ANNEXURE I–LETTEROFACCEPTANCE

From To:
M/s Ramachandran Vaidyanathan & Co TheGeneralManager, Canara Bank Inspection
NEW NO 20 (OLD NO 31) West Road Wing,
West C I T Nagar Nandanam Chennai- HeadOffice, Bangalore.
600035
SUB: Appointment asConcurrentAuditor / Continuous Auditor - Letter of
acceptance ofterms&conditions.

REF: Your offer letter dated 29.06.2022

This bears reference to your above offer letter appointing us as Concurrent Auditor for
RAMAPURAM Branch for the period from01.07.2022 to30.06.2023.

1. We, M/s RAMACHANDRAN VAIDYANATHAN &CO NEW NO 20 (OLD NO 31)

West Road West C I T Nagar Nandanam Chennai-600035Chartered
Accountant/sherebyaccepttheofferofappointmentofCanaraBankforthe
Concurrent/Continuous Audit of Branch/ServiceUnitonthetermsandconditionsalready
setoutintheapplication.

2. We alsoherebydeclarethatnochangeintheconstitutionofourfirmhastakenplacesince
ourapplication totheempanelmentinyourBankforConcurrent /ContinuousAudit. We
alsoundertake toinform theBankinadvance,whereverthereis any changeinthe
constitutionofthefirm.

3. Weundertakethat(a)theAuditworkassignedtouswillbecarriedoutbyourownstaffand
(b)nosub-contractoftheworkwillbegivenand(c)we/thefirmwillmakenecessaryalternate
arrangementstoensureuninterruptedauditofthebranchincaseofanycontingencies. (d)Wewill
ensure continuityofauditstaff.

4. We declarethatwe/thespouse/dependentchildrenwhollyormainlydependentparents,
brothers,sistersoranyofthem,ofanyofthepartners/proprietorsofthefirmorthefirm/
companyinwhichthey arepartners/directors havenotavailedanyloanfromanyofthe
branchesofyour Bank/indebtedtoyourBank. If availed,thedetailsareasunder:

Bank/ Detailso Availed Liability Arrears/ WhetherN

Branch f loan amount Overduesif PA
any
NO
LOAN
TAKEN
 5. WealsoconfirmthatwearenotdisqualifiedunderSection141oftheCompaniesAct,2013 read
withRule 10of TheCompanies(Audit and Auditors) Rules, 2014 toaccept this appointment.”

6. We declare that we are not partners / Directors in any other Audit Firm/swhichare
appointedforany other typesofassignments inCanaraBank.

7. Wedeclarethata partner/qualified assistant will devote his time asstipulatedinthe

appointmentletter for thiswork.

8. Wedoherebydeclarethatto thebestofourabilityandskill,executeandperformtheduties
requiredofusas ConcurrentAuditor/softheBank.

9. We further declare that we will notcommunicate or allow to becommunicated to

anypersonanyinformationrelatingtotheaffairsofCanaraBankortheaffairsofanyperson/s
havingdealingwiththeBanknorwillweallow anysuchpersontoinspectorhaveaccessto
anybooksordocumentsbelongingtoorinthepossessionoftheBankrelatingtothebusiness ofthe
Bankorofthebusinessofany personhavingany dealingwiththeBankand maintain
utmostconfidentiality inall thematterswhichhavecometoournoticeduringthecourseof
audit.IfintheopinionoftheBankthereisany breachofanyofthese covenantsbyusor
anyoftheemployeesofourfirm,thebankisatlibertytoinitiateany actionagainstthefirm
andthefirmisliableforanydamagescausedtotheBankoranyofitsclaims.

10. I,…………………………………………the main Partner / Director of

M/s………………………………………………………………………………………………
situated at………………NOWILLFUL
DEFAULT………………………………………………………………………………………………
…………………………(complete
address)herebydeclarethatneitherInoranyofourpartners/Directors/membersofmy/
theirfamilies(familywillinclude besides spouse, children, parents, brothers, sisters
oranyofthemwhoarewhollyormainlydependentontheCharteredAccountants)orthefirm………
…………………/…………………………I am / they are partners/directors have been
declared as (a) wilful defaulter (b)Non-cooperative borrowerbyanybank/financial institution.

