Appointment of Statutory Auditors for the year 2017-18
 
Bank of Baroda having its office at 86-88 Marks street Suva invites application for appointment of Statutory Auditor along with quotations of fee structure for conducting the Annual Statutory Audit of Fiji Territorial Accounts of the Bank for the financial year from 1st April, 2017 to 31st March, 2018 from eligible reputed Auditors in accordance with our standard procedure.
Due to some technical issues, we are extending the last date of submission.Kindly note extended date.
 
Last date of submission of application -       10th Nov 2017    Time -2.00PM
Date of opening the application          -       10th Nov 2017  Time -5.00PM
Address for submission the application -      The Chief Executive,
                                                                           Bank of Baroda,
                                                                           Territory Office level -2
                                                                            GPO -57, 86-88 Marks street,
                Suva, Fiji
Eligibility of Auditors
  • The firms should have in depth knowledge of the Statutory and Regulatory guidelines of the Host country regulators as well as those of Reserve Bank of India.
  • The audit firms who have completed -4- consecutive annual tenures as statutory auditors of the territory shall not be eligible for re-appointment for a 5th consecutive term except where on account of local regulatory requirements, longer period of appointment (not more than -6- consecutive years) is necessitated.
  • The firms should have sound reputation and there should be no adverse remark against the firm with the Institute of Chartered Accountants (or similar body in the territory) I Regulators I Statutory authorities. If this is not verifiable, a suitable undertaking I declaration should be obtained from the firms submitting the quotation.
  • The firm should not be engaged in Internal Audit of any of the branches I territory at the time of submitting the quotations;
  • The firm should have sufficient number of Chartered Accountants, qualified assistants and support staff to ensure that the audit work is conducted smoothly and within the timelines stipulated by the Bank.
  • The audit firms shall not enter into any sub-contract for conduct of the audit work.
  • In case any statutory license I approval is required for conduct of bank audits in the territory; it shall be ensured that the audit firms have the necessary approvals.
The Fiji Territory of the Bank consists of 08 Branches & Territory Office. The Branches are at Suva, Lautoka, Ba, Nadi, Labasa, Sigatoka, Rakiraki and Nausori.
 
Business Figures of the Territory - As on 30.09.2017
Deposits         :   F$ 621.45 Million
Advances     :   F$ 344.84Million

 
 
Statutory Audit will have to cover the entire financial statements, returns and books of accounts for the year 2017-18 (01.04.2017 to 31.03.2018) in respect of all the branches of the territory as mentioned above and also the consolidated accounts and statements of the Territory at the Territory Office Suva as per procedure laid down by the Bank and Reserve Bank of India besides the local requirement in Fiji.
 
The application should cover your credentials detailing past experience, names of Banks/other financial institutions for whom you had been auditors, special mentions if any, etc.
 
Fee structure: this should cover fee quote separately for each of the following
 
(Please note that fee structure should be specific and should be submitted in the following format only):
Sr No.   Amount
1 Statutory Audit for the year 2017-18 (01.04.2017 to 31.03.2018) in respect of all the branches of the territory & Consolidated for the territory as per bank’s guidelines and as per local requirement.  
2 Long Form Audit Reports  in Bank’s format for all branches and consolidated for the territory  
3 Preparation of Financials, Key Disclosure Statement & Summary Key Disclosure Statement in RBF format
 
 
4 Preparation, Filing Taxation Returns & Obtaining Tax Clearance Certificate pertaining to financial year 2017-18  
5 Out of Pocket expenses:
  1. Statutory audit
  2. LFAR
  3. KDS
  4. Taxation related works 
 
6 Other charges/expenses(if any) – to be specified  
 
Other conditions
  1. Audit Reports, Review Reports, LFAR etc need to be furnished strictly as per the format prescribed by the Bank’s Head Office and no deviation of any nature will be acceptable.
  2. Audit work is to be completed within the time frame fixed by the bank.
  3. No additional/separate fee will be payable for submission of any information/certificate of the Audit, LFAR, KDS, and taxation related matters.
  4. The appointment of auditors would be finalised by the Bank’s Corporate Management, Reserve Bank of India and Reserve Bank of Fiji in due course.
 
G.B.Rajput
Chief Executive (Fiji Operations)
 

© 2013 Bank of Baroda, Fiji Territory, GPO. Box.57, Suva, Fiji Islands.