Syndicate Bank, London branch invites quotations from Audit firms based in UK for appointment as Statutory Auditors for the FY ending 31.03.2018.

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 £4.5 bn as of date. The branch is inviting bids from UK based auditing firms for conducting the year-end audit (Statutory Audit) of the branch for the year ending 31.03.2018 and quarterly Review of the branch for the quarter ending June 2018, September 2018 and December 2018. The bids will be in two parts, viz. 1.Technical Bid & 2. Financial Bid.

For the financial year ending 31.03.2018, for the statutory Audit/LFAR/Review and taxation purpose and for the Quarterly review for the quarter ending June 2018, September 2018 and December 2018, we request you to please give your quotation, if you are interested in taking up the assignment. Your Technical bid and Financial bid shall reach us in separate sealed envelopes latest by 5:15pm of 26th January 2018. Please note that you are eligible to quote only if you have adequate experience/ expertise in conducting such audits for the Indian Banks operating in UK.

Scope

a) Statutory Audit

The broad areas of the captioned statutory audit are:

  • Annual Audit and LFAR ( Please refer to - "Scope of work & other observations" ).
  • Corporate Taxation Computation and Return.
  • Review and Incorporation into the computation of Branch Capital attribution calculation.
  • Calculation of quarterly corporation tax payments.
  • Preparation of iXBRL converted branch P&L and BS for submission to HMRC.
  • Any other reports as required by Indian AS/IFRS9 as applicable.

Audit opinion has to be strictly in line with the format of "Branch Auditorís Report" as prescribed by our Head office.

b) Quarterly Review

The Quarterly review of the branch is restricted to verification of Classification of Advances, Income Recognition and Adequacy of Provisioning Requirements and Review of Branch Financial Statements.

The broad areas to be covered in the Quarterly Review are:

  • Auditors are required to examine, as to whether the norms on Income Recognition, Asset Classification and Provisioning thereon issued by RBI from time to time have been followed.
  • Whether the provisions in respect of expenditure and income have been made on actual basis. However, for heads of expenditure where the total amount is not material, provision can be on estimated basis.
  • Certification of Returns as prescribed by our Head office.

Quarterly "Branch Review Report" and "NPA Review Report" has to be strictly in line with the format prescribed by our Head office.

Eligibility Criteria for Bidding:

Please note that the auditing firm is eligible to participate in the technical bid only if-

  • 1. Only those UK based auditing firms whose annual fee income is not less than GBP12Mn as per their latest Annual report (Financial Statement) are eligible to participate in the bid process.
  • 2. the firm worked as our internal auditors in the past are eligible if they have completed a cooling period of one year.
  • 3. the firm who have completed 3 consecutive annual tenures as statutory auditors of the branch shall be eligible only if they have completed a cooling period of 3 years as on 31/03/2018.
  • 4. the firm has experience / expertise in conducting Statutory Audit for the Indian Banks operating in UK for a minimum period of three years in the last 10-12 years (on regular basis and not on adhoc basis).
  • 5. the firm should be conversant with RBI guidelines applicable to overseas branches of Indian Banks operating in UK.

Only those 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. 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 26.01.2018 before 5:15pm.

The Technical bid shall contain the following:

  • 1. the firmís annual fee income is not less than GBP 12Mn as per the latest Annual Accounts (Financial Statement). This should be supported by documentary evidence.
  • 2. the firm has experience / expertise in conducting Statutory Audit for the Indian Banks operating in UK for a minimum period of three years in the last 10-12 years (on regular basis and not on adhoc basis).
  • 3. the firm should be conversant with RBI guidelines applicable to overseas branches of Indian Banks operating in UK.

The Financial bid shall contain the following:

  • 1. Confirmation that the Financial bid covers the broad areas of the captioned statutory Audit, the broad scope of audit and the audit opinion format stipulated by the branch.
  • 2. Your fee quote.

The bids in the sealed envelopes shall reach the branch latest by 26.01.2018 before 5:15pm.


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