Empanelment of Concurrent Auditors/Revenue Auditors(Chartered Accountant)

BANK OF MAHARASHTRA invites applications from practicing firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empaneled as Concurrent Auditors/Revenue Auditors of the Bank for specified branches for FY 2025-26..

Following are the terms and conditions for applying for empanelment of Concurrent Auditor in Bank of Maharashtra for the period 1st April 2025 to 31st March 2026 and Revenue Auditor for the period as decided by the bank, during FY 2025-26.

I. Mandatory Conditions for Appointment —

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1. Applicant should be either a Partnership or a Limited Liability Partnership or Proprietorship Firm or a Company, already in the panel of the R.B.I., which is circulated among Banks for Statutory Audit of Banks from time to time. Registration of Firm with RBI is mandatory. The Category of the Audit Firm (viz. I, II, Ill, IV) should be mentioned.

2. Those Audit firms which are conducting Concurrent Audit of our branches continuously for a period of THREE years are not eligible for re-empanelment for the year 2025-26.

3. Empanelment and allocation of branches to the auditors will be solely the prerogative of the Bank. Such empanelment shall be initially for a period of one year and can be extended up to a maximum period of 3 years subject to satisfactory performance of the auditor.

4. The Concurrent Audit firm will undertake that they will not sub contract the audit assignment under any pretext/ in any form. The audit report needs to be signed by the partner/proprietor mentioned in the online applications.

5. Auditors should not have been disqualified under Section 143 of the Companies Act, 2013 to accept this appointment.

6. The Firm / any partners / Directors of the Firm / Company / LLP / Proprietor should not have Statutory Audit, Credit Audit, Valuation of Fixed / Current assets or any other similar assignments with any branch of Bank of Maharashtra.

7.Partner with CISA / DISA qualification will be given preference. Weightage will be given to a firm having exposure in conducting concurrent audit of the Bank Branches for public sector / major private sector banks.

8. The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments. Weightage would be given to the CA firms where the partners themselves are ex-bankers or the firm(s) has got tie- up with ex-bankers with requisite experience and exposure.

9. Only one branch will be allotted to Selected Firm. However, the Bank has trio discretion to change the allocation of branches based on any administrative exigencies.

10. Whenever any of the Proprietor / Partner / Director of the Audit Firm / Company is related to any of the employees / Directors of the Bank, the relationship with such employees / Directors should be specifically mentioned in the application.

11. The Bank has the discretion to consider or reject any of the applications based on any of the RBI / Government / Internal guidelines of the Bank, without assigning any reasons.

12. Only the Audit Firm provisionally selected for empanelment will be communicated through email. No individual intimation will be sent to the audit firm whose application is not considered for empanelment. No further correspondence will be entertained in this regard.

13. The Audit Firms should give their consent in writing in the prescribed format agreeing to comply with and bound by the terms and conditions prescribed by the Bank after allotment of assignment as a concurrent Auditor.

14. The Audit firm selected is eligible for reappointment subject to Annual Review by the Bank up to a maximum period of 3 Terms / 3 Years. Reappointment may be to the same branch or to any other branch at the discretion of the Bank.

15. The Audit Firm shall submit the reports in the prescribed format covering all the Audit areas advised from time, physically or in digital form as per bank’s requirement. to time.

16. If selected for empanelment, the Audit firm shall submit an undertaking for ensuring compliance of "Dos and DON'Ts" on the prescribed lines at the time of assignment.

17. The assignment should be carried out in a professional manner and in case of any misconduct or negligence; the Bank is free to report the matter at any time to ICAI / RBI. This will be in addition to the disengagement from the Concurrent Audit assignment.

18. The firm should execute undertaking of fidelity and secrecy on its letter head in the format prescribed by the Bank at the time of appointment.

19. If any partner of a Chartered Accountant firm is a Director on the Board of a bank, no partner of the same firm should be appointed as concurrent auditor in the bank.

20. The firm should give UDIN number for each report.

21. Concurrent Auditors of the Entity should not be considered for appointment as SCAs/SAs of the same Entity.

22. No auditor will be allowed to leave the audit in-between the term of contract, failing which monetary penalty of one month’s remuneration will be levied / recovered.

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