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Indian Banks’ Association

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Indian Bank’s Association (IBA) invites applications from eligible Firms/Entities for empanelment to take up assignments relating to
forensic audit of 1. Frauds upto ₹ 50 crores & 2. Frauds above ₹ 50 crores in the Banking Industry. The last date for receipt of Hard
copy of applications at IBA is 27th May, 2019 by 5.00 pm. After which no applications will be accepted. Applicants may send the Soft
Copy of applications in advance by email to mgr.cib2@iba.org.in / vp.cib2@iba.org.in.

Note: IBA empanelled Forensic Auditors, whose term expiring on Aug 27, 2019; need to apply through this process. IBA
empanelled Forensic Auditors, whose term expiring on October 15, 2020; need not apply.

I. Eligibility Criteria for frauds above ₹ 50 crores is given in the table below:

Sr. Selection Criteria Minimum requirement for frauds above ₹ 50


No. crores (Fund + Non Fund based)

1. a) Overall exposure of the Firm/entity in forensic investigation in Ten years


completed number of years including experience of Chartered
Accountant/Auditor employed by firm/entity.

b) Minimum experience of at least one of the Chartered Accountants as Five years


indicated above (including the experience as partner / employee of any
other Chartered Accountant firm / entity/ concern)

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Sr. Selection Criteria Minimum requirement for frauds above ₹ 50
No. crores (Fund + Non Fund based)

2. Minimum number of Chartered Accountants with the investigative Three


entity

3. The firms/entities should have employed Private Detective Agencies / Engagement of skilled professionals minimum
Ex law enforcement professionals/ Corporate Fraud investigators/ from two of the given categories.
Persons having experience in Industrial espionage / legal experts /
experts on anti-money laundering activities, etc.

4. Number of Certified Fraud Examiners or Qualified persons in Forensic Three


Science and Cyber securities with the Firm / Entity having expertise in:

- Book Debt Analysis / credit appraisal

- Verification of stock books / cash books / petty cash / stock


ledgers / sub-ledgers

- Documentary Analysis in Foreign Trade

- SWIFT (remittance) trail tracking tools

- Buyer’s credit / Letters of credit / Forward Exchange contracts

- Foreign Trade Finance mechanism

5. The Investigative Tools presently used by the Firm / Entity in it’s Give the list of instruments, machineries, and
Forensic Laboratory (Mention the IT and Non-IT tools) For Example: other forensic investigative tools

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Sr. Selection Criteria Minimum requirement for frauds above ₹ 50
No. crores (Fund + Non Fund based)

- Email cracking tools

- Voice Interpreter

- Mobile Call Interpreter

- Big Data Analysing tools

- Retrieval of deleted data etc..

- Lie Detecting Machine

- Interrogating tools / softwares

- Audit Trail Finder

- RTGS / NEFT / Other payment solution methodologies

6. Experience in concurrent audit / Stock Audit in Banks wherever Five years


applicable: (Rationale: Since the work assigned by us would require a
considerable coverage of credit and forex related investigation,
experience in these areas provides an edge to such firms / entities)

7. Number of judgements passed in the Indian court of Laws based on the Please submit the list of case numbers for
Forensic Investigation Report submitted by the Firm/Entity as a verification on-line
decision making reference.

8. The Firm/Entity empanelled should undertake that their report will be


termed as “ Forensic Audit Report” and the firm will undertake that
they will be ready to appear in the Court as witness when Court /

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Sr. Selection Criteria Minimum requirement for frauds above ₹ 50
No. crores (Fund + Non Fund based)

Counsel will challenge their reports.

9. The Firm/Entity empanelled should unambiguously conclude in their


report about various observations made by them during audit to enable
the Bank to take various decisions based on their report, including that
of declaring the Fraud by the customer.

10. a) Obtaining a certificate (initially and on-going basis) from the firm / To be obtained after appointment.
concern / entity about no disciplinary proceedings pending or
contemplated against them by the Institute of Chartered Accountants of
India / Reserve Bank of India / SEBI.

b) No disciplinary proceedings should be pending against the proprietor


/ partners with the Institute of Chartered Accountants of India.

c) Having unblemished track record and should not have been


blacklisted by any PSBs/FIs/Govt Departments. The firm/entity should
submit a stamped affidavit to that effect.

d) There will not be any criminal case pending against any Court of
Law against the firm/entity and/or its partners.

11. List of Banks / FIs served as concurrent auditors / Statutory auditors in Minimum 7 reputed organisations inclusive 3
the past and serving at present wherever applicable (Please mention the international companies/MNC for statutory
list of banks / FIs and number of years worked with them) audit.

12. Submission of sample reports pertaining to Forensic Investigation of Minimum three sample reports including one

4
Sr. Selection Criteria Minimum requirement for frauds above ₹ 50
No. crores (Fund + Non Fund based)

large value Asset Frauds in banks under a large consortium lending. Digital Forensic Audit Report.

13. Preferably the Firm/Entity should be empanelled/ worked with Please submit list of such audits conducted.
regulatory bodies like CBI, SEBI, SFIO, EOW of State Police etc.

