Quotations from Audit firms based in UK for appointment as Statutory Auditors
|Syndicate Bank, London branch invites quotations from Audit firms based in UK for appointment as Statutory Auditors for the FY ending 31.03.2020.|
Syndicate Bank is a leading nationalised bank of India. Its London branch is in operation since 1976. Balance Sheet of the Branch is around £4.09 billion 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 31.03.2020 and quarterly Review of the branch for the quarter ending June 2020, September 2020 and December 2020. The bids will be in two parts, viz. 1.Technical Bid & 2. Financial Bid.
For the financial year ending 31.03.2020, for the statutory Audit/LFAR/Review and taxation purpose and for the Quarterly review for the quarter ending June 2020, September 2020 and December 2020, we request Technical bid and Financial bid shall reach us in separate sealed envelopes latest by 5:15pm of 18th Oct 2019. 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.
1. a) Statutory Audit
The broad areas of the captioned statutory audit are:
• Annual Audit and LFAR ( Please refer to – “Scope of work & other observations” ).
Audit opinion has to be strictly in line with the format of “Branch Auditor’s Report” as prescribed by our Head office.
1. 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:
1. 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.
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 GBP5Mn as per their latest Annual report (Financial Statement) are eligible to participate in the bidding process.
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
The bids in the sealed envelopes shall reach the branch latest by 18th October 2019 before 5:15 pm.
The Technical bid shall contain the following:
1. 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.
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.
The bids in the sealed envelopes shall reach the branch latest by 18th October 2019 before 5:15pm.