11. Incasetheabovedeclarationoranypartthereofisprovedtobeincorrect,thebankis
freetoadvisethedetails thereofto RBIandInstituteofCharteredAccountantsofIndia/IBA
forinitiatingnecessaryactionagainstme/us.

12. Weconfirm thatwearenotassociatedwithauditof any of thefirms/companies

etc.,whicharedealingwithyour RAMAPURAM branch/unit.

13. Wealsonotethatourfailureto inspect securitiesasstipulatedand reportserious

irregularitiestoCircleOffice/Inspection Wing,HOwillattractdisqualificationfrombeing
continuedasaconcurrentauditororotherassignments by theBank,andreportthe
disqualificationto RBI/ICAI/IBA.

14. Weconveyour acceptance to function asconcurrent Auditorsof RAMAPURAM branch/unit

ontheremunerationofferedby theBank.
TheBankisatlibertytomodifytheremunerationatanypointwithoutgivinganyreasons.
TheremunerationpayablebytheBankissubjecttoapplicablestatutorydeductions.
 15. WeareawarethattheoutsourcingofconcurrentauditissubjecttoRBIguidelinesissued
fromtimetotimeandweundertaketobeboundby suchguidelineoranyother guidelines/
instructionsissuedbyBankor tobe issuedbyBanktocomply withtheRBI guidelinesorany
otherguidelinesoftheBankfrom time totime.

16. Wealsoundertaketopreservethedocuments/dataobtainedinthecourseofconcurrent
/Continuousauditinaccordancewithlegal/regulatoryobligationsofRBI/ theBank.

17. TheBank isalsoatlibertytoverify/inspectsuchrecordsbytheinternal/externalauditor

oftheBank/RBI/otherpersonsauthorizedbytheBankandweshall havenoobjection
ingivingaccesstoallsuchbooks/recordsandinformationrelevanttotheaudit.

18. Weagreeandundertakethattheservicesrenderedbyus/firmisliableforperiodical reviewbythe

Bank and incasein theopinion of the Bank ourservices are not satisfactory,the
Bankisatlibertytoalter/modify/vary/change any of the terms and conditions of
theappointmentaftergivingdueintimationtothefirmorsummarily
terminatetheservicesofthefirmifintheopinionofthebankthefirmoranyofits
employeeshasviolatedanyofthetermsofappointment.

19. We understand and agree that other than fee offered no separate Travelling
Allowance/Halting Allowance / Out of Pocket Expenses, fees for inspecting the
securities/attending training / workshops, conducting audit of Extension Counters etc., will
be paid.

20. Incase of any dispute the decision of the Bank is final and only theappropriate
courtinBangaloreshallhavetheauthority injurisdictionalmatter.

(SignatureoftheAuthorized Signatorywithseal)
Date: 01-07-2022
Place:Chennai
 ANNEXURE II–LETTER OF UNDERTAKING:

From To:
M/s Ramachandran Vaidyanathan & Co TheGeneralManager,Canara Bank Inspection
NEW NO 20 (OLD NO 31) West Road Wing,
West C I T Nagar Nandanam Chennai- HeadOffice, Bengaluru.
600035
1. Wehavereadthebank’stermsandconditionsforselection/appointmentofconcurrent
auditorandagreetoabideby thesame.We alsoundertaketo execute theundertaking
letterintheprescribed formatagreeingtoabide by thespecifictermsandconditionsof
appointmentbeforetakinguptheassignmentincasethe firmisselected forConcurrent/
ContinuousAudit.

2. WeherebydeclarewearequalifiedunderprovisionsofSection141ofCompaniesAct2013forappoint
mentasauditorsoftheBank.WearenotdisqualifiedunderSection141
oftheCompaniesAct,2013readwithRule10of The Companies(AuditandAuditors)
Rules,2014toacceptthisappointment.”

