UCO Bank Invites Applications for Empanelment of Stock & Receivables Auditors 2025– Apply by March 12, 2025

UCO Bank has issued a Pub­lic Notice invit­ing appli­ca­tions for Empan­el­ment of Stock & Receiv­ables Audi­tors for audit­ing bor­row­er stock and book debts tak­en as secu­ri­ty against loans and advances.

Key Details:

• Last Date to Apply: March 12, 2025
• Sub­mis­sion For­mat: Hard­copy of the appli­ca­tion in a sealed enve­lope with required documents.
• Address for Sub­mis­sion: Con­cerned Zon­al Man­ag­er of UCO Bank (Zone-wise address­es pro­vid­ed in Annex­ure IV).
• Empan­el­ment Dura­tion: 3 years (unless removed earlier).

Eligibility Criteria:

• Edu­ca­tion­al Qual­i­fi­ca­tion: Char­tered Accoun­tant (CA) / Cost Accoun­tant (CMA) or firms reg­is­tered with ICAI/ICMAI.
• Expe­ri­ence:
  • Min­i­mum 3 years post-qual­i­fi­ca­tion expe­ri­ence as a Stock Audi­tor with any com­mer­cial bank.
  • Ex-bank employ­ees can apply after a cool­ing-off peri­od of 2 years from retirement.
• Oth­er Require­ments:
  • Must be an Indi­an cit­i­zen or a reg­is­tered firm in India.
  • Must have at least 2 trained employ­ees besides a CA/CMA.
  • Should not have been black­list­ed or involved in legal/criminal proceedings.

Categories of Auditors:

• Cat­e­go­ry A: Expe­ri­ence up to 5 years – Audit Lim­it up to ₹5 crore.
• Cat­e­go­ry B: Expe­ri­ence up to 5 years + empan­el­ment with one Pub­lic Sec­tor Bank – Audit Lim­it up to ₹25 crore.
• Cat­e­go­ry C: Expe­ri­ence above 5 years + empan­el­ment with a Pub­lic Sec­tor Bank – No lim­it.
• Cat­e­go­ry D: Spe­cial­ized stock audi­tors (Jew­el­ry, Art­work, etc.) – No lim­it.

Scope of Stock Audit:

• Phys­i­cal ver­i­fi­ca­tion of stock, unpaid stock, trade cred­i­tors, and stock pro­cured under Let­ters of Credit.
• Val­u­a­tion to ver­i­fy invoice price and reasonableness.
• Stor­age & Insur­ance assess­ment to check ade­qua­cy and preser­va­tion methods.
• Receiv­ables & Payables Ver­i­fi­ca­tion for debtor recov­ery and over­due assessment.
• Reg­is­ters & Records Check includ­ing stock move­ment, GST returns, invoic­es, etc.
• End-use of Funds & Bank Trans­ac­tions Review to detect any fund diversion.
• Com­pli­ance Checks on statu­to­ry pro­vi­sions, bank hypoth­e­ca­tion boards, and finan­cial reporting.

Stock Auditor Code of Conduct:

• Main­tain integri­ty, con­fi­den­tial­i­ty, and professionalism.
• Pro­vide unbi­ased reports based on standards.
• Avoid con­flicts of inter­est and misrepresentation.

Grounds for De-Empanelment:

• Unsat­is­fac­to­ry per­for­mance or ser­vice quality.
• Neg­li­gence, mis­con­duct, or unfair practices.

Application Process:

• Fill Annexure‑I (Appli­ca­tion Format).
• Pro­vide sup­port­ing doc­u­ments such as: 
  • Iden­ti­ty proof, PAN, IT returns (last 3 years), firm reg­is­tra­tion, ICAI/ICMAI mem­ber­ship, pre­vi­ous empan­el­ment proof, etc.
• Sub­mit a Dec­la­ra­tion-cum-Under­tak­ing (Annex­ure-III).
• Adhere to the Code of Con­duct (Annex­ure-II).

For fur­ther details, vis­it www.ucobank.com under Tenders/Notices or con­tact the Cred­it Mon­i­tor­ing Depart­ment, Head Office, Kolkata.