NOTIFICATION FOR CHARTERED ACCOUNTANT
BANK OF MAHARASHTRA invites
applications from practicing firms of Chartered Accountantsin Ratnagiri District in Maharashtra State, in
the prescribed format, who are willing to have their firms empaneled as
Concurrent Auditors/Revenue Auditors of the Bank for specified branches/offices/key risk areas for FY 2024-25.
Following are the terms and
conditions for applying for empanelment of Concurrent Auditor and Revenue Auditor in Bank of
Maharashtra for the period FY2024-25
I.
Mandatory Conditions for Appointment —
1. Applicant should be either a Partnership or a
Limited Liability Partnership or Proprietorship Firm or a Company, already in
the panel of the R.B.I., which is circulated among Banks for Statutory Audit of
Banks from time to time. Registration of Firm with RBI is mandatory. The Category
of the Audit Firm (viz. I, II, Ill, IV) should be mentioned.
2. Those Audit firms which are conducting
Concurrent Audit in our bank continuously for a period of THREE
years are not eligible for re-empanelment for the year 2024-25.
3. Empanelment and allocation of branches
to the auditors will be purely the prerogative of the Bank. Such empanelment
shall be initially for a period of one year and can be extended up to a maximum
period of 3 years subject to satisfactory performance of the auditor.
4. The Concurrent Audit firm will undertake that they will not sub contract the audit assignment under any pretext in any form. The audit report needs to be signed by the officials mentioned in the online applications.
5. Auditors should not have been disqualified under Section 143 of the Companies Act, 2013 to accept this appointment.
6. The Concurrent Audit firm / or the
partners/ or directors/ or any of their clients should not have any credit
facilities with the auditee branch for which they are applying for except
credit facilities against their own deposits.
7. The Firm / any partners /
Directors of the Firm / Company / LLP / Proprietor should not have Statutory
Audit, Credit Audit, Valuation of Fixed / Current assets or any other similar
assignments with any branch of Bank of Maharashtra.
8. The firms should be having
sufficient experience in conducting audits in Banks / our Bank. Other things
being equal, the Audit firms with Proprietor / Partner with CISA / DISA qualification
will be given preference. Weightage will be given to a firm having exposure in
conducting concurrent audit of the Bank Branches for public sector / major
private sector banks.
9. The firm should have necessary
office set up and adequate personnel to ensure proper deployment and timely
completion of the assignments. Weightage would be given to the CA firms where
the partners themselves are ex-bankers or the firm(s) has got tie- up with
ex-bankers with requisite experience and exposure.
10. Only one branch will be allotted
to Selected Firm. However, the Bank has trio discretion to change the
allocation of branches based on any administrative exigencies.
11. Whenever any of the Proprietor /
Partner / Director of the Audit Firm / Company is related to any of the
employees / Directors of the Bank, the relationship with such employees /
Directors should be specifically mentioned in the application.
12. The Bank has the discretion to
consider or reject any of the applications based on any of the RBI / Government
/ Internal guidelines of the Bank, without assigning any reasons.
13. Only the Audit Firm provisionally
selected for empanelment will be communicated through email. No individual
intimation will be sent to the audit firm whose application is not considered
for empanelment. No further correspondence will be entertained in this regard.
14. The Audit Firms should give their
consent in writing in the prescribed format agreeing to comply with and bound
by the terms and conditions prescribed by the Bank after allotment of
assignment as a concurrent Auditor.
15. The Audit firm selected is
eligible for reappointment subject to Annual Review by the Bank up to a maximum
period of 3 Terms / 3 Years. Reappointment may be to the same branch or to any
other branch at the discretion of the Bank.
16. The Audit Firm shall submit the
reports in the prescribed format covering all the Audit areas advised from time
to time.
17. If selected for empanelment, the
Audit firm shall submit an undertaking for ensuring compliance of "Dos and
DON'Ts" on the prescribed lines at the time of assignment.
18. The assignment should be carried
out in a professional manner and in case of any misconduct or negligence; the
Bank is free to report the matter at any time to ICAI / RBI. This will be in
addition to the disengagement from the Concurrent Audit assignment.