14. Geographical Presence Must have all India presence preferably in


major cities.

15. References from Banks where forensic assignment is completed in the Two Banks
past.

II. Fee

Along with application form, an application fee of ₹ 1,25,000/-+GST (18%) for empanelment of forensic audit. Out of this ₹ 25000/-+
GST will be retained as non-refundable application fees and remaining fee of ₹ 1,00,000/- + GST will be retained from the firms who
are selected and empanelled by IBA. Thus the fee of ₹ 1,00,000/- + GST will be refunded to those firms who are not
selected/empanelled by IBA.

Applicants are requested to send two demand drafts

1) For an amount of ₹ 1,18,000/- (Rs.1,00,000 + GST of Rs.18000) towards Application fees.

2) For an amount of ₹ 29,500/- (Rs.25,000 + GST of Rs.4500) towards non-refundable application fees.

The demand drafts to be drawn in favour of Indian Banks’ Association payable at Mumbai.

IBA GST details - GSTIN 27AAAAI0812R1ZJ

5
(On firm’s letter head)
Application for Empanelment of Forensic Audit
Date:

Chief Executive,
Indian Banks’ Association
World Trade Centre Complex,
Centre- I, Cuffe Parade
Mumbai- 400 005

1 Name of the Firm/Entity, full address, Contact No./E-mail


2 ICAI Registration Number of the Firm(FRN)/ Cost Accountants Firms Registration
Number (wherever applicable)
(attach copy of latest constitution certificate as received from ICAI)
3 PAN/TANNO./GST No.
(Attach supporting documents)
4 Complete address of the Head Office, Telephone No. &FAX No.
5 Date from which the firm is in Practice
6 Number of full time partners (ACA/FCA) (the number should include only those
partner who are not engaged/involved with any other CA/Cost Accounting Firm/
Entity )
7 Number of full time employee who are CA (ACA/FCA) (the number should include
only those employees who are not engaged/involved with any other CA firm/ Cost
Accounting firm /entity)
8 No. of full time audit staff employed with the firm/entity
(I) Articles/Audit clerks
(ii) Other Audit Staff
9 Details of branches, if any
(No. of branches with the name of the city/town)
Please provide your point-wise comments/compliance to the eligibility criteria stated above i.e. for frauds above
₹ 50 crores & frauds upto ₹ 50 crores as the case may be in the following format:

Undertaking
Sr. Selection Minimum requirement for frauds above ₹ 50 crores/ up to ₹ Comments/Com
No. Criteria 50 crs (depending on the category in which applicant is pliance
applying)

We solemnly declare that the information furnished above is complete and entirely true and nothing has been
concealed. We affirm that terms & conditions of Indian Bank’s Association (IBA) relating to empanelment of
Forensic Auditors are acceptable to us.
In Case
Any information/ document is found untrue, IBA may take necessary action, including blacklisting of the firm/
member, as it may deem fit.

For & Behalf of…………………………….

Authorised Signatory
Name & Designation
Membership No.

6
EMPANELMENT OF FORENSIC AUDITORS

I. Eligibility Criteria for frauds upto ₹ 50 crores is given in the table below:

Sr. No. Selection Criteria Minimum requirement for frauds upto


₹ 50 crs (Fund + Non Fund based)

1. a) Overall exposure of the Firm /Entity in forensic investigation in Five years


completed number of years.

b) Minimum experience of at least one of the Chartered Accountants


as indicated above (including the experience as partner / employee of Three years
any other Chartered Accountant firm / concern / entity)

2. Minimum number of Chartered Accountants with the investigative Three


agency

3. The firms / entities should have employed Private Detective Agencies /


Ex law enforcement professionals/ Corporate Fraud investigators/
Persons having experience in Industrial espionage / legal experts /
experts on anti-money laundering activities, etc.

4. Number of Certified Fraud Examiners or Qualified persons in Forensic One


Science and Cyber securities with the Firm/entity having expertise in:

- Book Debt Analysis / credit appraisal

- Verification of stock books / cash books / petty cash / stock


ledgers / sub-ledgers

7
Sr. No. Selection Criteria Minimum requirement for frauds upto
₹ 50 crs (Fund + Non Fund based)

- Documentary Analysis in Foreign Trade

- SWIFT (remittance) trail tracking tools

- Buyer’s credit / Letters of credit / Forward Exchange contracts

- Foreign Trade Finance mechanism

5. The Investigative Tools presently used by the Firm /Entity in it’s Forensic Give the list of instruments,
Laboratory (Mention the IT and Non-IT tools) For Example: machineries, and other forensic
investigative tools
- Email cracking tools

- Voice Interpreter

- Mobile Call Interpreter

- Big Data Analysing tools

- Retrieval of deleted data etc..

- Lie Detecting Machine

- Interrogating tools / softwares

- Audit Trail Finder

- RTGS / NEFT / Other payment solution methodologies

6. Experience in concurrent audit / Stock Audit in Banks wherever Three years


applicable: (Rationale: Since the work assigned by us would require a
considerable coverage of credit and forex related investigation,
experience in these areas provides an edge to such firms / entities.)