3. WeherebydeclarethatallthepartnersofthefirmarefulltimepracticingCharteredAccountants.

4. We hereby declare that individually, no partner is engaged in practice otherwise or in

any other activity which would be deemed to be in practice under Section 2(2) of the
Chartered Accountants Act 1949.

5. We hereby declare that neither our Firm nor any of the partners have been
disqualified/debarred/cautioned by ICAI / IBA / other regulatory bodies during the last
5 years.

6. We hereby declare that the constitution of the firm as on the date shown in this
profile / Resume is the same as that of in the Constitution Certificate issued by the
ICAI and any changes in the constitution will be intimated to the Bank as and when
takes place.

7. We undertake to submit the latest copy of the Registration Certificate issued by the
ICAIduly attested (self-attestation is permissible), on receipt of offer letter from the
Bank.
8. We hereby declare and confirm that the above particulars are true, complete and
correct and no other material information has been withheld.

9. The above particulars / information / details are given on behalf of the applicant, by
the undersigned who is authorized to do so.

10. WealsoundertaketoabidebyanyotherTerms&Conditions whichtheBankmaystipulate

incompliancetoRBI/ GovernmentguidelinesorotherinternalguidelinesoftheBank issuedfrom
timetotime.

11. We also undertaketo indemnify the Bank against all actions, omissions, proceedings,
claims, suits, damages and any other expenses for causes attributable to the auditor
/ firm including any loss suffered on account of any breach of the terms and
conditions of the offer of the appointment.

12. We understand that at the discretionof theBank, the services of the auditors shallbe
terminated / blacklisted with / without dueintimationwhentheperformance isfound
wanting and such Audit firms shall stand de-empaneled. This is without prejudice to
referring the issues to the professional body (ICAIand also RBI / IBA ) and also
claim damages for such unsatisfactory service, whatsoever by the firm or any of its
employees.

13. We undertake to follow the time norms for completing the Audit and submitting the
Audit report to the branch/Circle /Zonal Inspectorate. If there is any delay in
submission of the report or the report is wantingin material aspect, weare liable to
be forfeited 10% of the monthly Audit Fee by the Bank without any further reference
to us till the deficiency continues. The decision of the DGM, Zonal Inspectorate shall
be final in this regard.

14. We confirm that Proprietor / Partner of the Audit firm / designated partner of the LLP
is not a Director on the Board of the Bank.

15. We confirm that we are not partner / Designated Partner of any Audit firm where a
director on the Board of the Bank is a partner.
16. We confirm that no relativeor close relativeof the Proprietor / Partner of the Audit
firm / Designated partner of a LLP are / have working /worked in the last 3 years in
the branch allotted for empanelment.

17. We do not have statutory audit (Central audit or BranchAudit), credit audit, valuation
of fixed / current assets or any other similar assignments with Canara Bank/ or /any
branch of Canara Bank. We undertake to inform Inspection Wing, if we are
appointed as Statutory Auditors of the Bank and to relinquish the Concurrent /
Continuous Audit, only after completing the concurrent / Continuous audit and
submitting the report upto the month in which the appointment as Statutory Auditor
is made.

18. We areawarethat if a firm of Chartered Accountants associated withCanara Bank as

“statutory auditors” for the prescribed period - not exceeding 4 years is rested -
during the rest period (or called cooling period), the Statutory Auditor shall not be
considered for appointment asconcurrent auditor. We confirm that we have not been
appointed as Statutory Auditors of Canara Bankor its branches and also confirm that
we/our firm is not in the “Cooling Period” under Statutory Audit.

19. We, the proprietor / firm / any partners of the firm, or any of our clients do not have
any credit facilities withthe auditeebranch,mentioned above, (exceptingfor credit
facilities against our / their own deposits – ifany). Ifsuch credit facilities are availed,
we are aware that theappointment for concurrent / Continuous audit will be
terminated with immediate effect.

