SBI

STATE BANK OF INDIA

INTERNAL AUDIT DEPARTMENT, HYDERABAD

EMPANELMENT OF CHARTERED ACCOUNTANT FIRMS

AS CONCURRENT AUDITOR

1. SELECTION AS CONCURRENT AUDITORS:

Chartered Accountant Firms with experience in conducting concurrent audit are being
considered for appointment as Concurrent Auditors in the Bank through open
advertisement in leading Newspapers.

2. ELIGIBILITY CRITERIA:

Those firms which satisfy the following are eligible to apply:

a. Grade 2 and 3 firms as per RBI Grade as on the date of application for this purpose.
(CA Firms of Grade-1 may also be considered for appointment, if they are agreeing to the
fee structure payable to Grade 2 /3).

b. Firms having at least one year of experience of Concurrent Audit in any Commercial
Bank.

c. Firms which have sufficient number of trained representatives of firm articled Clerk
trained by ICAI on Concurrent Audit, Retired Officers of commercial Banks, qualified
Chartered Accountants as Partner or Associate or as Staff, who will be available on all
working days to attend to the Concurrent Audit.

d. Firms chosen for engagement as Concurrent Auditors should be other than the ones
selected for empanelment as Statutory Auditors to eliminate any room for conflict of
interest.

3. SUBMISSION OF APPLICATION:

Applications are invited from eligible Chartered Accountant Firms for empanelment as
Concurrent Auditors in the Bank branches / outfits . The duly filled in application form in
a sealed cover superscribed as "Application for Empanelment of Chartered Accountant
Firms for Concurrent Audit” should reach the respective Circle Audit Office on or before
16.09.2019 by 5.00 P.M.

i) The application and all correspondence and documents relating to this process must
be written in English. The application must provide individual and factual replies to specific
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questions asked in the application. Documents submitted should be complete in all
respects as required.

ii) Application marked Annexure-A needs to be submitted duly filled in with required
particulars accompanied by self-attested supporting documents. All supporting
documents to Application must be self-attested by the authorized signatory for the
applicant firm

iii) Incomplete application without required supportive documents will not be considered
by the Bank.

4. LAST DATE FOR SUBMISSION OF APPLICATION.

The last date for receipt of application is 16.09.2019. Please note that no application
shall be accepted after 5.00 p.m. of the above date. Application submitted after due date
or after the stipulated time of the due date or incomplete in any respect are liable to be
rejected. The dully filled application along with the supporting documents should be
submitted to the concerned General Manager (IA), Circle Audit Office (CAO) as per the
Geographical location ------------(CAO of Respective geographical area as per Annexure-
C) SBI is not responsible for non-receipt of completed application within the specified date
..

and time due to any reason including postal delays or otherwise.

5. MODIFICATIONS AND/OR WITHDRAWAL OF APPLICATION

Application once submitted will be treated as final and no further correspondence will be
entertained. As no subsequent modification of application/documents are permissible, the
firms are advised to exercise utmost care in preparation and submission of application /
documents.

6. OFFERS BY A THIRD-PARTY

The applicants are not permitted to authorize their Agents/brokers etc. (including
individuals and/or third party firms/companies) to either collect or submit the application/
documents on their behalf. The Bank will summarily reject such requests and
arrangements. No sub-contracting of the engagement is permissible.

7. SELECTION PROCESS:

i) Applications received, complete in all respect and within the prescribed time, will be
scrutinized on the basis of the basic eligibility criteria as given above at Para 2 by a
Selection Committee formed for the said purpose. Applications not accompanied by all
the required details and supporting documents would be liable for rejection.

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ii) The Bank reserves the right to disqualify any or all applications either on the basis of
their responses without assigning any reasons, whatsoever. Those applicants who satisfy
the requirements and specifications as determined by the Bank as per the terms and
conditions of this document shall be short-listed.

iii) Those applicants who fulfill all the basic eligibility criteria will be evaluated based on
location of firm, residential status of partners, experience, reputation, availability of
sufficient trained personnel (ICAI Trained article clerks/ retired commercial bank officers)
with the firm and such other factors as the Bank may deem fit for its requirements, will be
taken into account to the possible extent in empanelment and allotment of concurrent
audit works to the firms finally selected.

iv) The prima facie scrutiny of the applications will be done by a Screening Committee.

v) The final selection of the CA firms will be approved by a Selection Committee.

vi) Bank also reserves the right to make query with the firm or any other agency, ask for
additional information, particulars, and submission of one, some or more undertakings
from any firm at any point of time. None of such act shall be deemed as an offer of
engagement as Concurrent Auditor by the Bank to the firm unless and until Bank intimates
in writing to the firm regarding allocation of any branch / unit for concurrent audit.

vii) Details of Terms and Conditions in respect of empanelment are as per Annexure-D

8. OTHER TERMS & CONDITIONS:

i) Preference will be given to those firms which have ICAI trained Concurrent Auditors
and those firms which have concurrent audit experience in State Bank of India (SBI).

ii) Concurrent Auditors shall normally be positioned at the location where the selected
Branches / BPR Outfits operate.

iii) Concurrent audit to be done on daily basis. Trained representative of the firm (Articled
Clerk trained by ICAI on concurrent audit) / retired commercial banks officers /qualified
Chartered Accountants to be available on all days.

iv) One of the Principal Partners or senior partner to visit the branch at least 2/3 times a
week, minimum 8 times every month, depending on the business and risk profile of the
branch/BPR Outfits. Number of visits may be increased depending upon the volume and
need at the branch / outfit under concurrent audit.

v) Bank will impose financial penalty for unauthorized absence, non-detection of income
leakage, major lacunae in conduct of account including reporting to RBI/ ICAI.

