Appointment of Concurrent auditors


Syndicate Bank, London branch invites quotations from Audit firms based in UK for appointment as its Internal (Concurrent) Auditors for 8 quarters from quarter ending 31.03.2019 till 31.12.2020.

Preamble

Syndicate Bank is a leading nationalised bank of India. Its London branch is in operation since 1976. Balance Sheet of the Branch is around £4.00 bn as of date. The branch is inviting bids from various UK based auditing firms for conducting the quarter-end audit (Concurrent/Internal Audit) of the branch for 8 quarters from quarter ending 31.03.2019 till quarter ending 31.12.2020. The bids will be in two parts, viz. 1.Technical Bid & 2. Financial Bid.

Quotations are invited from UK based Auditing firms who are eligible and interested. The Technical bid and Financial bid shall reach us in separate sealed envelopes latest by 2pm of 4th April 2019

Scope

The broad areas of the captioned Concurrent audit for the branch are:
• Risk based Internal Audit ( Please refer to “Scope of work”)

Eligibility Criteria for Bidding:

Please note that the UK based auditing firm is eligible to participate in the bids only if-

  1. the firm’s whose annual UK fee income is not less than GBP 5Mn as per their latest Annual report (Financial Statements).
  2. the firm has experience / expertise in conducting Statutory Audit or Concurrent Audit for the Indian Banks operating in UK for a minimum period of two years in the last 10-12 years
  3. the firm should be conversant with UK Regulatory / RBI guidelines applicable to overseas branches of Indian Banks operating in UK
  4. the firm worked as our internal auditors in the past are eligible only if they have completed a cooling period of one year.
  5. the firm worked as our Branch Concurrent auditors for the immediate preceding 2 years ending 31.12.2018 are not eligible to apply as per the Bank’s policy on rest and rotation of Concurrent Auditors.

Only those UK based auditing firms who satisfy all the above eligibility criteria can submit their Technical as well as Financial bids simultaneously, however, in 2 separate sealed envelopes. The sealed envelopes shall bear the names of the firm and also specify at the top right hand corner of the envelope as Technical Bid or Financial Bid, as the case may be. The bids shall be addressed to the following:

Mr. Ashok Reddy Nukala Chief Executive Officer Syndicate Bank
2A Eastcheap London EC3M 1LH

The bids in the sealed envelopes shall reach the branch latest by 4th April before 2:00 pm.

The Technical bid shall contain the following confirmations:

  1. the firm is agreeable for the areas and scope of audit
  2. the firm’s annual fee income is not less than GBP 5Mn as per the latest Annual Accounts (Financial Statement). This should be supported by documentary evidence.

  3. the firm has experience / expertise in conducting Statutory Audit or Concurrent Audit for the Indian Banks operating in UK for a minimum period of two years in the last 10-12 years

  4. the firm should be conversant with UK Regulatory/RBI guidelines applicable to overseas branches of Indian Banks operating in UK

 

The Financial bid shall contain fee quote for Concurrent/Internal Audit The out of pocket expenses, if any, shall also be specified.

Please note that the Financial bids will be opened only in respect of those firms who have qualified in the Technical bid.
The bids in the sealed envelopes shall reach the branch latest by 4th April 2019 before 2:00 pm.

 

Chief Executive Officer

 

 

 


Syndicate Bank, London is Authorised and Regulated by the PRA/FCA in UK.