के न्द्रीय लेखापरीक्षा एवं निरीक्षण नवभाग, के न्द्रीय कायाालय, मब

ं ई
3रा माला, 22, सर सोराबजी भवि (एवर्ा हाऊस), होमी मोदी स्ट्रीर्, फोर्ा, मंबई-400001
Central Audit & Inspection Dept. Central Office, Mumbai
3rd Floor, 22, Sir Sorabji Bhavan (Ewart House), Homi Modi Street, Fort, Mumbai 400001

Terms & Conditions to Apply for Concurrent Audit Work for F.Y. 2025-26

The following norms shall be applicable to Ex/Staffs and Chartered Accountants Firms to apply for
concurrent audit assignment of Branch/ Office.

❖ Eligibility Criteria:

1. The ex-staff of Central Bank of India who are already empanelled with Bank and not
completing the age of 65 years as on 01/04/2025 are eligible for appointment.
2. The CA Firm should be either a partnership firm or proprietership firm having Chartered
Accountant(s) as partner(s)/ proprietor, duly empanelled with RBI.
3. The firm which conducted Statutory Audit of Central Bank of India during 2023-24 & 2024-
25 shall not be considered for appointment as Concurrent Auditor by the Bank.
4. Proprietor/ Partner of Firm should have attended certificate course of ICAI on Concurrent
Audit of Bank Branches. Copy of certificate is to be uploaded in pdf format.
5. The CA firm having NISM Certificate for CDSL audit can apply for Emerging Business
Branch (Code: 4082). Please note that the Capital Market Service function is covered
under Emerging Business Branch so Internal Audit (as per CDSL guideline) also
included for Capital Market Service.
6. The firm or its partners should be duly qualified as auditors in terms of Section 141 of the
Companies Act. 2013.
7. Besides Chartered Accountants, the firm should have other qualified and experienced staff,
infrastructure and office within an approachable distance from the location of the auditee
Branch/ Office to undertake Concurrent Audit.
8. The CA firm/ Ex-staff should not have any professional or commercial relationship
either direct or indirect with borrowers/ beneficiaries of the Branch/ Office for which
Concurrent audit assignment is sought and also shall not develop such relationships in
future, as far as possible, for a minimum period of three years.
9. Where there are group of firms of Chartered Accountants having common partners, only one
of the firms in the group will be eligible for assignment of Concurrent Audit.
10. In following conditions CA Firms/ Ex-staffs are not eligible for deployment as a
concurrent auditor.
a. If any of the Directors of Central Bank of India is a partner/ proprietor in a firm.
b. The firm which has partner/ proprietor who is also a partner/ proprietor of the firm
entrusted with the Statutory Audit of Central Bank of India. In other words, associate
concerns of the firm carrying out Statutory Audit of Central Bank of India.
c. The Ex-staffs and CA Firms who have completed 3 years in a Branch/ Office on
continuous basis are not eligible for the same Branch/ Office. However they can apply for
other Branch/ Office.
d. The Ex-Staffs and CA Firms who have completed 5 years on continuous basis as
Concurrent Auditor in Central Bank of India.
e. The CA firm/ Ex Staff should not have either refused to accept or resigned from any audit
assignment allotted by the Bank in the past.
f. The firm or its partner(s) / proprietor have not been subject to inquiry(s) in the past by the
Institute of Chartered Accountants of India (ICAI) as per the provisions of Section 21 of
the Chartered Accountants Act, 1949, and no such inquiry is pending, initiated, or
contemplated by the Institute as on the date of application and as on date of acceptance of
assignment.
g. If firm or partners are availing any credit facility(s) of ₹20.00 lakhs and above, other than
Retail loans viz. Housing loan, Vehicle loan, Demand loan against deposits etc., from any

Terms & Conditions to apply for Concurrent Audit work for F.Y. 2025-26 Page 1 of 5
 Branch of Central Bank of India or have guaranteed any credit facility in favour of a third
party exceeding ₹20.00 lakhs.

