Bank Of Baroda requesting for proposal for selection of chartered accountant firm to carry out concurrent audit, of trade forex back office, gandhinagar, bank of baroda

1.Scope of Work

You will act as a Concurrent Auditor (continuous audit).

Main responsibilities:

• Daily audit of Trade Forex Back Office operations
• Check compliance with RBI & bank procedures
• Detect irregularities, fraud risks, and control gaps
• Review transactions continuously
• Submit regular reports to management
• Provide certifications required by regulators
• Suggest process improvements

Monthly, quarterly reporting is mandatory.

2. Staff Requirements

The firm must deploy dedicated audit staff:

• At least 3 years of bank concurrent audit experience OR
• Retired bank officer (minimum Sr. Manager rank, below 70 years)

Attendance:

• Must visit the unit every working day
• Fee deduction if absent > 3 days/month

3. Fees & Financial Rules

Minimum Monthly Fee

₹1,25,000 per month (cannot quote below this)

Includes:

• Professional fees
• Travel, lodging, admin expenses
• All out-of-pocket costs

GST extra (paid by bank).

No upper limit — you can quote higher.

Money Deposit (EMD)

• Amount: ₹50,000
• Paid via NEFT
• Refundable if not selected
• MSME firms may be exempt

4. How Selection Will Be Done

Step 1 — Eligibility Check

Only firms meeting criteria proceed.

Step 2 — Technical Evaluation

Scored out of 100 based on:

• Firm experience
• Past bank audit work
• Team qualifications
• Certifications (CISA/DISA etc.)
• Presence in Gandhinagar/Ahmedabad
• Methodology & approach

Minimum to qualify: 70 marks

Step 3 — Financial Evaluation

Only technically qualified firms considered.

Final Score Formula

• Technical: 80% weight
• Financial: 20% weight

Highest combined score wins

Lowest bidder does NOT automatically win.

5.How to Submit Bid

Two separate envelopes:

 Envelope 1 — Technical & Eligibility

Includes:

• Firm details & documents
• Experience proof
• Team details
• Methodology
• EMD proof
• Declarations

 Envelope 2 — Financial Bid

Only price quote (Annexure-7 format)

 Mixing both = rejection