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vi) Bank may impose non-financial penalty leading to termination of contract for instances
of failure to comment on fraud, misappropriation of funds, any other serious irregularities
which result in loss to the Bank.

vii) The Concurrent Auditor will be fully responsible for the quality of the audit, timely
completion of audit and submission of the audit reports and reporting to controllers.

viii) Subject to the other provisions of this document, firm allocated to any branch can be
reallocated to any other branch for any period as per the requirement of the Bank.

ix) Documents will be executed by all the partners before taking up the assignment of
current audit of allotted branch.

x) The auditors engaged for CA are authorized to have access to any documents and
records considered necessary for the performance of their functions within the auditee
unit .He can also request members of the staff and management of the auditee unit to
supply such information and explanations, as may be needed in carrying out his work,
which is to be provided within a reasonable period of time.

xi) Any change in the name, address, constitution and partnership deed must be reported
to bank within 15 days of such change with necessary supporting documents. Failing
which, it will be treated as deliberate suppression of facts by the firm and thereby making
them liable to compensate the bank for such change. In such eventualities, bank also
reserves its right to terminate the contract with such firm without notice.

xii) New partners are to sign documents within 15 days of joining and not doing so will
attract the provision relating to deliberate suppression of facts.

xiii) Outgoing partner will remain liable to Bank to the extent and period as determined by
the Bank on case to case basis

xiv) The broad areas to be covered in the Concurrent Audit are as indicated in Annexure
- B and shall be revised from time to time based on the requirements of the Bank.
Concurrent audit will be on line as well as any other method / process to be adopted by
the Bank.

xv) Firm when engaged as concurrent auditor cannot assign/subcontract the job in any
sense of the term and in any form whatsoever it may be to any other person. Any
assignment/subcontract of the job in some others favour either through operation of law
or otherwise will deem the original contract as terminated.

xvi) In case any information furnished during the application process is found at any point
of time, to be incorrect, SBI will not only summarily reject the application / terminate the
contract without any notice, but also the applicant may be blacklisted from any future such
process with the Bank.

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xvii) SBI may share such information with ICAI, Reserve Bank of India (RBI) or Indian
Bankers’ Association (IBA) which is the voluntary representative body of all banking
institutions in the country or any other organization, who, in turn, may share the
information among its member institutions.

xviii) Any terms and conditions beyond the scope of this process added by the bidder,
whether implicitly or explicitly stated in any of the responses, will be ignored.

xix) Notwithstanding anything contained herein above, the Bank reserves its right to
terminate the contract by giving 30 days prior notice to the other side without assigning
any reason.

9. VALIDITY OF OFFER

The successful applicants have to execute the Contract within 10 days of issuance of
work order / letter of selection by the Bank. The Contract should be valid for one Audit
Cycle or such extended period as may be mutually agreed upon. Period of contract during
the currency of the contract can be varied by the Bank based on its requirement.

10. DELIVERY, REPORTING AND REVIEWING SYSTEM

The Concurrent Audits should be conducted in the branches / outfits as per the agreed
time frame as per WBCAS / Bank's Concurrent Audit Manual, a copy / soft copy of which
will be made available to selected firms after allotment of a branch / outfit.

The Concurrent Auditor has to prepare Audit reports as per specified standards/formats
as given in the said manual and as will be required by the Bank from time to time.

11. REMUNERATION:

Remuneration payable will be based on the business portfolio of the branch, category of
the auditee unit (branch/CPC), specialized nature of work etc., as under:

Remuneration Payable

Business Level of Branches as on 31st Remuneration

March. (Rs. p.m.)
Deposit Rs 300 Crs & above and Advance
30000
< Rs 400 Crs
Advances Rs 400 Crs & above 40,000 – 55,000
CCG Branches 45,000 - 65,000
LCPC / TFCPC / CPPC 30,000 – 35,000
RACPC / SMECC /
45,000 – 55,000
RASMECCC

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Additionally – Concurrent Auditors may be given Rs.500/- p.m. per CIF with fund-based and
non-fund based exposure of Rs.10 Crs. and above, with additional accountability for detailed
scrutiny of these a/cs

12. PAYMENT TERMS:

i) The payment for the audit work done will be made on submission of invoices with
required particulars on completion of each calendar month. No payment is to be made
unless all the monthly / periodical concurrent audit reports are submitted by the firm.
Payment will also be subject to recovery if any penalties, damages etc. from the firm.

ii) TDS as applicable will be recovered from the bill amount while making payments and
Form-16 will be issued as per law. In case of omission of any TDS by Bank, the same
must be brought to the notice of the Bank and the firm has to return the amount to Bank
towards TDS.

13. SECRECY ISSUES:

i) The empaneled firm and its employees will strictly undertake not to record by any means
or to communicate or allow to be recorded by any means or communication to any person
or divulge in any way any information relating to the conversations, events, ideas,
concepts, know-how, techniques, data, facts, figures and all information, howsoever
concerning or relating to the Bank and its affairs to which the audit firm /their employees
etc. have access in the course of performance of the contract. The successful applicants
will on award of contract will execute a non-disclosure agreement and declaration of
fidelity and secrecy as per the Bank’s standard format. All personnel of the Concurrent
Auditor, before commencing the Audit have to execute a declaration of fidelity and
secrecy as per the format prescribed by the Bank and submit valid KYC documents at
allotted branch / BPR outfit / Unit.

ii) No data in any name can be transferred or converted to any other media by the
representative of firms under any circumstances. No public platform or social media or
any media what so ever name it may be known can be used for any matter and issues
relating to concurrent audit and relation, rights, responsibilities and obligations of the firm
or Bank.

iii) All the information contained in this document is solely for the purpose indicated in this
process. Reproduction of all or any part of this process by any person for any purpose
other than for the purpose of responding to this or for any other purpose expressly
permitted by this shall be treated as unauthorized and illegal and the Bank reserve the
right to take appropriate action in such circumstances.

14. INDEMNITY TO THE BANK:

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i) The empaneled firm shall indemnify SBI and keep indemnified against any loss or
damage that State Bank of India may sustain on account of any unprofessional act
causing downtime of mission critical systems, disruption to business operations, data
loss, third-party claims on account of violation of patents, trademark, designs and other
intellectual property rights, etc.

ii) Bank’s data, strategies, etc. should not be revealed or shared with any third parties
including any other bank. The firm and its partners will remain liable to the Bank for any
act of omission and commission during the period the period of concurrent audit which
may come to light at any subsequent time by any agency including the Bank.

15. TERMINATION OF CONTRACT

i) The performance of the selected empaneled firms will be continuously reviewed by the
Bank in terms of various requirement specified in Annexure-B of this document,
appointment letter, SLA, Concurrent Audit Manual/processes and RBI
directives/notifications on concurrent and various communications by the Bank to the
firms.. Based on the review, if the selected firm fails to satisfy / maintain their commitment
with respect to timely conduct of the audit, quality and content of the audit reports, the
contract may be terminated by Bank by giving one month’s written notice to the firm.
Regarding quality and content of the audit reports, banks decision is final and binding on
the firm.

ii) Bank may terminate the contract by giving one months’ notice in case of deletion of
any branch from coverage of concurrent audit when relocation of the firm to another
branch is not feasible.

iii) Firm has to give one months’ prior written notice to bank to accept any assignment
requiring relinquishing the present assignment.

iv) In case of any suppression of fact which the firm is required to disclose or intimate to
the Bank within stipulated time during the period of contract, it will be treated as unethical
act and the Bank can terminate the contract without giving any advance notice and the
firm will be reported to RBI and ICAI for blacklisting. In addition, Bank will be entitled to
indemnity and recovery of damages from the outgoing firm.

v) In additions to this, other circumstances leading to termination of contract, periodicity

of notice, compensations have been incorporated in the Service Level Agreement (SLA)
to be executed by the firms before taking up the concurrent audit at allotted branches.

