Oriental Bank of Commerce has issued a notification about the appointment of Concurrent auditors as well as the details Terms & Conditions for empanelment of Concurrent Auditors, the same has been mentioned below.

Empanelment of Concurrent Auditors for Oriental Bank of Commerce for the year 2017.

Qualification Criteria

The qualification criteria should be as under: –

The firm ought to be a Partnership firm/Company of Chartered Accountants.

The Partnership firm/Company must be in presence for no less than 5 years.

The Partnership firm/Company ought to have least 3 years experience of Bank related review like Statutory Audit/Concurrent Audit.

The Partnership firm/Company ought to have least (03) F.C.A. accomplices/chiefs.

One of the accomplices/chiefs of the Partnership firm/Company must be CISA (Certified Information System Auditor) from Information framework Audit and Control Association (ISACA) or data framework Auditor-ISA or DISA from the Institute of Chartered Accountants of India, or CISSP (offered by ISC2) with essential presentation to the Systems Audit.

The Partnership firm/Company ought to be enrolled with the RBI and should be considered for arrangement according to Bank's qualification criteria.

Association firm/Company ought not have been precluded by any Bank/IBA/RBI/ICAI, while taking-up review chip away at prior events.

Weightage will be given to a Partnership firm/Company having introduction in directing simultaneous review of Bank offices for open segment/real private segment banks.

Weightage will be given to Partnership firm/Company where the accomplices/chiefs have finished "Authentication Course on Concurrent Audit of Banks" led by ICAI.

Organization firm/Company drew in by bank for review work of Forex Branches/Forex CTC ought to have accomplices qualified in "Testament Course on Forex and Treasury Management" by ICAI with important introduction to Forex/FEMA review.

Weightage will be given to Partnership firm/Company having more number of qualified (CISA/DISA/CISSP) accomplices/executives.

Weightage will be given to the Partnership firm/Company where the accomplices/executives themselves were ex-bankers(Retired as Scale-V or above).

The Partnership firm/Company ought not have Statutory Audit task with any branch/office of the Bank amid the same budgetary year and furthermore might not be considered for arrangement as Concurrent Auditor amid their cooling time of 2 years.

Any sister/relate concern/arrange firm of the Partnership firm/Company ought not direct the statutory review of the Bank or any office/branches of the Bank.

On the off chance that any of the Directors of Oriental Bank of Commerce is a Director/Partner in a Partnership firm/Company, such firm/organization should not be considered for arrangement as Concurrent Auditor.

Other than Chartered Accountants, the Partnership firm/Company ought to have other qualified and experienced staff, framework and office inside a receptive separation from the area of the auditee branch/office to attempt Concurrent Audit.

The Partnership firm/Company ought not have any expert or business relationship either immediate or roundabout with borrowers/recipients of the Branch/Cluster/Office under review and furthermore might not have in future, quite far, for a base time of three years.

The Office/Branch of the Partnership firm/Company ought to ideally be arranged locally.

Last date for accommodation of reports: February 13, 2017.

Details of Terms & Conditions for empanelment of Concurrent Auditors