Indian Overseas Bank inviting for empanelment of
concurrent auditors
NATURE OF WORK
The work is Concurrent Audit of Indian Overseas Bank (IOB)
branches. The selected Chartered Accountant (CA) firm will continuously
monitor branch operations, identify deficiencies, participate in discussions
with branch management, and submit audit observations. The assignment cannot be
subcontracted.
ELIGIBILITY CRITERIA
The CA firm must satisfy these minimum conditions:
- Must
be on the RBI panel of auditors with a valid UCN.
- Minimum
2 years of bank audit experience.
- No
ICAI disciplinary proceedings pending or contemplated.
- Only
one firm among firms with common partners is eligible.
- Firms
currently doing IOB statutory audit, their sister concerns, de-panelled
firms, terminated auditors, or firms with IOB directors as partners are
not eligible.
- Firms
presently handling IOB concurrent audit need not apply.
- Firms
that completed a 3-year IOB concurrent audit cycle (2023–24 batch) are
ineligible.
- Audit
assignment cannot be outsourced.
Preference Criteria (gives competitive advantage)
- Partnership
firm with 2 FCA partners.
- At
least one partner with CISA/DISA qualification.
- Partner
certified in concurrent audit by ICAI.
- Experience
with public/private sector bank concurrent audits.
- For
Authorized Dealer branches, additional certification preference applies.
FIRM REQUIREMENT
The firm should have:
- Qualified
and experienced staff.
- Proper
infrastructure and office setup.
- Office
located within approachable distance of audit branch.
- Senior
partner/proprietor with DISA/CISA should visit the branch at least once
per week and discuss deficiencies with branch manager.
Additional requirement for large branches:
- For
branches with advances ₹200 crore and above, the audit firm must be
Category I with minimum 5 years experience.
ADVANCE REQUIREMENT
Specific advance-related requirement:
- Branches
with advances ≥ ₹200 crore require:
- Category
I audit firm
- Minimum
5 years audit experience
If the firm's partners are availing any loan/credit facility
from IOB or have guaranteed any facility, details must be disclosed:
- Partner
name
- Branch
name
- Nature
of facility
- Account
details
- Banking
relationship details
LOCATION REQUIREMENT
- The
firm should maintain an office within practical reach of the auditee
branch location.
CONTRACT DETAILS
- Application
opens: 27 May 2026, 11:00 AM
- Last
date: 10 June 2026, 5:00 PM
- Initial
tenure: 1 year
- Can
be renewed yearly after review.
- Maximum
tenure: 3 years
- Cooling
period after completion: 1 year
- Generally
only one branch allotted per firm.
FINANCIAL DETAILS
- Monthly
audit fees depend on branch classification as of 01.04.2026.
- Fee
details appear in the application portal.
- GST
paid separately.
- TDS
deducted as per rules.
DECODE THE TENDER (Simple interpretation)
This tender is essentially saying:
- IOB
wants experienced CA firms for ongoing branch audits.
- The
minimum requirement (RBI panel + 2 years experience) allows participation.
- Firms
with banking specialization (FCA + DISA/CISA + concurrent audit
certification) will have a stronger chance.
- Location
matters because physical branch visits are mandatory.
- Large
branches (₹200+ crore advances) require more experienced firms.
- Selection
is not automatic merely by meeting eligibility.
- Existing
IOB concurrent auditors and certain conflicted firms are excluded.
For a CA firm evaluating bid-worthiness: this is more of an empanelment
+ qualification-based selection than a price-competition tender. Technical
strength and banking audit credentials carry more weight than pricing.