. Page 3, Branch Details by clicking Next Button. 
9. Detailed profile of the firm to be attached. 
10. Documents to be uploaded only in PDF format and size of the each document should be less than 4 MB. 
11. Login ID would be an automatic generated Number, which would be generated after final submit of the online application. Choose your own password for future Login. Also keep the Login ID and Password handy for future use. For accessing AMS/ Other information you need to have Login ID & Password.

Apply Online

The online system shall be available from 06.06.2020 to 20.06.2020 for allotments to be made during the year 2020-21 (July 2020 – June 2021).

Contact Details

For any query regarding the filing of the Empanelment Form, you may mark a mail to concurrentaudit.ho@idbi.co.in. 

If your query is not resolved through mail, you may contact the undersigned officers during office hours (i.e. 10.00 AM to 6.00 PM): 

Shri Anshu Kumar: 9102424587 

Shri Sumit Jha: 8935917174 

P.S.: You are requested not to send mails to individual email ids

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