Indian Overseas Bank inviting for empanelment of concurrent
auditors.
1.NATURE OF WORK
Concurrent Audit assignment for branches of Indian Overseas
Bank (IOB). The selected Chartered Accountant firm will conduct branch
concurrent audits, review deficiencies, and regularly interact with branch
management. Audit work cannot be subcontracted.
2.ELIGIBILITY CRITERIA
Mandatory requirements:
- Firm
must be selected from RBI panel and possess a valid UCN.
- Minimum
2 years of bank audit experience.
- No
ICAI disciplinary proceedings pending/initiated.
- Must
not be RBI/IOB de-paneled or terminated.
- Firms
currently holding IOB concurrent audit assignments need not apply.
- Statutory
auditors of IOB (for FY ending 31.03.2025 and 31.03.2026) are ineligible.
- Sister/associate
concerns of IOB statutory auditors are ineligible.
- Firms
having IOB directors as partners/proprietors are ineligible.
- Firms
completing 3 years of IOB concurrent audit during 2023–24 are ineligible.
Preference criteria:
- Partnership
firm with minimum 2 FCA partners.
- At
least one partner with CISA/DISA qualification.
- Partner
with ICAI certificate course on Concurrent Audit in Banks.
- For
Authorized Dealer branches, one partner with relevant certification.
- Prior
exposure in public sector/major private bank concurrent audits.
3.FIRM REQUIREMENT
The firm must have:
- Qualified
and experienced staff.
- Necessary
infrastructure.
- Office
within approachable distance of branch location.
- Senior
partner/proprietor with DISA/CISA qualification visiting branch at least
once weekly.
Special requirement:
- For
branches having advances ≥ ₹200 crore:
- Firm
must be Category I
- Minimum
5 years of experience required.
4.ADVANCE REQUIREMENT
Specific advance-linked requirement:
- For
branches with advances of ₹200 crore and above:
- Audit
firm must be Category I
- Minimum
5 years audit experience mandatory.
Also, if the firm/partners have any credit facilities or
guarantees with IOB, details must be disclosed:
- Partner
name
- Branch
name
- Nature
of facility
- Account
details
- Banking
relationship period
5.LOCATION REQUIREMENT
- The
audit firm should maintain an office at an approachable distance from the
auditee branch/office.
6.CONTRACT DETAILS
- Initial
assignment duration: 1 year.
- Extension:
Annual review-based extension.
- Maximum
tenure: 3 years.
- Cooling
period: 1 year after completion of maximum term.
- Normally
only one branch allotted per firm.
- Assignment
cannot be subcontracted.
Application timeline:
- Application
opens: 27.05.2026 at 11:00 AM
- Last
submission: 10.06.2026 at 5:00 PM
7.FINANCIAL DETAILS
- Monthly
fees depend on branch classification as of 01.04.2026.
- GST
paid separately.
- TDS
deducted as per applicable rules.
- Fee
amount visible in portal while applying.