Punjab & Sind Bank Concurrent Audit Empanelment 2026-27: Complete Guide for CA Firms

Punjab & Sind Bank has invited applications from eligible Chartered Accountant firms and Retired Bank Officials for empanelment as Concurrent Auditors for specified branches and offices for the period from 01.07.2026 to 30.06.2027. This empanelment exercise covers both fresh applicants and existing concurrent auditors seeking renewal, subject to eligibility.

The Bank has released a structured framework around eligibility, selection parameters, tenure, and post-selection formalities. This guide re-presents those conditions in a comprehensive, practitioner-friendly format for Chartered Accountant firms planning to apply.

Important Timeline

1. Scope of Empanelment and Audit Period

1.1 Nature of Assignment

The empanelment is for Concurrent Audit of identified branches/offices of Punjab & Sind Bank. Concurrent audit is a real-time or near real-time audit mechanism designed to strengthen internal controls, identify irregularities early, and ensure compliance with regulatory and internal guidelines.

1.2 Duration of Assignment

  • The standard tenure of a concurrent audit assignment will initially be one year.
  • The Bank retains discretion to review, extend, or discontinue the assignment based on performance and internal requirements.

Cooling Period Requirement
If an assessee firm has handled concurrent audit assignments of a particular branch/office of the Bank continuously for THREE years, a mandatory one-year cooling period will apply.
During this cooling period, the concerned CCA firm can only apply again after completion of one year.

2. Who Can Apply: Eligible Categories

Applications are open to the following categories:

  1. Chartered Accountant Firms – preferably partnership firms with specific criteria as discussed below.
  2. Retired Bank Officials – subject to conditions laid down by the Bank (not detailed in the source text, but generally relating to experience and conduct record).

Existing concurrent auditors who continue to meet eligibility conditions are also required to apply afresh; previous empanelment does not automatically carry forward.

3. Eligibility Criteria for Chartered Accountant Firms

Punjab & Sind Bank follows a structured approach in shortlisting firms for concurrent audit assignments. The following were the primary parameters used for the 2025-26 selection, and similar standards are being followed for the 2026-27 empanelment.

3.1 Firm Constitution and Experience

  • The Bank prefers partnership firms over proprietorship concers for concurrent audit work.
  • At least one partner must be a Fellow Chartered Accountant (FCA).
  • The firm must have been in existence for at least 3 years prior to the date of submission of application.

3.2 RBI Panel and Grading

  • Preference will generally be accorded to firms appearing on the RBI panel, following the gradation norms used for appointment of Branch Statutory Auditors.
  • This ensures that firms selected for concurrent audit have a proven baseline of competence and experience recognised by the regulatory framework.

3.3 Independence and Non-Conflict Conditions

The Bank imposes specific restrictions to maintain independence and avoid conflicts of interest:

  • The audit firm, any sister concern, associate firm, or network firm:
    • Must not have been debarred or de-panelled by any regulatory body or institution on grounds of poor performance or misconduct.
    • Should not be conducting the statutory audit of Punjab & Sind Bank or any of its branches at the time of application.

3.4 Fee Structure

For information and expectation setting, the present fee band for concurrent audits in the Bank is:

  • **From Rs. 16,000/- to Rs.