SBI has invited application for  concurrent audit empanelment in some states.

Concurrent audit empanelment details:

  1. The empanelment opportunity covers branches situated in the states of Delhi, uttrakhand, Rajasthan and some states of Uttar pradesh. SBI can include or exclude other branches for empanelment purpose.
  2. Chartered accountant firm or LLP should be listed on RBI panel.
  3. Experience should be considered for appointment.

concurrent audit empanelment in sbi

 

Remuneration for concurrent audit:

If you get concurrent audit empanelment, your firm will get following remuneration:

Grade Deposit of branches Advances Remuneration
3 300 crore and above Less than 400 crore 25000 p.m.
2/3 400 crore and above 35000 to 50000 pm

Additionally, 500 per month per account will be payable if the bank has fund and non fund basis exposure of more than 10 crore.

  • The remuneration will be paid quarterly and no separate charges like travelling, taxes will be paid separately.

Scope of concurrent audit:

  1. Compliance with RBI guidelines and guidance of FEDAI/ IBA.
  2. Compliance with ARAC norms.
  3. Reporting for compliance with RBI guidelines and if any activity is running which is prohibited by RBI.
  4. Compliance with banking regulation rules, 1949.
  5. Check compliance with norms in section 20 in banking regulation act for granting loan and advances against shares and other matters.
  6. Compliance of rule 20A , 24, 452 and 360 of banking regulation act.
  7. Verification of forex transactions.
  8. Compliance with any guidelines issued by government, RBI, SBI and other statutory authorities.

Bio data for empanelment of sbi concurrent audit:

Firm has to submit bio data of firm. Following details are included in bio data:

  1. Name of firm
  2. constitution
  3. date of establishment of firm.
  4. Contact details.
  5. PAN number
  6. Registration number of firm.
  7. Unique code granted by RBI for statutory audit.
  8. Details of staff.
  9. Qualification of staff.
  10. Qualification of auditors.
  11. Audit assignments on hand.
  12. Revenue and profit of last three years.
  13. No of branches.
  14. Infrastructure of firm.
  15. Partners of firm.
  16. Experience in audit.
  17. Enclosures for proof of above.

 

Procedure to apply for concurrent audit empanelment:

  1. Read terms and conditions and service level agreement.
  2. If you are eligible, sign both.
  3. Read annexure to SLA.
  4. You also have to submit bio data for empanelment.

 

Last date of application submission for concurrent audit :

Last date for submission of application is Nov 11, 2014.

You can download file for concurrent audit empanelment from end of the post.

Audit is interesting and revenue generating for CA firms. If your firm is eligible for this opportunity, avail it now and take your firm high level as each experience counts. Good Luck. Also share views about this article or give one like or share on social media.