In all other circumstances, contract may be terminated by either party giving one months’
notice or payment of full amount of remuneration including service tax to the other party.
Under no circumstance the one months periodicity for termination can be reduced.

vi) SBI’s decision in this regard will be final. In case of termination of this contract, the SBI
shall have the right to avail services of any other Audit firm to continue the process without
any let or hindrance from de-paneled firm, whose services are to be terminated and
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outgoing firm also has to provide all necessary help, at their own cost, for smooth switch
over.

vii) Any work done till such time, working papers and should be handed over to the Bank,
without any demur. The work should not be disclosed to any other organization/bank.

16. DEPLOYMENT:

The allotment of branches to the selected firms will be based on the suitability of the firm
vis-a-vis the size, volume of business and criticality of the operations of the branches/
outfits to be decided by Circle Audit Office (CAO). The list of tentative Centres where
the Concurrent Auditors are proposed to be engaged is provided under Concurrent
Auditor Appointment Notification.

17. DISCLAIMER:

There is no commitment or obligations, whatsoever on the part of the issuer of this

process, or officials associated with it within the Bank, regarding the implementation for
any future plans. Any assumptions made by bidders, on the basis of information shared
herein, will be at their own risk and responsibility.

18. ADDRESS FOR COMMUNICATION:

The Address for Communication to concerned Circle Audit Office (CAO) is as per the list
enclosed, marked Annexure - C

Last date for submission of application is 5.00 pm on 16/09/2019

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 ANNEXURE – A

APPLICATION FOR EMPANELMENT OF CHARTERED ACCOUNTANT FIRMS

AS CONCURRENT AUDITORS

1 Name of the Firm

2 Constitution

3 Address with PIN Code

4 Contact Nos. Mobile + Landline + Email Mobile:

Landline:
e-Mail:

5 Date of Establishment

6 PAN No. of the firm

7 Registration No. with ICAI

8 Unique Code No.RBI

9 Firm’s RBI Category

10 Service Tax Regd. No. of the firm

11 No. of Partners & Chartered Accountants

12 Branches of C.A. firm, if any

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 13 Experience of Concurrent Audit with SBI No. of Brs. No. of years
(Please give details with supporting
documents)

14 Experience of Concurrent Audit with PSBs No. of Banks No. of years

(Please give details with supporting
documents)

15 Additional Qualifications (i.e. CISA/DISA/Con.

Audit Course from ICAI)

16 Experience in specialized areas like

Treasury/FOREX/CPCs & Big Corporate
Branches (Please give details with supporting
documents)

17 Whether Statutory Auditor for SBI

18 Preferred Centre

19 Any other relevant data

I/We confirm that the information furnished above is true and correct and we have not
been de-paneled / Black listed by any organization in the past and we fulfill all the
conditions of eligibility for empanelment with SBI as a Concurrent Auditor.

I/We have read the terms and conditions stipulated for empanelment as Concurrent
Auditors of the Bank and I/We also understand that the Bank has reserved its right to
accept or reject the application without assigning any reasons. If selected for
empanelment as Concurrent Auditor of the Bank and the offer is accepted, I/We will
execute Service Level Agreement in the format given by the Bank.

Place :

Date: Signature of the applicant with seal

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 Annexure - B
Scope of Audit

A. Cash transactions –Verify

i) Surprise physical verification of cash at branch and ATM along with safekeeping
and custody.

ii) Daily cash transactions, particularly any abnormal receipts & payments.

iii) Surprise verification of cash by an officer other than the joint custodian.

iv) Proper accounting of and availability of insurance cover for inward and outward
cash remittances.
v) Accounting of currency chest transactions and delays/omission in reporting to
RBI.
Reporting of Counterfeit Currency.

vi) All cash transactions of Rs. 10 lakh and above reported in CTR.

vii) That all cash transaction of Rs. 50,000 and above invariably indicate Pan
No./Form 60.

B. Clearing transactions –Verify

i) Reconciliation with bank’s account at Clearing House and review of old

outstanding entries for reconciliation.
ii) Drawings allowed against uncleared instruments - sanction by the controlling
authority.

C. Remittances/Bills for Collection –Verify

i) Remittance of funds by way of DDs/TTs/MTs/TC/NEFT/RTGS any other mode in

cash exceeding the prescribed limit.

ii) Documents of title (lorry receipts, railway receipts, etc.) obtained in favour of the
bank and the concerned transporters are on the IBA approved list.

iii) Outstanding balance in DP and other transit accounts pending payment beyond
prescribed period.

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D. Deposits –Verify

i) Adherence to KYC/AML guidelines in opening of fresh accounts and monitoring of

transactions in such accounts.

ii) Large term deposits received and repaid including checking of repayment of term
deposit in cash beyond permissible limit.

iii) Accounts opened and closed within a short span of time i.e., accounts with quick
mortality.

iv) Activation and operations in inoperative accounts.

v) Value dated transactions.

vi) Settlement of claims of deceased customers and payment of TDRs against lost
receipts and obtention of indemnities, etc. To check revival of dormant accounts and
accounts with minimum activities.

vii) Examination of multiple credits to single accounts.

E. Treasury operations –Verify

I) If branch has acted within HO instructions for purchase and sale of securities.

ii) Periodic confirmation of Derivative contracts with counterparties.

iii) Adherence to regulatory guidelines with respect to Treasury deals/structured

deals.

iv) Controls around deal modification/cancellation/deletion, wherever applicable.

v) Cancellation of forward contracts and passing/recovery of exchange gain/loss.

vi) Gaps and OPL maintained in different currencies vis-à-vis prescribed limit for the
same.

vii) Reconciliation of Nostro and Vostro accounts-balances in Nostro accounts in

different foreign currencies are within the limits prescribed by the bank.

viii) Collection of underlying documents for Derivative & Forward contracts. Delays,
if any.