❖ Important Terms of Concurrent Audit:

1. Mere submission of application for Concurrent Audit & fulfilling the criteria thereof does not,
in any way, constitute guarantee for assigning any type of audit of the Bank.
2. All communication shall be done only on the e-mail address/ address mentioned in the ‘on-
line’ application.
3. Bank had implemented Audit Software for conducting concurrent audit and reporting therein.
4. The Firm would be allotted concurrent audit of only one branch/ office of the Bank.
5. Bank may consider the online application even for another Branch at the same or nearby
station, even though not opted for by the applicant, depending on exigency.
6. The scope of concurrent audit shall encompass guidelines from Bank, Regulators, DFS
(Ministry of finance, Govt. of India) besides Bank’s Concurrent Audit Policy. The Bank
reserves the right to add, delete, revise & modify the scope of audit and instructions for
coverage under concurrent audit at any time. All the functions carried out by auditee Branch/
Office and its regulatory compliances are under the scope of work.
7. The complete Terms & Condition and Scope of concurrent audit assignment will be provided
separately along with the assignment letter on being appointed as Concurrent Auditor of any
Branch/ Office.
8. Bank reserves the right to modify/ alter any terms of selection process at any point of time.
Selection process will be at Bank’s absolute and sole discretion. No representations /claims
will be entertained whatsoever.

❖ Fee/ Remuneration:
The assignment will be on fixed monthly remuneration basis and the fee/ remuneration will be
paid as approved by Bank which depends on nature of work Branch/Offices type and Business of
Branch as on 31st December 2024.

SN Parameter Fee (in ₹)

A. Branches having Business Figures
a. Total Business upto ₹100 crore 23000/-
b. Total Business Above ₹100 crore upto ₹300 crore 27000/-
c. Total Business Above ₹300 crore upto ₹500 crore 30000/-
d. Total Business Above ₹500 crore upto ₹1000 crore 35000/-
e. Business Figures Above ₹1000 crore and
i) Advances upto ₹1000 crore 38000/-
ii) Advances above ₹1000 crore upto ₹10000 crore 45000/-
iii) Advances above ₹10000 crore upto ₹20000 crore 50000/-
iv) Advances above ₹20000 crore 55000/-
B. Special Category Branches/ Offices
a. Service Support Branches (SSBs) 35000/-
b. Emerging Business Branch (Capital Market Service, Co-
65000/-
Lending, Pool Buy Out, Treds etc.)
c. Stressed Asset Branches (SAM) 25000/-
d. Asset Recovery Branch (ARB), Mumbai 25000/-
e. Link Cell Nagpur 25000/-
f. Credit Guarantee Cell Bhopal 30000/-
g. Credit Processing and Approval Centre (CPAC): Based on Total Proposals
approved by RAC and sanctioned by RPC at CPAC during the month of Audit
report;
i) Upto 500 40000/-
ii) Above 500 & upto 1000 45000/-
iii) Above 1000 50000/-

Terms & Conditions to apply for Concurrent Audit work for F.Y. 2025-26 Page 2 of 5
 SN Parameter Fee (in ₹)
C Additional Fee for
a. If Branch falls under AD Category Branch 5000/-
b. If Branch attached to Currency Chest 5000/-
c. Per Branch fee for checking of vouchers uploaded through Cent
3000/-
Rakshak (Voucher Archival System_ VAS) Portal
D Departments/ Verticals of Central Office
a. Integrated Treasury Branch (Including Centralised Forex Cell) 70000/-
b. Core Banking Solution (CBS) Department 45000/-
c. Digital Payment & Transaction Banking Department 40000/-
d. Business Support Department (BSD) 30000/-
e. Central Pension Processing Cell (CPPC) 25000/-
f. Retiral Benefit Department 25000/-

➢ GST shall be paid on furnishing GST number by the Firm.

➢ TDS shall be deducted as per rules.
➢ The monthly fee shall be paid through electronic mode by the Branches/ Offices.
➢ Other terms of fee payment shall be informed along with assignment letter on allotment of
branch/office/RO.

