Bank of Baroda Invites Applications for Empanelment of Chartered Accountant Firms for Concurrent Audit 2025–2028

Bank of Bar­o­da has issued an Expres­sion of Inter­est (EOI) to expand its pool of Char­tered Accoun­tant firms for con­duct­ing con­cur­rent audits at its branch­es and oth­er units. The select­ed firms will be empan­eled for a peri­od of three years, from April 1, 2025, to March 31, 2028.

Key Dates to Remember:

• EOI Issuance Date: March 7, 2025
• Last Date for Sub­mis­sion: March 27, 2025, by 5:00 PM (IST) (Online via Bank of Bar­o­da’s e‑Tendering Por­tal)
• Open­ing of Tech­ni­cal Bids: March 28, 2025, onwards

Eligibility and Selection Process

Bank of Bar­o­da is seek­ing appli­ca­tions from ICAI and RBI-reg­is­tered Char­tered Accoun­tant firms that meet the fol­low­ing criteria:

• Must have a Cat­e­go­ry I, II, or III rat­ing as per the lat­est RBI gra­da­tion (Cat­e­go­ry IV firms are not eligible).
• Must have at least one year of expe­ri­ence con­duct­ing con­cur­rent audits for sched­uled com­mer­cial banks in the last five years.
• Should have at least one part­ner or per­ma­nent staff mem­ber who is CISA/DISA qual­i­fied.
• Firms can apply for a max­i­mum of three dis­tricts.

The selec­tion process will involve a tech­ni­cal eval­u­a­tion based on expe­ri­ence, office loca­tion, staff qual­i­fi­ca­tions, and an under­stand­ing of audit methodologies.

Scope and Responsibilities

The empan­eled firms will con­duct dai­ly audits of Bank of Baroda’s branch­es and units, ensur­ing com­pli­ance with inter­nal con­trols and reg­u­la­to­ry guide­lines. The pri­ma­ry objec­tives include:

• Iden­ti­fy­ing ear­ly warn­ing signs of finan­cial or oper­a­tional risks.
• Ensur­ing com­pli­ance with RBI guide­lines and bank poli­cies.
• Detect­ing frauds and irregularities.
• Assess­ing loan appraisals, mon­i­tor­ing dis­burse­ments, and ensur­ing recov­ery measures.

Remuneration & Fees

The select­ed firms will receive a fixed month­ly fee based on branch size:

• ₹50,000 for branch­es with advances ₹500 crore and above.
• ₹45,000 for branch­es with advances between ₹100 crore and ₹500 crore.
• ₹35,000 for branch­es with advances below ₹100 crore.
• Spe­cial­ized units such as Retail Lia­bil­i­ty Back Offices, Bar­o­da Cash Man­age­ment Ser­vices, and Cor­po­rate Offices will have fixed fees in the range of ₹35,000 to ₹50,000.

Addi­tion­al Notes:

• The audit assis­tant must be present at the branch every work­ing day.
• The CA part­ner must vis­it the branch at least once a week.
• A 10% deduc­tion in fees will apply for delayed audit report submissions.

How to Apply

Inter­est­ed firms must sub­mit their appli­ca­tions online via the Bank of Baroda’s e‑Procurement Por­tal. The appli­ca­tion process includes sub­mis­sion of firm cre­den­tials, tech­ni­cal eval­u­a­tion doc­u­ments, and a Pow­er­Point pre­sen­ta­tion cov­er­ing audit approach and experience.