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ix) Instances of booking and cancellation of forward contracts with the same
counterparty within a span of couple of days or a few days.

x) Sample check some of the deals and comment on the correctness of computation.

xi) Checking of application money, reconciliation of SGL account, compliance to RBI

norms.

xii) Checking of custody of unused BR Forms & their utilization in terms of Master
Circular on Prudential Norms on Classification, Valuation and Operations of
Investment Portfolio by banks.

xiii) To ensure that the treasury operations of the bank have been conducted in
accordance with the instructions issued by the RBI from time to time.

F. Loans & Advances-Verify

i) Report Bills/cheques purchased, if in the nature of accommodation bills.

ii) Proper follow-up of overdue bills purchased/discounted/negotiated.

iii) Fresh loans and advances (including staff advances) have been sanctioned
properly and in accordance with delegated authority.

iv) Reporting of instances of exceeding delegated powers to controlling/head office

by the branch and have been confirmed or ratified by the competent authority.

v) Securities and documents have been received as applicable to particular loan.

vi) Securities have been properly charged/ registered and valued by competent
person. Whether the same has been entered in the bank’s system.

vii) All conditions of sanction have been complied with.

viii) Master data relating to limit, rate of interest, EMI, moratorium period details have
been correctly entered and updated/modified in the system.

ix) Value dated entries passed in advances accounts.

x) Post disbursement supervision and follow-up is proper, such as timely receipt of

stock and book debt statements, QIS data, analysis of financial data submitted by
borrower, verification of securities by third parties, renewal of limits, insurance, etc.

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xi) Whether there is any misutilisation of the loans and whether there are instances
indicative of diversion of funds.

xii) Compliance of prudential norms on income recognition, asset classification and

provisioning pertaining to advances.

xiii) Whether monthly updating of drawing power in the computer system on the
basis of stock statements/book debt statement/ other financial data received from
the borrowers.

xiv) Recovery in compromise cases is in accordance with the terms and conditions
of the compromise agreement.

xv) To check review and renewal of loans.

G. LC/BG –Verify

i) LC/BG issued/amended as per the approved format/model guarantee prescribed

and standard limitation clause incorporated. Whether counter indemnity obtained as
prescribed.

ii) Any deviation from the terms of sanction in regard to margin, security, purpose,
period, beneficiary, collection of charges, commission/fee, etc.

iii) Whether payment is made to the debit of party's account on due date without
creating overdraft/debiting suspense, in case of deferred payment guarantee.

H. Foreign Exchange transactions-Verify

i) Recovery of charges as per HO Guidelines.

ii) Packing credit released, whether backed by LC or confirmed export order.

iii) Availability of ECGC cover and compliance with ECGC terms.

iv) Submission of statutory returns on export/ import transactions, like BEF

statements, XOS, write off of export bills, etc. Follow up of outstanding export bills
and exchange control copy of bill of entry.

v) Irregularities in opening of new accounts and operation in NRO, FCNR, NRE,

EEFC, etc., and debits/credits entries permissible under the rules.

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vi) Whether operations in FCRA accounts are as permitted by MHA and FCRA
guidelines.

vii) Booking, utilization, extension and cancellation of forward contracts.

I. House Keeping –Verify

i) Exceptional transaction reports are generated and verified by branch staff as

prescribed.

ii) Review of all balance sheet heads and outstanding entries in accounts, e.g.,
suspense, sundry and inter-bank accounts. Review of follow up of entries pending
for reversal.

iii) Scrutiny of daily vouchers with more emphasis on high value transaction including
high value expenses and debit entries in Suspense account.

iv) Debits in accounts where signatures are pending for scanning.

v) Whether records related to KYC/vouchers and other critical areas are sent to
specific places like archival center, record room as per stipulated periodicity.

vi) Adherence to KYC/AML guidelines in opening fresh account and subsequent

modifications of records and monitoring of transaction.

J. Verification of Merchant Banking Business-Verify

i) Whether the instructions given by the controlling branch are properly followed
where the branch acts as a collecting branch for issue business.

ii) Whether daily collection position is advised to the controlling branch.

iii) Whether recovery of the commission/fees and out of pocket expenses as agreed
with the respective companies and whether the competent authority has duly
authorized any waiver or reduction of such charges.

iv) Whether the prescribed preventive vigilance measures are observed by the
branch.

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v) Where data entry or data processing work is entrusted to outside agencies, the
competent authority duly approves these and the prescribed stamped indemnity has
been obtained from such agencies.

vi) Whether dividend interest warrants/refund payment accounts of companies are

funded prior to dispatch of the relative warrants by the companies and there is no
misuse of the facility.

vii) Whether Claims for reimbursement of amounts of paid warrants received from
paying branches are processed and debited to the concerned company's account
promptly.

viii) Whether charge on security has been created, wherever debenture trustee
activity is undertaken by bank.

K. Verification of Credit Card/Debit card –Verify

i) Application for the issue of credit card has been properly examined and record of
issue of the same has been maintained.

ii) Whether overdraft/debits arising out of the use of credit cards are promptly
recovered and informed to higher authorities.

iii) Whether undelivered credit cards are properly kept as security items and followed
up with credit card department for further instructions.

(iv) Physical verification of ATM cards, debit cards, credit cards, passwords and
PINS, control over issue & delivery, safe keeping and custody at all the locations.
Report loss of any such items.

L. SWIFT Transactions - Verify

i) Inward & Outward messages to be veriified from CSIG / daily reports

ii) Whether the amounts of financial messages / transactions are debited/ credited
in the respective customer accounts / contra accounts.
M. Transaction Verification

i) Verify the genuiness and authenticity of the vouchers uploaded

ii) Verify whether transactions are correctly reflected in the respective customer
accounts in CBS.

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N. Others –Verify

i) Compliance of provisions relating to Tax Deducted at Source, service tax, trade

tax, other duties and taxes.

ii) Physical verification of inventory, control over issue of inventory, safe keeping and
custody of security forms. Report any loss of such items.

iii) Physical verification of other deliverable items, control over issue, safe keeping
and custody.

iv) Physical verification of Gold coins, control over issue, safe keeping and custody.
Checking of Gold sale transactions.

v) Custody and movement of branch keys.

vi) Locker keys and locker operations-linking of FDR as security for locker/operation
of locker/inoperative lockers/ nomination/other issues.

