Mef empanelment criteria for 2012-13 by rbi for stat audit

This query is : Resolved

ubaid (Querist)
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01 November 2012 CASE : My firm status as on 01.01.2012 was partnership and I was eligible for Category III. However on Draft MEF the category has been shown as IV (proprietorship).

On 15.03.12 one of the partner has resigned and rejoined on 25.03.12 rendering the firm as Propeietorship for 10 days.Does this effect the Category. I am of the view that status as on 01.1.2012 is to be considered while making the panel. Please forum advise my recourse if any and whether I am correct or not

Amol S Joglekar

Amol S Joglekar (Expert)
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04 November 2012 My dear; please have some consideration towards the concept embedded in "events occuring after balance sheet date" Materiality.... It would have been very easy for all the elite people to form a firm on 1.1.xxxx and disolve the same very next day... and enjoy cat 1 or cat 2 status.....