20. We, the Proprietor / firm / any partners of the firm do not have any disciplinary
matters pending with ICAI/RBI/IBA/National Financial Reporting Authority (NFRA)
and we have not suffered any disqualification.

21. We confirm that our services have not been terminated or stopped by Canara bank
earlier for (i) want of satisfactory performance or (ii) serious acts of commission or
omission or (iii) professional misconduct or (iv) any other reason.

22. We are awareand accept that if renewal of empanelment isconsidered, under exigent
conditions, Bank may change the allotment of auditee unit / branch for any
administrative reasons.
23. We understand and agree that in the event of merger / closure of the auditee Branch
during the period of concurrent / Continuous audit, due to any administrative
exigencies, the Bank at its discretion, may allot a new branch in the same city for
Concurrent / Continuous audit for the remaining period of concurrent auditor’s
tenure (i.e. upto 30th June) subject to availability and if new branch is allotted, the
Concurrent Auditor has to commence the audit for the month from which the
previous concurrent / Continuous audit of the new branch was completed. The fees
payable shall be as applicable to the merged / closed Branch in which the
concurrent auditor was doing the audit till the merger/closure.If suitable Branch is
not available / could not be allotted, it is acceptable to us to forgo the assignment.

24. If any Fraud / Income leakage unearthed in the Branch / Service Unit (Auditee unit)
at a later date eventually or during any other audits pertaining , we shall be liable for
explanation and action taken.in this regard.

25. If we are allotted continuous audit of Retail Asset Hub (RAH)/ Retail Loan
Centers(RLC) / Retail MSME Loan Centers(RMLC), we undertake that we will
ensure coverage of files of all branches coming under the purview of the said
RAH/RLC/RMLC. If in case, duringthe period of continuous audit,any new branch
files are added to the RAH/RLC/RMLC due to reallocation/ re arrangement of
branches for each RAH/RLC/RMLC, we shall conduct Continuous audit of those new
files also as per procedure.

26. In case of any dispute, the decision of the Bank is final and only the appropriate
Courts inBangalore shall have the jurisdictional authority.

27. We confirm that we have read and understood allthe Terms and Conditions
enumerated in the Online Application at the time of initial empanelment,
comprehensively, and explicitly undertake to abide by all the Terms and Conditions
laid down by the Bank for empanelment of external concurrent Auditors.

28. We accept and confirm that if there is any delay in submission of the report or the
report is wanting in material aspect, 10% of the monthly Audit Fee shall be deducted
without any further reference to us till the deficiency continues. The decision of the
DGM, Zonal Inspectorate shall be final in this regard. The 10% deduction is in the
nature of penalty & is not refundable at a later date.
 29. We accept that whenever, the assignment is terminated or relinquishment is
permitted, the audit remuneration will be paid only up to the end of previous month
for which a fully completed report is received.

30. We accept that after termination of the contract / relinquishment of the assignment,
we shall not use or keep any of the material information given by the Bank like
Manuals, ITIOs etc. or make any representations to public or outsiders as continuing
this contract.

Signature
Nameof theAuditor: V. RAMACHANDRAN
MembershipNumber: 021666
Nameofthefirm: RAMACHANDRAN VAIDYANATHAN & CO

Date: 03/07/2022
Place:Chennai
 ANNEXURE III-Complianceof DO’sAND DON’Ts

From To:
M/s Ramachandran Vaidyanathan & Co TheGeneralManager,CanaraBank
NEW NO 20 (OLD NO 31) West Road West C I InspectionWing,
T Nagar Nandanam Chennai-600035 HeadOffice, Bengaluru.

Sub:Empanelment as ConcurrentAuditor– ComplianceofDO’sAND DON’Ts.

WeundertaketoensurecomplianceoftheDosandDon’tsasfurnishedbelowand undertake not

to deviatefromanyoftheissuescontainedtherein.