(vii) Safe custody of branch documents like death claim cases, issuance of duplicate
DD/PO/FDR, checking of indemnities, etc. and verification of documents executed
during the period under audit.

(viii) Reporting of frauds

(ix) Certification of documents / claims / Pre-disbursement check, compliance
certificate etc

O. Miscellaneous:

i) Any other need based work related to audit which may be entrusted by the bank
from time to time.

Annexure - C
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 Address and Contact Details of Circle Audit Offices (CAO)

S. FULL ADDRESS FOR STATE Contact Mobile No. Email id

N CORRESPONDANCE Details

1 The General Manager, Gujarat Sri Raju 8800102266 ni.ziognr@sbi.co.i

State Bank of India Tiwary n
Circle Audit Office, gm.ziognr@sbi.co.
Administrative Office in
Building, 6th Floor, Sec-
10B,
Gandhi Nagar- 382010

2 The General Manager, Andhra Pradesh Sri K Srinivasa 8886775201 agmwebcas.ziovij

State Bank of India Rao 0866- @sbi.co.in
Circle Audit Office, 2469401 gm.ziovij@sbi.co.i
Door No. 48-13-3-1/B n
VIJAYAWADA.
First Floor, CNR
Complex,
Near Ayush Hospital
Sri Ramachandranagar,
Vijayawada - 520008

3 The General Manager, Bengaluru Sri R. Nagesh 9448995569 agmwbcas.caoban

State Bank of India @sbi.co.in
Circle Audit Office, gm.caoban@sbi.c
7th Floor, o.in
e-SBM HO Building,
Mysore Bank Circle,
K G Road,
Bengaluru

4 The General Manager, Bhopal & Sri Pankaj 7389915551 agmwbcas.ziobho

State Bank of India Chhatisgarh Goel @sbi.co.in
Circle Audit Office, gm.ziobho@sbi.co
SBI Complex, Opposite .in
Central School No.-1,
Arera Mills,
BHOPAL - 462011

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5 The General Manager, Odisha Sri G C Guru 9437492948 agmwbcas.caobhu
State Bank of India @sbi.co.in
Circle Audit Office,
Creative Plaza (Ist Floor) gm.ziobhu@sbi.co
, RASULGARH CHOWK, .in
N.H.5,
BHUBANESWAR-
751010
6 The General Manager, Punjab Sri Atul Jain 8437024145 webcas.ziochd@s
State Bank of India Haryana bi.co.in
Circle Audit Office, Chandigarh gm.ziochd@sbi.co
SBLC Building, IInd J&K .in
Floor, Sec- 14, Himachal
Panchkula, Pradesh
CHANDIGARH- 134113
7 The General Manager, Tamil Nadu Sri Lalith 7337262462 agmcas.zioche@s
State Bank of India Kumar bi.co.in
Circle Audit Office,
157, 8th. Floor, gm.zioche@sbi.co
State Bank Building, .in
Anna Salai,
CHENNAI- 600002
8 The General Manager, 1. Delhi Shri Sanjeev 9779586597 cmwbcas.ziondl@
State Bank of India 2. Uttarakhand Kaushik sbi.co.in
Circle Audit Office, 3. Gurugram,
2nd Floor, East Wing, Sonepat and gm.ziondl@sbi.co.
NBCC Place, Pragati Faridabad in
Vihar Districts of
Lodhi Road, Haryana.
New Delhi-110003 4. Agra, Aligarh,
Bhagpat,
Bulandshahar,
Etah,
Firozabad,
GautamBudh
Nagar,
Ghaziabad,
Hathras, Kanshi
Ram Nagar,
Mainpuri,
Mathura,
Meerut,
Muzaffarnagar,
Panchsheel
Nagar (Hapur),
Prabuddha
Nagar (Shamli)
& Saharanpur
Districts of
Uttar Pradesh.
19
9 The General Manager, Telangana Shri 9624342233 agmwbcas.ziohyd
State Bank of India Ravindranath @sbi.co.in
Circle Audit Office
HYDERABAD gm.ziohyd@sbi.co
2nd Floor, CMP Building, .in
Survey No. 26, Opp.
Hyderabad Central
University, Lingampally
P.O. Hyderabad-500019

10 The General Manager, Rajasthan Shri R.K. 9001733111 agmwbcas.ziojai@

State Bank of India Gupta sbi.co.in
Circle Audit Office
JAIPUR gm.ziojai@sbi.co.i
CENTRAL SPINE, n
SECTOR-7
VIDYADHAR NAGAR,
JAIPUR-302023

11 The General Manager, West Bengal Shri Ashim 9774324719 agmwbcas.ziokol

State Bank of India Sarkar @sbi.co.in
Circle Audit Office,
Kankaria Centre (Ist gm.ziokol@sbi.co.i
Floor), n
2/1, Russel Street,
KOLKATA- 700071.

12 The General Manager, Uttar Pradesh Shri Dheeraj 8795824340 agmwebcas.zioluc

State Bank of India (Excluding areas Kumar @sbi.co.in
Circle Audit Office mentioned under
C.P.-42, SAI Tower, Delhi) gm.zioluc@sbi.co.i
Sector-E, Janakipuram, n
Lucknow (U.P.) -
226 021

13 The General Manager, Maharashtra Shri N N 9850905314 agmwbcas.ziopun

State Bank of India & Goa Kulkarni e@sbi.co.in
Circle Audit Office
3rd Floor, Tara gm.ziopune@sbi.c
chambers, Old Mumbai- o.in
Pune Road,
Wakadewadi,
PUNE -411003
14 The General Manager, Assam Shri Nicholas 9402506982 agmwbcas.caogu
State Bank of India Meghalaya K w@sbi.co.in
20
 Circle Audit Office, Manipur
3rd Floor, Bakshis Plaza, Arunachal gm.zioguw@sbi.c
Lokhra Road, Pradesh o.in
Guwahati- 781018 Nagaland
Mizoram
Tripura

15 The General Manager, Bihar Shri Krishna H. 7070997980 agmwbcas.ziopat

State Bank of India Jharkhand @sbi.co.in
Circle Audit Office
Sone Bhawan, 5th Floor gm.ziopat@sbi.co.
Bir Chand Patel Marg in
R-Block,
PATNA - 800001
16 The General Manager, Kerala Ms. Sherly 9446503848 agmwbcas.caotri
State Bank of India Mathews @sbi.co.in
Circle Audit Office
3rd Floor, SBI LHO (Old gm.ziotri@sbi.co.i
Building), SS Kovil Road, n
Thampanoor,
THIRUVANANTHAPURA
M - 695 001
Kerala

