Bank of Baroda Invites EOI for Empanelment of CAs with Local Offices to Conduct Concurrent Audit for 3 Years
The Empanelment Process is in line with Bank of Baroda’s intent to expand its pool of CA firms for auditing operations
Bank of Baroda – EOI for Empanelment of CA – CA – Audit – TAXSCAN
Bank of Baroda – EOI for Empanelment of CA – CA – Audit – TAXSCAN
The Bank of Baroda (BoB) has issued an Expression of Interest (EOI) seeking Chartered Accountant (CA) firms for empanelment to conduct Concurrent Audits of its branches and other units across India. The selected firms shall be engaged for a period of three years, from April 1, 2025, to March 31, 2028.
BoB aims to expand its pool of CA firms for auditing its operations to strengthen internal controls and regulatory compliance. Interested firms must have an office in the same village, town, city, or district as the BoB branch they wish to audit.
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Eligibility Criteria
- The applicant must be a CA firm (Partnership/LLP) registered with ICAI.
- It should be Category I, II, or III as per RBI’s grading. Category IV firms are not eligible.
- The firm must have at least one year of experience in conducting concurrent audits of scheduled commercial banks in the last five years.
- At least one CA partner or permanent staff should be CISA/DISA qualified.
Evaluation & Selection Process
BoB will assess firms based on multiple parameters to ensure high-quality auditing standards. Key criteria include the firm’s experience in conducting concurrent audits for scheduled commercial banks, the number of CA partners and staff, and the presence of at least one CISA/DISA-qualified member. Firms will also be evaluated on their technical approach, methodology, and geographic proximity to the branches they seek to audit. The final selection and empanelment of firms will be at the sole discretion of the bank.
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Key Deliverables
The selected CA firms will be responsible for conducting concurrent audits and ensuring robust internal controls across BoB branches and units. Their duties will include submitting daily, weekly, and monthly audit reports, detecting financial irregularities, and identifying early warning signals for fraud or non-compliance. Additionally, firms will monitor the quality of the credit portfolio, verify adherence to regulatory guidelines, and provide recommendations to improve operational efficiency. The audits will follow BoB’s Concurrent Audit Coverage and Certification norms, with a strong focus on risk mitigation and process improvement.
Termination Clause
The bank reserves the right to terminate the engagement if the auditor fails to meet performance standards, does not comply with regulations, or if there are any integrity concerns.
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How to Apply?
Interested firms must apply online at BoB’s e-Tendering portal. No hard copies will be accepted. The application process involves digital submission of all required documents.
Important Dates & Contact Details
BoB has emphasized that dates are subject to change and applicants should regularly check the BoB website and the e-Tendering portal for updates.
For full details, applicants can refer to the official EOI document available on BoB’s website under the Tender Section.
To Read the full text of the Order CLICK HERE
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