❖ Documents to be submitted on Selection as Concurrent Auditor: On selection of firm for

concurrent audit assignment of a Branch, The CA Firm/ Ex Staffs, while accepting assignment,
should execute an undertaking of fidelity and secrecy on NON JUDICIAL STAMP PAPER OR
WITH APPROPRIATE STAMP DUTY in the prescribed format provided by the Bank and also
has to submit following documents before commencing Concurrent Audit.

1. Application form print out duly signed by partner/ proprietor.

2. Acceptance Letter (Annexure-I).
3. Undertaking for Assignment (Annexure- II)
4. Declaration of Fidelity and Secrecy (Annexure-III)
5. Undertaking of Do’s and Don’ts (Annexure - IV)
6. Declaration regarding non-disqualification of Audit Firm (Annexure-V)
(Annexure-II, III, IV & V on Non-Judicial Stamp Paper OR with Appropriate Stamp
Duty (applicable as per State Stamp Duty Act), in the format prescribed by the Bank)
7. Introduction of a Partner Staffs & Assistants with Contact Details, Photograph & Specimen
Signature who will attend the Branch/ office for concurrent audit duly signed by authorised
signatory of Firm (Annexure- VI)
8. Signatures of Proprietor/ Partners (Authorised Signatories for Firm) along with Photograph
duly verified by their banker (Annexure- VII)
(Format of Annexure I, II, III, IV, V, VI and VII will be provided by Bank)
9. Self-attested copy of PAN Card of the firm & all Partners and also assistants appointed at
Branch/ Office.
10. Firms Certificate as a proof of empanelment with RBI for F.Y. 2023-24
11. Self-attested copy of Proof of Address of the firm.
12. Self-attested copy of Certificate of CISA/ DISA of the qualified partners. (if applicable)
13. Copy of Certificate of practice of all partners issued by ICAI as also certificate having
attended “Certificate course on Concurrent Audit of Banks”.
14. Copy of GST Registration number of firm. (if applicable)
15. Proof of RBI Category as mentioned in online application form.
16. Copy of certificates/ Assignment letters for conducting Concurrent Audit during last 5 years.

❖ Bank’s expectations from Concurrent Auditors:

1. Concurrent Audit is to be conducted on daily basis (on all working days). Failure for the
same will attract penalty as mentioned above.