19. The firm should execute
undertaking of fidelity and secrecy on its letter head in the format prescribed
by the Bank at the time of appointment.
20. If any partner of a Chartered Accountant firm is a Director on the Board of a bank, no partner of the same firm should be appointed as concurrent auditor in the bank.
21. The monthly/quarterly fees payable to the auditors shall be approved by the delegated authority taking into consideration the nature of assignment and within the maximum fees approved by ACB of the Bank.
22. The firm should give UDIN number for each report.
23. Concurrent Auditors empanelled by the bank will not be considered for appointment as SCAs/SAs of the Bank.
24. No auditor will be allowed to leave the audit in-between the term of contract, failing which monetary penalty of one month’s remuneration will be levied/recovered.
II. Methodology of Selection —
1. For Concurrent Audit
The eligible interested individuals /
Firms / LLPs / Companies should apply online only through the link provided on
the bank's website i.e. www.bankofmaharashtra.in during the stipulated period only i.e. from 07.08.2024 (10.00 AM) to 14.08.2024 (05.00 PM). They should not send the
hardcopy of the application / annexures to the Bank without being called for.
No correspondence / communication from the applying Firms will be entertained
by the Bank whatsoever till the Bank communicates selection to them (if
selected).
The applicant has to
necessarily furnish his choice of 3 branches in descending order in the
application in the website.
An acknowledgement number for each completed
application will be generated and the same will be displayed in the website
immediately after submitting the application. This shall serve as a future
reference number for the Bank / applicant. The applicant can take printout of
the completed / submitted application along with the acknowledgement number for
reference.
The applications received by the Bank
would be screened by a Committee of Executives constituted for this purpose,
which will consider empanelment of CA firms based on their experience, CISA /
DISA qualifications, number of staff members employed, number of partners,
seniority etc. and any other factor considered necessary by the Committee for
which the decision of the Committee shall be final.
For specialized branches/ offices i.e. TIBD, SWIFT, De Mat Cell, Credit Card Cell, DCRD, CBS-PMO, Data Centers, Services Branches, Head Office – Verticals/Cells, CPCs, etc. required qualifications in that particular area & past experience in auditing such verticals, will be taken into account during allotment.
Merely meeting the eligibility
criteria shall not automatically entitle the firm for empanelment. After
empanelment, the work will be allotted as and when need arises at the sole
discretion of the Bank. The empanelment will not give any right to the empaneled
firms for carrying out the assignments. The Bank reserves its right to cancel
any or all the offers without assigning any reason whatsoever.
The appointment / allotment of
branches shall be based on the availability of branches and number of Audit
Firms in a particular area. The Bank reserves the right to appoint any Audit
Firm for Concurrent Audit.
Based on the above, the Audit Firm
will be provisionally selected for empanelment. Bank shall communicate the
provisional selection to such Firms by way of email / letter and call for the
hard copies of the application, letter of acceptance and other documents to be
received by the Bank before the specified due dates. After receipt of this
communication the Audit firm should send the hard copy of the application and
copies of registration certificate issued by ICAI, proof of UCN registration
issued by RBI etc. within the specified date.
After receipt of hard copy of the
application, letter of acceptance and other documents from the Firms; the Bank
will empanel the Audit Firm for Concurrent Audit for the period from 01/04/2024
to 31/03/2025 subject to correctness of the information furnished in the
application / annexures.
If the selected Firm has not sent
hard copies of the application and other details and letter of acceptance duly
signed by them within the due date, the provisional selection will stand
automatically cancelled. No separate intimation in this regard will be
communicated.
In respect of Firms which are not
being selected, no communication will be sent by the Bank and no further correspondence from the firm will be entertained.
2. For Revenue Audit -
In respect of Firms which are not being selected, for Concurrent Audit for the year 2024-25, they will be eligible for Revenue Audit assignment. Based on Bank’s requirement, firms will be selected for Revenue Audit work and allotment will be made accordingly.
I / We accept the above terms &
conditions.