Firm Registration
ELIGIBILITY CRITERIA
Eligibility criteria for appointment of external firms as Auditor are outlined below and selection for appointment is based on assessment of firm’s capabilities and compatibility.
The following parameters shall be considered for this purpose:
• Applicant should either be LLP / Partnership firm or proprietary concern
• Reputation of partners – sole proprietorship / firms in practice for at least 5 cumulative years with good repute
• Partners’/proprietor’s Qualification
• Size of the firm / number of qualified professionals
• Previous experience in banking sector / relevant assignments
• Preference to RBI empanelled auditors. For shortlisting of Audit firms for concurrent audit of Integrated Treasury, forex, department audit prior experience in the similar audit (Domestic or Forex Treasury of Banks, forex etc.) should be considered and given importance / priority.
• Neither firm nor any partner of the firm is disqualified under any of the clauses of section 141 of the Companies Act and/or section 72 of the Multi State Co-operative Societies Act 2002.
• Credit facilities availed by the Firm or any of their partners or firms / companies in which they are partners or directors including any facility availed by a third party for which the Firm or any of their partners are guarantors should not have turned into or existing as non-performing assets as per prudential norms of RBI
• Firm or any of their partners or any of our clients should not have any credit facilities with auditee branch for which they are appointed as auditor except credit facilities against their own deposits
• Firm or any of their partners should not have statutory audit (Central audit or Branch Audit), credit audit, valuation of fixed / current assets, stock audit or any other similar assignments with Saraswat Bank or any of its branches
• Firm or any of their partners should not have any criminal proceedings instituted or against the personnel engaged by them
• Firm or any of their partners should not have any disciplinary matters pending with IBA/ICAI/RBI/National Financial Reporting Authority ('NFRA') and have not suffered any disqualification.
• Firm or any of their partners have not been terminated or stopped by Saraswat Bank earlier for
✓ unsatisfactory performance or
✓ serious acts of commission or omission or
✓ professional misconduct or
✓ any other adverse reasons.
• Partners or personnel assigned to the engagement should not be related to any of the employees or directors of the Bank. In the event, there is a relationship with any employees or directors of the Bank at a subsequent date, the details and relationship with such employees or directors shall be immediately informed to the Internal Audit Department.
• Firm or any of their partners shall not indulge in canvassing any business proposals and / or do any act, which may jeopardize the objectives of our being appointed as Auditors.
• Firm, proprietor or any of their partner, audit firm or in our individual capacity, or any of our employee in his / her individual capacity should not be directly related to any banking institution in any official capacity or as Director.
Agreement