Terms & Conditions to apply for Concurrent Audit work for F.Y. 2025-26 Page 3 of 5
 2. Concurrent Audit should take place simultaneously with the occurrence of transactions or as
near thereto as possible. Emphasis is to be on substantive checking in key areas rather than
test checking.
3. C.A. firm will ensure that the concurrent audit serves as a means to ensure proper
functioning of all Departments in Branch/ Office. Priority is to be given for checking high
risk area/ transactions with large financial implication.
4. The irregularities/ deficiencies should be apprised to Branch personnel concurrently by using
Audit Memo/ through ‘Weekly Report’ for immediate rectification and to be got rectified on
the spot as far as possible. If the irregularities continue to persist and remain unattended / un-
rectified, the same should be reported in the ‘Monthly Report’ of the relevant month &
thereafter to escalate the matter to Regional Head/ Zonal Head for compliance/ redressal.
5. CA should focus on entries in the suspense/ sundry accounts/ staff accounts/ inoperative
accounts/ deceased accounts/ suspicious transactions etc.
6. Whenever an inspection/ verification of stock/ prime securities are felt necessary, the matter
should be taken up immediately with Branch/ Regional/ Zonal Office/ Zonal Audit Office
and inspection should be conducted in co-ordination with Branch.
7. The Audit Report should cover entire gamut of Branch/ Auditee Office functioning as well
as all divisions/ extension counters attached to the Branch/ Auditee Office.
8. Samples under Tranche-III prescribed by RBI are to be collected and submitted to Zonal
Audit Offices in prescribed format.
9. Submit comments on status of implementation of Ghosh/ Jilani and Mitra Committee
recommendations.
10. Submit comments on status of implementation of BCSBI guidelines.
11. Concurrent auditors shall submit following reports also: Report on Compliance of DEAF,
Ambience of premises, Credit Audit report, Report on Legal Audit, Report on periodical
verification of documents to title of assets held as primary/ collateral security by the Branch
etc. should be submitted along with Branch Audit report.
12. Concurrent audit system is a part of Bank's early warning systems to ensure timely detection
of irregularities and lapses, to prevent fraudulent activities/ transactions at the Branches at
the initial stage.
13. It is also expected that Braches under Concurrent Audit should have lower Risk Rating under
Risk Based Internal Audit, since concurrent auditors are required to check all transactions of
the Branch and get the shortcomings rectified on an ongoing basis.
14. If Risk rating of any branch is downgraded by Internal Audit Dept. on account of serious
irregularities/ non-compliance during firm's tenure as concurrent auditor, same shall be
considered as negative factor while reviewing the performance.
15. It is also expected that Internal /Statutory Auditors should not find any shortcomings leading
to adverse comment on concurrent Audit function.
16. It is also expected that Concurrent Auditor will exercise caution to avoid occurrence of fraud
at the Branch by regularly monitoring the transactions and compliance of systems and
procedure.
17. In order to achieve this goal, concurrent auditors to ensure that:
a. The quality of reporting is maintained, discussions are made with Branch Head (BH) &
with Regional Head (RH)/ Zonal Head (ZH)/ Chief Internal Auditor (CIA) on serious/
continuing/ persisting irregularities.
b. There should not be any scope or minimal scope for detection of revenue leakage either
by other firm/ Internal Auditor.
c. There should not be any scope or minimal scope for adverse remarks on the quality of
Concurrent Audit by RBI / Statutory auditors / ACB of the Bank.
d. There should not be any scope for Income Tax/ Govt. authority to impose penalty on
Branch/ Office.
e. It is expected that Data rectification will not be required in the Branch under Concurrent
Audit.
f. The report is submitted in the prescribed format within stipulated time.
g. Guidelines issued by Bank/Govt./ RBI/ Concurrent audit policy of the bank and
other guidelines issued by bank from time to time are adhered. There should be no
MOC under branch statutory audit for branches under concurrent audit.

Terms & Conditions to apply for Concurrent Audit work for F.Y. 2025-26 Page 4 of 5
 h. Concurrent auditors are required to be well versed with the latest circulars issued by
Bank from time to time on all topics relevant to auditee.
i. Concurrent auditor shall be attending to all Off-site Monitoring Alerts (OMS), Early
Warning Signals (EWS), exceptional transactions, Staff Account transactions, BGL
A/cs on us-by us (inter branch) transactions available in the CBS reports folder.

18. The scope of work of concurrent audit is defined according to types of Branches/ Offices.

❖ Minimum Audit Programme for Concurrent Audit System in Commercial Banks:

(DBS.CO.ARS.No.BC.01/08.91.021/2019-20 dated September 18, 2019)

1. Cash transactions including physical verification of cash, etc.

2. Loans & Advances including physical verification of securities, delegation of Powers for
sanction, Security Charge Creation, end use verification of funds, monitoring of accounts
with excess drawings, monitoring of projects, etc.
3. Adherence to KYC / AML guidelines including monitoring of transactions in accounts,
compliance with Foreign Account Tax Compliance Act (FATCA) and Common Reporting
Standards (CRS), monitoring of transactions in new accounts/staff accounts, reporting of
CTR/STR, etc.
4. Remittances/ Bills for Collection including SWIFT transactions, monitoring of overdue
statements (bills purchased / discounted / negotiated, etc.).
5. House Keeping including reconciliation of accounts, monitoring of General
Ledger/Subsidiary General Ledger/Parking Accounts, opening of internal accounts, etc.
6. Treasury operations.
7. Non fund based business.
8. Foreign Exchange transactions.
9. Clearing transactions.
10. Verification of Merchant Banking Business.
11. Verification of Credit Card / Debit card business.
12. Conduct of employees, mis-selling of products, etc.
13. Compliance to RBI guidelines and internal Policy guidelines issued from time to time.

Terms & Conditions to apply for Concurrent Audit work for F.Y. 2025-26 Page 5 of 5