21
 ANNEXURE-D

STATE BANK OF INDIA

INTERNAL AUDIT DEPARTMENT, HYDERABAD

TERMS & CONDITIONS OF EMPANELMENT OF CHARTERED ACCOUNTANT

FIRMS AS CONCURRENT AUDITORS

A. ELIGIBILITY CRITERIA:

Those firms which satisfy the following are eligible to apply:

a. Grade 2 and 3 firms as per RBI Grade as on the date of application for this purpose.
(CA Firms of Grade-1 may also be considered for appointment, if they are agreeing
to the fee structure payable to Grade 2 /3).
b. Firms having at least one year of experience of Concurrent Audit in any
Commercial Bank.
c. Firms which have sufficient number of trained representatives of firm articled Clerk
trained by ICAI on Concurrent Audit, Retired Officers of commercial Banks,
qualified Chartered Accountants as Partner or Associate or as Staff, who will be
available on all working days to attend to the Concurrent Audit.
d. Firms chosen for engagement as Concurrent Auditors should be other than the
ones selected for empanelment as Statutory Auditors to eliminate any room for
conflict of interest.
e. One of the Directors / Partners of the Firms, should have completed a Certificate
Course on “Concurrent Audit in Banks” Conducted by the Institute of Chartered
Accountants of India (ICAI). If not one of the Director / Partner shall complete the
course with 3 months of executing the agreements and submit the proof to the
Bank.

B. SUBMISSION OF APPLICATION:

The duly filled in application form in a sealed cover super-scribed as "Application for
Empanelment of Chartered Accountant Firms for Concurrent Audit” should reach the
respective Circle Audit Office on or before 16.09.2019.

i) The application and all correspondence and documents relating to this process must
be written in English. The application must provide individual and factual replies to specific

22
questions asked in the application. Documents submitted should be complete in all
respects as required.

ii) Application needs to be submitted duly filled in with required particulars accompanied
by self-attested supporting documents. All supporting documents to Application must be
self-attested by the authorized signatory for the applicant firm

iii) Incomplete application without required supportive documents will not be considered
by the Bank.

iv) SBI is not responsible for non-receipt of completed application within the specified date
and time due to any reason including postal delays or otherwise.

v) Application once submitted will be treated as final and no further correspondence will
be entertained. As no subsequent modification of application/documents are permissible,
the firms are advised to exercise utmost care in preparation and submission of application
/ documents.

vi) The applicants are not permitted to authorize their Agents/brokers etc. (including
individuals and/or third party firms/companies) to either collect or submit the application/
documents on their behalf. The Bank will summarily reject such requests and
arrangements. No sub-contracting of the engagement is permissible.

C. VALIDITY OF OFFER

The successful applicants have to execute the Contract within 10 days of issuance of
work order / letter of selection by the Bank. The Contract should be valid for one Audit
Cycle or such extended period as may be mutually agreed upon. Period of contract during
the currency of the contract can be varied by the Bank based on its requirement.

D. DELIVERY, REPORTING AND REVIEWING SYSTEM

i) The Concurrent Audits should be conducted in the branches / outfits as per the agreed
time frame as per WBCAS / Bank's Concurrent Audit Manual, a copy / soft copy of which
will be made available to selected firms after allotment of a branch / outfit.

ii) The Concurrent Auditor has to prepare Audit reports as per specified standards /
formats as given in the said manual and as will be required by the Bank from time to time.

E. SECRECY ISSUES:

i) The empaneled firm and its employees will strictly undertake not to record by any means
or to communicate or allow to be recorded by any means or communication to any person
or divulge in any way any information relating to the conversations, events, ideas,

23
concepts, know-how, techniques, data, facts, figures and all information, howsoever
concerning or relating to the Bank and its affairs to which the audit firm /their employees
etc. have access in the course of performance of the contract. The successful applicants
will on award of contract will execute a non-disclosure agreement and declaration of
fidelity and secrecy as per the Bank’s standard format. All personnel of the Concurrent
Auditor, before commencing the Audit have to execute a declaration of fidelity and
secrecy as per the format prescribed by the Bank and submit valid KYC documents at
allotted branch / BPR outfit / Unit.

ii) No data in any name can be transferred or converted to any other media by the
representative of firms under any circumstances. No public platform or social media or
any media what so ever name it may be known can be used for any matter and issues
relating to concurrent audit and relation, rights, responsibilities and obligations of the firm
or Bank.

iii) All the information contained in this document is solely for the purpose indicated in this
process. Reproduction of all or any part of this process by any person for any purpose
other than for the purpose of responding to this or for any other purpose expressly
permitted by this shall be treated as unauthorized and illegal and the Bank reserve the
right to take appropriate action in such circumstances.

F. INDEMNITY TO THE BANK:

i) The empaneled firm shall indemnify SBI and keep indemnified against any loss or
damage that State Bank of India may sustain on account of any unprofessional act
causing downtime of mission critical systems, disruption to business operations, data
loss, third-party claims on account of violation of patents, trademark, designs and other
intellectual property rights, etc.

ii) Bank’s data, strategies, etc. should not be revealed or shared with any third parties
including any other bank. The firm and its partners will remain liable to the Bank for any
act of omission and commission during the period the period of concurrent audit which
may come to light at any subsequent time by any agency including the Bank.

G. TERMINATION OF CONTRACT:

i) The performance of the selected empaneled firms will be continuously reviewed by the
Bank in terms of various requirement specified in SOP, appointment letter, SLA,
Concurrent Audit Manual/processes and RBI directives/notifications on concurrent and
various communications by the Bank to the firms. Based on the review, if the selected
firm fails to satisfy / maintain their commitment with respect to timely conduct of the audit,
quality and content of the audit reports, the contract may be terminated by Bank by giving

24
one month’s written notice to the firm. Regarding quality and content of the audit reports,
banks decision is final and binding on the firm.

ii) Bank may terminate the contract by giving one months’ notice in case of deletion of
any branch from coverage of concurrent audit when relocation of the firm to another
branch is not feasible.

iii) Firm has to give one months’ prior written notice to bank to accept any assignment
requiring relinquishing the present assignment.

iv) In case of any suppression of fact which the firm is required to disclose or intimate to
the Bank within stipulated time during the period of contract, it will be treated as unethical
act and the Bank can terminate the contract without giving any advance notice and the
firm will be reported to RBI and ICAI for blacklisting. In addition, Bank will be entitled to
indemnity and recovery of damages from the outgoing firm.

v) In additions to this, other circumstances leading to termination of contract, periodicity

of notice, compensations have been incorporated in the Service Level Agreement (SLA)
to be executed by the firms before taking up the concurrent audit at allotted branches.