Dos: TheAuditorshall

1. Conductpre-concurrent/continuousauditstudyofthebranch/departmentbygettingall
relevantinformationofthe auditeebranch/ office(asstated intheengagement letter)
2. Prepareproperaudit plan basedon1 above,coveringalltheareasofthescope, keeping
intheviewthe timelinesstipulated.
3. Haveastructuredintroductorymeetingwiththeauditeebranchofficeandseekallthe
informationrequired inadvance with proper timeSchedule.
4. Introducetheaudit teamtotheofficialsoftheauditeebranch/office.
5. Constitute Audit teamwith seniorandexperienced membersasrequired.
6. Displayteamspiritandavoidmisunderstandings/argumentsinthepresenceofauditee
branch/officeofficials.
7. Ensurethatfindingsarefactual tothepoint, completein detailandclear.
8. Bepreciseandcomprehensivewithoutmissinglinkswhile preparingthereport.
9. Bepractical inhisapproachandviewthingsinproperperspective.
10. Presentaqualitativereportratherthanabulkyreport.
(Bulkyreportisnotthecriterionforjudgingone’sperformance.Itisthequalityofreport that
matters)
11. Becompetent andpossesshighdegree ofintegritytocommandrespectfromauditee
branch/office.
12. Discuss findingswithbranchofficialsondailybasisandtrytorectifythedefectsthenand
there itself.
13. Giveauditeebranch/officeofficials, achancetoexpresstheir opinion whilediscussingthe
issues. Gettingproperexplanationina co-operativeatmospherewillsaveprecioustime.
14. Firstdiscusswiththeleaderofhisteam
incaseofdifferenceofopinionwithauditeebranch/officeofficials.Further
discussiononahigherlevel maybe made, ifrequired.
15. Reportthemattertotheleaderoftheteamimmediatelyincase,hecomesacrossany
informationwhichcauseshimtosuspectanyelementoffraud,grossnegligence, gross
incompetenceor similar unfavorableactionsortendencies.
16. Maintainutmostsecrecyoftheinformation/auditobservations/issuesetc.relatingtothe
auditee.
17. Shall bepunctual andobservetheofficetimingsofthebranch/office.
18. Becourteous, cooperative andprofessional.
19. Ensurethat thereisnoconflictofinterest.
 Don'ts: TheAuditorshall

1. Nothaveanyprofessionalorcommercialrelationshipeither direct orindirectwith

borrowers/beneficiariesofthebranch/departmentwhichheis auditingandalso
willnothavesuchrelationshipin futureas faraspossible foraminimumperiodof
threeyears.
2. Nottake advantage of his associationas Concurrent Auditor with thebranch/
departmentofthebankandcanvas foranyclient/businesswiththebankeither
directlyorindirectly.
3. Notrepresentonbehalfofanyclient/customerofthebankfora minimumperiodof
asfaraspossiblethreeyearsafter thecompletionofterm oftheaudit.
4. Notshare/passon/discussanyauditrelatedobservations/issues/findingswith anyone
other thanconcerned inthebank.
5. Notjumptoconclusionswithoutdocumentaryevidence&sensationalisetheissues.
6. Notuseoffensive languageduringdiscussionsorinthereports.
7. Notoffergeneralcommentsoninternalcontrolas“good/satisfactory/needs improvement
etc.,butsubstantiatewith detailedobservations.
8. Notdirectthebranch/
officetofollowaprocedurewhichisnotinourManualofInstructions/Circulars.
9. Notactoverlyreservedorunfriendlyinordertomaintainhisindependenceasan
auditingofficer.Aforbiddingattitudeonhispartmaywellcauseothers toadoptthe
sameattitudetowardshim.Thiscanadverselyaffecttheworkentrustedtothe
inspectingofficer.
10. Notgetinvolvedin heatedargument withauditeebranch/ officeofficials.
11. Notgiveorderstoauditeebranch/officeofficials,butseekrequirementsfromthe officer
assignedtoassist himonaparticular job. Theconcernedofficerwould issue
thenecessaryordersto theiremployeesifheacceptsinspector’ssuggestionsand
recommendations.
12. Notdelaythesubmissionofauditreport.

(Signatureof theAuthorized Signatorywithseal)

Date: 03/07/2022

Place:Chennai