UCO Bank Concurrent Audit Empanelment 2020-21


UCO Bank Concurrent Audit Empanelment 2020-21

Online application portal will remain open from 24.09.2020 to 30.09.2020 (23:59:59 tirs)

UCO Bank invites online application from practicing firms of Chartered Accountants in India for engagement as Concurrent Auditors to undertake Concurrent Audit assignment in designated branches/ offices through computerized application package and RLHs/AMBs/Service branches. Central Pension Processing Centre, SME Hubs, Treasury, Depository services and HO departments in India through manual process.

The firms who are willing to under take the audit in computerised application environment have to apply for Concurrent Audit through online application portal.

Also Read: Empanelment of Concurrent auditors in Union Bank Of India

Eligibility Criteria For Engagement

CA Firms not under cooling period ( I.e. no continuous audit for lost three consecutive years In UCO Bank) are eligible for applying as per list of branches mentioned in Annexure – 1. For CA firms already engaged with us and not under cooling and their branch is listed in Annexure – II (Branches which are not identified for 2020-21) may apply for branches listed In Annexure -1.

a) CA firm should preferably be a partnership concern having experience in the field. The Bank may also consider the sole proprietorship concerns and in that case they would be also required to submit a declaration that they are full time practicing Chartered Accountants, not employed elsewhere, do not have any other business interest with UCO Bank and not a Director In UCO Bank or related to any of the present Directors of UCO Bank.

b) Audit firms should preferably have qualified Information System Auditor CISA/DISA) with necessary exposure of system audit. Since all the branches of the Bank are fully computerized, system audit shall form an integral part of audit of the bank.

c) Audit firm should not have been disqualified by any Bank IBA/RBI/ICAI, while taking-up audit work on earlier occasions.

d) 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.

e) It is to be ensured that the audit firm or any sister / associate concern / network firm is not conducting the statutory audit of the Bank or any of its branches.

f) Weightage will be given to a firm having exposure in conducting Concurrent Audit of the Bank branches for public sector /major private sector banks.

g) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments. The Headquarter or branch of the CA firm should be located at the place for which they wish to take up audit work. Preference would be given to CA firms which are located at the places of our Bank’s Branches.

h) 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 / IBA/RBI. This will be in addition to the disengagement from the Concurrent Audit assignment.


i) The firm will not be allowed to sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified chartered accountants.

j) A declaration to be furnished by the firm that credit facilities availed by the firm or partners of firm in which they ore partners or directors, including any facility availed by a third party for which the firm or its partners are guarantor/s, have not turned non performing asset or are existing non- performing assets, as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would be immediately terminated, besides the firm being liable for any action under ICAI/ RBI/IBA guidelines.

k) The firm should execute undertaking of fidelity and secrecy on its letter head in the format prescribed by the Bank.

l) Concurrent Auditors would have to sign Do’s & Don’ts statement in order to have proper arms length relationship with the Branch/ Department of which they are conducting Concurrent Audit. Such undertaking would be submitted annually.

m) Any other terms and conditions of the assignment as decided by the Bank from time to time.

Scope Of Concurrent Audit

1.Areas covered in the Bank’s Standard format/module for Concurrent Audit specify the scope of Concurrent Audit. Concurrent Auditor would examine all the transactions and identify the ones which are not as per the Bank’s laid down rules/circulars and guidelines/instructions received from regulators & authorities like Govt. of India, RBI & SEBI etc. from time to time.

2.Every quarter Concurrent Auditor would also check if there is any wide variation in the cost of deposits and yield on advances as compared to the previous periods as well as Zonal average figures. A copy of the guidelines on the manner of conducting the audit will be provided to the firm at the time of allotment of branches and thereafter from time to time.

3.Concurrent Auditors will also get rectified all the irregularities identified by them
during the course of the audit. Monthly Concurrent Audit reports should be released within 15th of succeeding month and Quarterly Concurrent Audit reports should be submitted within 10th of succeeding quarter.

4.Comment on Bank’s policies or Evaluation of the decisions taken by Branch Managers/authorized officials are beyond the scope of Concurrent Audit. However, any violation of delegated powers as laid down by the bank and violations of laid down policies, system & procedures of the Bank are within the scope of the Concurrent Audit.

Registration Procedure

To know the Requirements from bank audit, terms and conditions and payment terms, Click here to read official notification.


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