In all other circumstances, contract may be terminated by either party giving one months’
notice or payment of full amount of remuneration including service tax to the other party.
Under no circumstance the one month’s periodicity for termination can be reduced.

vi) SBI’s decision in this regard will be final. In case of termination of this contract, the SBI
shall have the right to avail services of any other Audit firm to continue the process without
any let or hindrance from de-paneled firm, whose services are to be terminated and
outgoing firm also has to provide all necessary help, at their own cost, for smooth switch
over.

vii) Any work done till such time, working papers and should be handed over to the Bank,
without any demur. The work should not be disclosed to any other organization/bank.

H. DEPLOYMENT:

The allotment of branches to the selected firms will be based on the suitability of the firm
vis-a-vis the size, volume of business and criticality of the operations of the branches/
outfits to be decided by Circle Audit Office (CAO).

I. DISCLAIMER:

There is no commitment or obligations, whatsoever on the part of the issuer of this

process, or officials associated with it within the Bank, regarding the implementation for
any future plans. Any assumptions made by bidders, on the basis of information shared
herein, will be at their own risk and responsibility.
25
J. REMUNERATION & PAYMENT TERMS:

Remuneration payable will be based on the business portfolio of the branch, category of
the auditee unit (branch/CPC), specialized nature of work etc.

i) The payment for the audit work done will be made on submission of invoices with
required particulars on completion of each calendar month. No payment is to be made
unless all the monthly / periodical concurrent audit reports are submitted by the firm.
Payment will also be subject to recovery if any penalties, damages etc. from the firm.

ii) TDS as applicable will be recovered from the bill amount while making payments and
Form-16 will be issued as per law. In case of omission of any TDS by Bank, the same
must be brought to the notice of the Bank and the firm has to return the amount to Bank
towards TDS.

Remuneration Payable

Remuneration
Business Level of Branches as on 31st March
(Rs. p.m.)
Deposit Rs 300 Crs & above and Advance < Rs
30000
400 Crs
Advances Rs 400 Crs & above 40,000 – 55,000
CCG Branches 45,000 - 65,000
LCPC / TFCPC 30,000 – 35,000
RACPC / SMECC /CPPC
45,000 – 55,000
RASMECCC

Additionally – Concurrent Auditors may be given Rs.500/- p.m. per CIF with fund-based
and non-fund based exposure of Rs.10 Crs. and above, with additional accountability for
detailed scrutiny of these a/cs

K. Working hours : The Concurrent Auditor attending the branch / CPC / Outfits shall
follow the normal working hours applicable to the branch / CPC / Outfits.

L. OTHER TERMS & CONDITIONS:

1) Preference will be given to those firms which have ICAI trained Concurrent Auditors
and those firms which have concurrent audit experience in State Bank of India (SBI).

2) Concurrent Auditors shall normally be positioned at the location where the selected
Branches / BPR Outfits operate.
26
3) Concurrent audit to be done on daily basis. Trained representative of the firm (Articled
Clerk trained by ICAI on concurrent audit) / retired commercial banks officers /qualified
Chartered Accountants to be available on all days.

4) One of the Principal Partners or senior partner to visit the branch at least 2/3 times a
week, minimum 8 times every month, depending on the business and risk profile of the
branch/BPR Outfits. Number of visits may be increased depending upon the volume and
need at the branch / outfit under concurrent audit.

5) Bank will impose financial penalty for unauthorized absence, non-detection of income
leakage, major lacunae in conduct of account including reporting to RBI/ ICAI (as per
Annexure-F).

6) Bank may impose non-financial penalty leading to termination of contract for instances
of failure to comment on fraud, misappropriation of funds, any other serious irregularities
which result in loss to the Bank.

7) If there is any change in the constitution of your firm or you suffer from any statutory
disqualification, you must inform the Bank immediately.

8) CA firms to furnish personal details / comply with KYC norms, viz., proof of identity
and address proof / contact numbers / contacts in case of emergency, etc., of all the
representatives of the firm who visit the Branch / CPC, for security reasons.

9) The partners / representatives of CA firms who visit the Branch / CPC shall make their
presence in a register maintained for the said purpose.

10) CA firms shall liaise with the Branch / CPC on a regular basis and provide their
periodic audit plan and enable the Branch / CPC to furnish / provide documents without
affecting loss of audit man days for CA firms and / or customer service is not affected in
the Branch / CPC.

11) The representatives of the CA firms shall not enter prohibited / restricted areas, viz.,
IT server room, record room, strong room, locker room and / or any other security related
areas without the prior approval from the Branch Manager.

12) CA firms shall not hold any documents overnight in their custody. Hence, all vouchers
/ books/ registers/ security document / title deeds / any other documents / vital
correspondence etc., are to be returned to the officials of the Branch / CPC on each day.

13) Branch / CPC shall be advised to provide applicable " Enquiry" rights / access to the
Bank's Core Banking System to the representatives of the CA firm.

14) CA firms shall not seek copies (hard / soft /photostat) of Bank's instructions / circulars
/ vital correspondence / study materials etc.

15) Branch / CPC will be providing reasonable level of stationary

27
16) CA firms shall submit their bill / invoice on a monthly basis.

17) CA firms to furnish their bank account details along with IFSC code to enable the
Bank to credit the audit fee to the credit of their account on a monthly basis.

18) CA firms shall endeavor to maintain continuity of their Assistant / Articled clerk a the
Branch / CPC, so that there will not be any compromise on the quality of assigned tasks
due to frequent change of Assistant / Articled clerk.

19) The Concurrent Auditor will be fully responsible for the quality of the audit, timely
completion of audit and submission of the audit reports and reporting to controllers.

20) Subject to the other provisions of this document, firm allocated to any branch can be
reallocated to any other branch for any period as per the requirement of the Bank.

21) Documents will be executed by all the partners before taking up the assignment of
current audit of allotted branch.

22) The auditors engaged for CA are authorized to have access to any documents and
records considered necessary for the performance of their functions within the auditee
unit. He can also request members of the staff and management of the auditee unit to
supply such information and explanations, as may be needed in carrying out his work,
which is to be provided within a reasonable period of time.

