• Overview

Overview

EMPANELMENT OF FORENSIC AUDITORS (FAs)

IBA invites applications from eligible Audit firms/entities for empanelment of Forensic auditors in respect of borrowal accounts with outstanding of

(a) upto exposure of Rs.50.00 crores and
(b) above exposure of Rs.50.00 crores.

The term of the current empanelled list of Forensic Auditors is valid upto August 27, 2023. The process of Renewal and Fresh empanelment of FAs for a period of 2 years starting from August 28, 2023, is being undertaken now.

The process for selection involves the following steps:
  1. Invitation of application. The application window will be opened from 22/05/2023 to 04/06/2023
  2. Successful Payment of stipulated application fees by applicants and Submission of application with supporting documents by applicants
  3. Scrutiny of the application and eligibility by the Working Group constituted by IBA
  4. Raising of queries,If needed, by the Working Group members and response by applicants.
  5. Shortlisting of eligible firms/entities for empanelment
  6. Approval of the panel by the Managing Committee of IBA
  7. Payment of stipulated Empanelment fees by the eligible applicants
  8. Publication of the approved list of empanelled FAs
  9. Sharing of the approved panel with member banks

Empanelment of firms shall hold good for 2 years i.e. up till 27/08/2025. The utility/efficacy of their services will be reviewed based on feedback from member banks.

A. Broad Framework / Scope of Forensic Audit:
Click here to download Broad Framework / Scope of Forensic Audit

B. The following Fee structure is applicable for the Renewal and Fresh empanelment.
  Application Fee
(Payable at the time of Application)		 Empanelment Fee for the two-year term
(Payable on selection for empanelment)
Fresh Empanelment Rs. 50,000 + GST 18% Amounting to Rs.59000/- Rs.1,00,000 + GST 18% Amounting to Rs.118000/-
Presently empanelled and seeking Renewal of empanelment Rs. 25,000+ GST 18% Amounting to Rs.29500
Please note that:
  1. The application fee has to be paid separately for each category. Based on the selection, the empanelment fee will also have to be paid separately.
  2. The Application fee is not refundable.
  3. The empanelment fee once paid shall be locked for a period of 1 year. After one year of empanelment, If the firm/entity is not interested in continuing with the empanelment, it may prefer to withdraw from the list of empanelment and in such case, the empanelment fee for the second year is refundable in proportion to the uncompleted quarters excluding the applicable GST.
C. Post-Approval Stage:
  • The forensic auditor selected for the assignment, will have to enter into a contract agreement directly with Member Bank utilising their services.
  • The contract agreement will contain various terms and conditions relating to service to be provided and the fees to be charged.
  • The empanelment would not amount to any commitment on the part of Member Bank / IBA to provide any professional assignment.
  • In case dealings with any auditor have been found unsatisfactory during the course of engagement, proper intimation of the same need be sent by member banks to IBA / other appropriate authority for exercising caution. Member Banks would advise IBA about the same on completing the due process for disengagement including intimation to concerned auditor.
Contact / Helpline Details:
  1. Mr. Frederic Davis – 9539003207
  2. Mr. Subodh Singh – 8691968172
  3. Mrs. Mukti Pansare – 022 6923 4068 / 022-2217 4068
  4. Email ID: fae@iba.org.in

Applicants may call the above number for any clarification between 10.00 am and 5.00 pm on all working days.