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.