23) Any change in the name, address, constitution and partnership deed must be reported
to bank within 15 days of such change with necessary supporting documents. Failing
which, it will be treated as deliberate suppression of facts by the firm and thereby making
them liable to compensate the bank for such change. In such eventualities, bank also
reserves its right to terminate the contract with such firm without notice.

24) New partners are to sign documents within 15 days of joining and not doing so will
attract the provision relating to deliberate suppression of facts.

25) Outgoing partner will remain liable to Bank to the extent and period as determined by
the Bank on case to case basis

26) The broad areas to be covered in the Concurrent Audit shall be revised from time to
time based on the requirements of the Bank. Concurrent audit will be on line as well as
any other method / process to be adopted by the Bank.

27) Firm when engaged as concurrent auditor cannot assign/subcontract the job in any
sense of the term and in any form whatsoever it may be to any other person. Any
assignment/subcontract of the job in some others favour either through operation of law
or otherwise will deem the original contract as terminated.

28
28) In case any information furnished during the application process is found at any point
of time, to be incorrect, SBI will not only summarily reject the application / terminate the
contract without any notice, but also the applicant may be blacklisted from any future such
process with the Bank.

29) SBI may share such information with ICAI, Reserve Bank of India (RBI) or Indian
Bankers’ Association (IBA) which is the voluntary representative body of all banking
institutions in the country or any other organization, who, in turn, may share the
information among its member institutions.

30) Any terms and conditions beyond the scope of this process added by the bidder,
whether implicitly or explicitly stated in any of the responses, will be ignored.

31) Notwithstanding anything contained herein above, the Bank reserves its right to
terminate the contract by giving 30 days prior notice to the other side without assigning
any reason.

Place :

Date: Signature of the applicant with seal

29
 ANNEXURE- F

PENALTY CLAUSES

SN Coverage Scope of work Quantum of Penalty to be

Area expected from Measurement imposed (For
Service Provider /CA Service Provider
Firm / CA Firm)

1. Attendance at Attending branch/unit Days of Absence Twice the

the Work on daily basis, by in a month in proportionate
Area. Representative of the attending the remuneration of
Service Provider /CA branch/unit the month on a
Firm, and 2-3 times a (i) by the pro-rata basis for
week by the Partner of representative of thedays of
the Firm. theService absence.
Provider / Firm or Eg.30 days in a
(ii) by the Partner month;
of the Firm Remuneration of
Rs.30000/-p.m.
with an absence of
2days: Penaltyto
be charged:
Rs.2000x2=
Rs.4000.
2. Detection of On a day to day basis Non-detection/ For Non-
Income income leakage, if any non-reporting / detection/ non-
Leakage detected, to be short recovery of reporting: 1% of
reported. income leakage the amount, in the
from the date it area of income
becomes due Leakage not
within a period of 2 detected/
weeks. The reported. i.e. (i)
penalty to be Processing Fee (ii)
levied is on Upfront Fee
account of (iii) BG/LC Comm.
opportunity loss (iv) Locker rent
for the Bank. etc.,
(Overall cap for
both not to exceed
20% of monthly
remuneration).
Eg. Processing
Fee of Rs. 1 lac. is
identified by an
Auditor other than
CA. after 2 weeks
30
 of its becoming
due. Penalty will
be Rs.1000 for one
instance.
If such instances
are more, then
overall cap of 20%
of remuneration
i.e.Rs.6000(20% of
30000) to be
charged.
3. Detection of Timely detection of Non detection of Rs.250/- per major
Major major lacunae. major lacunae as lacunae in an
lacunae in the enumerated in the account with a
conduct of the CRM Value maximum penalty
account, Statements of of 5% of monthly
systems & WBCAS. remuneration.
procedures
etc.,
4. Failure to Detection/ Reporting Non detection/ not 10% of monthly
comment on of Fraud. reporting of Fraud remuneration per
Frauds, which arising on account instance, with a
may cause of failure in cap of 25% of
loss to the implementation of monthly
Bank. systems & remuneration.
procedures and
security lapses.

5. Detailed Detailed Scrutiny of Detailed scrutiny Rs.250/ per

Scrutiny of Accounts within a of accounts by account with an
Accounts and reasonable time and commenting as overall cap of 5%
submission of submission of per Value of the monthly
observations. observations online on Statements remuneration.
a daily basis. mentioned in
WBCAS, if not
done:
Eg. All accounts
within 3 months
and thereafter
once, at the time of
renewal/ review/
new sanction;

31
6. Submission Monthly Reports to be Non submission Non Submission:
of Monthly / submitted within a as per schedule. 10% of Audit Fee
Qly. week of the p.m.
Concurrent succeeding month to Non submission
Audit Reports the BM/Head of the by over 3
(Annexure-V, Unit. Thereafter, with months:
VI& VII as their remarks to Termination of the
available in RM/DGM (BO) within Contract giving
SBIeTHIC) to 2nd week of the one month’s
the BM/ Head succeeding month of notice.
of the report. Delayed
Unit/AGM Submission:
(Audit)/ Rs.250/ per day till
GM(NW) etc. submission.
a (With a overall cap
of 10% of monthly
remuneration
p.m.)
7. Unacceptable Should be done in Identified areas of Termination of
delay in the accordance with the deficiency in Contract, by giving
performance time schedule performance: a month’s notice,
of obligations. specified in the (i) Partner’s not as per Service
Agreement. attending branch/ Level Agreement
unit 2-3 times a (SLA).
week;
(ii) Non-deputation
of representative
every day;
(iii) Non-
submission of
Reports;
(iv) Non-detection
of Income leakage
in time, resulting in
opportunity loss; &
(v) Non-
detection/reporting
of Frauds.
(vi) Poor Quality of
Reports.
8 Overall Should adhere to the Nodal Officers If the performance
Performance Bank’s instructions from the ZIOs and of the Concurrent
of the while performing Audit RFIA Auditors Auditor is rated
Concurrent duties and function in perform surprise “Average” or
Auditor accordance with the checks by visiting “Below Average”
Concurrent Audit the Concurrent for TWO
Policy and manual. Audit Branches consecutive Half
32
once in a Half Year Years, the
and verify the Contract
performance of Agreement shall
Concurrent be reviewed/
Auditors by reconsidered and
selecting some Contract may also
sample Accounts. be terminated as
Based on the per the terms and
reports by the conditions in the
visiting officials SLA.ICAI will also
I&MA/ZIO will rate be advised in this
the CAs. regard.

33