8
Sr. No. Selection Criteria Minimum requirement for frauds upto
₹ 50 crs (Fund + Non Fund based)

7. Number of judgements passed in the Indian court of Laws based on the Please submit the list of case numbers
Forensic Investigation Report submitted by the Firm/Entity as a decision for verification on-line
making reference.

8. The Firm/Entity empanelled should undertake that their report will be


termed as “ Forensic Audit Report” and the firm/entity will undertake
that they will be ready to appear in the Court as witness when Court /
Counsel will challenge their reports.

9. The Firm/Entity empanelled should unambiguously conclude in their


report about various observations made by them during audit to enable
the Bank to take various decisions based on their report, including that
of declaring the Fraud by the customer.

10. a) Obtaining a certificate (initially and on-going basis) from the firm / To be obtained after appointment.
concern/ Entity about no disciplinary proceedings pending or
contemplated against them by the Institute of Chartered Accountants
of India / Reserve Bank of India / SEBI.

b) No disciplinary proceedings should be pending against the proprietor


/ partners with the Institute of Chartered Accountants of India.

c) Having unblemished track record and should not have been


blacklisted by any PSBs/FIs/Govt Departments. The firm / entity should
submit a stamped affidavit to that effect.

d) There will not be any criminal case pending against any Court of Law
against the firm /entity and/or its partners.

9
Sr. No. Selection Criteria Minimum requirement for frauds upto
₹ 50 crs (Fund + Non Fund based)

11. List of Banks / FIs served as concurrent auditors / Statutory auditors in the Minimum 5 reputed organisations for
past and serving at present wherever applicable (Please mention the list concurrent audit.
of banks / FIs and number of years worked with them)

12. Submission of sample reports pertaining to Forensic Investigation of large Minimum three sample reports
value Asset Frauds in banks under a large consortium lending.

13. Preferably the Firm/entity should be empanelled/ worked with Please submit list of such audits
regulatory bodies like CBI, SEBI, SFIO, EOW of State Police etc. conducted.

14. Geographical Presence Must have all India presence


preferably in major cities.

II. Fee

Along with application form, an application fee of ₹ 1,25,000/-+GST (18%) for empanelment of forensic audit. Out of this ₹ 25000/-+ GST
will be retained as non-refundable application fees and remaining fees of ₹1,00,000/- + GST will be retained from the firms/entities who are
selected and empanelled by IBA. Thus the fee of ₹ 1,00,000/- + GST will be refunded to those firms/entities who are not selected/empanelled
by IBA.

Applicants are requested to send two demand drafts

1) For an amount of ₹ 1,18,000/- (Rs.1,00,000 + GST of Rs.18000) towards Application fees.

2) For an amount of ₹ 29,500/- (Rs.25,000 + GST of Rs.4500) towards non-refundable application fees.
The demand drafts to be drawn in favour of Indian Banks’ Association payable at Mumbai.

IBA GST details - GSTIN 27AAAAI0812R1ZJ

10
(On firm’s letter head)
Application for Empanelment of Forensic Audit
Date:

Chief Executive,
Indian Banks’ Association
World Trade Centre Complex,
Centre- I, Cuffe Parade
Mumbai- 400 005
1 Name of the Firm, full address, Contact No./E-mail
2 ICAI Registration Number of the Firm(FRN)/ Cost Accountants Firms
Registration Number (wherever applicable)
(attach copy of latest constitution certificate as received from ICAI)
3 PAN/TANNO./GST No.
(Attach supporting documents)
4 Complete address of the Head Office, Telephone No. &FAX No.
5 Date from which the firm is in Practice
6 Number of full time partners (ACA/FCA) (the number should include only
those partner who are not engaged/involved with any other CA Firm/ Cost
Accounting Firm )
7 Number of full time employee who are CA (ACA/FCA) (the number should
include only those employees who are not engaged/involved with any other
CA Firm/ Cost Accounting Firm )
8 No. of full time audit staff employed with the firm
(I) Articles/Audit clerks
(ii) Other Audit Staff
9 Details of branches, if any
(No. of branches with the name of the city/town)

Please provide your point-wise comments/compliance to the eligibility criteria stated above i.e. for
frauds above ₹ 50 crores & frauds upto ₹ 50 crores as the case may be in the following format:

Sr. Selection Minimum requirement for frauds above ₹ Comments/Compliance


No. Criteria 50 crores/ up to ₹ 50 crs (depending on the
category in which applicant is applying)

Undertaking
We solemnly declare that the information furnished above is complete and entirely true and nothing
has been concealed. We affirm that terms & conditions of Indian Bank’s Association (IBA) relating
to empanelment of Forensic Auditors are acceptable to us.
In Case
Any information/ document is found untrue, IBA may take necessary action, including blacklisting
of the firm/ member, as it may deem fit.

For & Behalf of…………………………….


Authorised Signatory
Name & Designation
Membership No.

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