PNB Empanelment for CA Firms for Concurrent Audit

By | August 25, 2018
(Last Updated On: August 25, 2018)

PNB invites online applications for Concurrent Auditors empanelment from CA Firm with minimum 5 years Experience as SBA Concurrent Auditor. Last Date is 20/09/2018


Punjab National Bank invites Online applications from practicing ‘Partnership firms of Chartered Accountants in India’ who fulfill the eligibility criteria and are willing to have their Firms empanelled as Concurrent Auditors in the Bank for conducting concurrent audit of branches.

Presently, applications are invited from those CA Firms only who are having their presence (either through Headquarter / branch offices) at any of the specified centres in various States/UTs.

The “Eligibility Criteria” for empanelment for CA Firms for Concurrent Audit is as under:

Minimum No. of PartnersOf which, FCAPartnership Firms- Minimum Experience as a Concurrent Auditor in Scheduled Commercial Bank (in years)

CA Firms applying for empanelment must submit along with application, the Copy of partnership deed + copy of registration certificate issued by the ICAI certifying the constitution of the Firm, their branches & date from which it is continuing as a Partnership Firm (latest).

Experience Certificates of Partnership CA Firm in the Scheduled Commercial Bank as Concurrent Auditor should be enclosed, in absence of which application will not be considered

Mere submission of application does not, in any way, constitute guarantee for allotment of the audit job of any nature from the Bank. The allocation of branches to the auditors will purely be the prerogative of the Bank.

The periodicity of concurrent audit assignment (if any) will be for ONE YEAR with quarterly review of performance and would be extendable for a further period of one year (maximum twice, e. a CA Firm may have a tenure of maximum three years followed by a cooling period of minimum two years) or till the completion of last quarterly audit assignment, whichever is later, based on “Satisfactory Performance” of the auditor in every year. At the sole discretion of the Bank, Concurrent Audit assignment of an external auditor (CA Firm) may be terminated even before expiry of the term of assignment by giving one month notice in advance.

‘Incomplete Application’ or ‘Application Without Requisite Enclosures’ will not be entertained.

The Concurrent Audit Firm will undertake that they will not sub contract/sub assign the audit assignment.

The Concurrent Audit Firm will not lobby directly or indirectly for consideration of any credit proposals of their friends / relatives / clients / non clients of the Bank.

If empanelled, the detailed terms & conditions of offer including fee and other expenses payable will be intimated at the time of allotment of audit work.

Assignments of empanelled CA firms will be governed by “Code of Ethics for Chartered Accountants” circulated by ICAI in its website and the bank will initiate necessary action against such CA firms and its partners in case serious deficiencies observed are detrimental to bank’s interest.

CA firms which carry Statutory Audit Assignments for a year will not be considered for internal audit assignment during that year and the next These instructions would even apply to firms of which a partner or proprietor is engaged or to be engaged in internal assignment of the bank.

“Associate concerns of CA Firms” should not have conducted Statutory Audit of our Bank or its subsidiary / sister concern during the previous year.

An audit firm in which a partner / proprietor is also a partner / proprietor of firm entrusted with Statutory Audit (central or branch) of the Bank is not eligible for appointment of concurrent auditor.

All other terms and conditions for empanelment of CA firm as concurrent auditor will be applicable as per approved policy of the bank subject to change from time to time.

Only those applications which are received between the date of notice and the last date of receipt of applications, will be considered.

The CA firm which has submitted any such application earlier to the date of this notice, is required to apply afresh ON-LINE only within the stipulated period, if the CA firm meets the requirements for for empanelment.

Only those applications which are submitted on-line will be  considered.  HARD  COPIES RECEIVED THROUGH POST / COURIER / BY HAND OR THROUGH E-MAIL WILL NOT BE ENTERTAINED

The CA Firm who has a;ready submitted any such application earlier to that date of this notice, is required to apply afresh within the stipulated period on-line only 

The CA firms which are already empanelled as concurrent auditors, NEED NOT APPLY List of already empanelled CA Firms is attached herewith for ready reference.

The application is to be submitted on-line at the following address :

Portal for submitting on-line applications will remain open upto 20/09/2018

Download List of already empanelled concurrent auditors Click Here >>

Download Notice of Empenelment Click Here >>

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