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ADVISORY FOR MULTIPURPOSE EMPANELMENT FORM (MEF) FOR THE YEAR 2010-11

1 Last date for submission of applications on the website www.meficai.org is 15th June, 2010.(5.30 P.M.)

 

2 Members are advised to fill MEF well in advance to avoid last minute rush and technical problems.

 

3 The information filled in by the applicant in MEF can be edited/modified any number of times before submission of MEF.

 

4 All correspondence, acknowledgement, discrepancy letters, etc. will preferably be through email only. Please fill up e-mail id correctly and kindly ensure that it is active.

 

5 Unique Code Number (UCN) is allotted by the Institute. UCN is very important number because it facilitates in compiling the applicants experience in conducting bank audit.

 

Therefore, an applicant must ensure that correct UCN appears in the MEF.

 

6 Old applicants practising in individual name should continue to use the same UCN in case he forms a sole proprietary concern.

 

7 Members may note that experience in capacity, as article/audit assistant/clerk or paid employee/assistant should not be added in experience to be mentioned in Question no.5 of MEF.

 

8 As per RBI Guidelines, in case the applicant was appointed as Central/Branch Statutory Auditors of a Public Sector Bank in the previous financial year, the following may be noted to avoid conflict of interest:

 

a. Don’t associate with the same Bank (of which the applicant is appointed as statutory auditor) or any of its subsidiaries/associates, as concurrent/internal/ income and expenditure or revenue auditor/stock auditor/auditor of borrowers accounts.

 

b. Don’t take a loan (including outstanding on credit card) from/give a guarantee to a loan from the same Bank (of which the applicant is appointed as statutory auditor) or any of its subsidiaries/associates.

 

c. Don’t accept the position of a Director on the Board of the same Bank (of which the applicant is appointed as statutory auditor) or any of its subsidiaries/associates.

 

9 If a firm has done audit of two or more than two entities or Statutory Central and/or as well as branch audit of a Bank for the same year, then it should be counted as one year experience only, while filling-up various entries in the form.

 

10 The Institute shall be randomly calling from 10% of applicants the following financial documents:

 

(a) (Latest) Financial Statements of the firm

 

(b) Partnership deed in vogue and as on 1st January, 2010

 

(c) Copy of acknowledgement of (latest) Income Tax Returns of the firm and partners

 

(d) Copy of computation of (latest) income of the firm and partners

 

(e) Copy of (latest) Assessment Order of the firm and partners

 

11 While every care is taken in preparing the panel, in the event of any inadvertent mistake or omission, the Institute will not be responsible in any way. The Institute does not undertake any responsibility with regard to the allotment of audit

 

12 Procedure for logging into MEF:

 

MEF is designed differently for sole proprietary concern, partnership concern and members practising in individual name and thus, the applicant should select his option carefully.

 

Members are advised not to correspond directly with the authorities on matters related to empanelment.

 

Visit www.meficai.org and select your option for empanelment as a sole proprietor/partnership concern/individual.

 

Remember the PASSWORD for future reference, as you would be able to log into your form using this password ONLY.

 

13 All the information being sourced from Institute database is static (not editable) and the same will be appearing with green background. Applicants, who do not agree with the details appearing in these fields, should fill in the Memorandum of Changes.

 

14 Complaint filing Mechanism

 

In case, an applicant faces any problem in accessing, operating or submission of MEF, complaint may be lodged by accessing complaint-box link available on www.meficai.org

 

Applicants can lodge their complaint by using either MEF No./ M. No/ FRN

 

On successful lodging of complaint, complaint number would be informed through e-mail.

 

All the complaints lodged by the applicant would be looked into by PD Secretariat.

 

Any changes in the status of the complaint, applicant would be able to view the status of their complaints by using MEF No./Complaint No./MRN/FRN.

 

In case, the complaint is not resolved or replied within a week, members may call upon at 011-30110444, 30110508, 30110451, 30110440 and 30110438.

 

SUBMISSION OF DOCUMENTS

 

15 A hard copy of the Declaration duly signed by all partners/ proprietor/ member practicing in individual name accompanied by a print of the e-mail acknowledging submission of MEF must be sent to ICAI by courier/speed post/hand delivery at the following address in an envelope superscribed with the words "DECLARATION FOR MEF 2010-11" so as to reach on or before 30th June, 2010.

 

The Secretary

Professional Development Committee

The Institute of Chartered Accountants of India

ICAI Bhawan, Indraprastha Marg

New Delhi - 110 002

 

16 Receipt of hard copy of the Declaration will not be individually acknowledged. The same will be displayed on the website mentioning MEF number within 15 days of receipt of the Declaration. Declarations will then be verified for completeness and correctness and discrepancy, if any, will be intimated to applicant by email.

 

Members are advised not to correspond directly with the authorities on matters related to empanelment.

 

 

Revised norms for categorization of audit firms for their empanelment as branch auditors for public sector banks and branch allocation to different categories of audit firms.

Category

No. of CAs exclusively associated with the firm (full-time)

No. of partners exclusively associated with the firm (full time) (Out of 2)

Professional staff

Bank audit experience

Standing of the audit firm

(1)

(2)

(3)

(4)

(5)

(6)

I.

5

3

8

The firm or at least one of the partners should have a minimum of 8 years experience of branch audit of a nationalized bank and/or of a private sector bank with deposits of not less than Rs.500 crore.

8 years

II.

3

2

6

The firm or at least one of the partners should have preferably conducted branch audit of nationalized bank or of a private sector bank with deposits not less than Rs.500 crore for at least 5 years.

6 years (for the firm or at least one partner)

III.

2

1

4

The firm or at least one of the CAs should have preferably conducted branch audit of a nationalized bank or of a private sector bank with deposits not less than Rs.500 crore for at least 3 years.

5 years (for the firm or at least one partner)

IV.

2                                               2

Even proprietorship concern without bank audit experience may be considered as hitherto. (The proprietary concerns of Chartered Accountants with 1 paid CA, 2 professional staff and not having any statutory branch audit experience of a nationalized bank or of a private sector bank with deposits not less than Rs.500 crore will be treated at par with the partnership firm after deducting their 3 years seniority from the date of their establishment).

 

2

Not necessary

3 years

 

 

Click Here to fill  Multipurpose Empanelment Form 2010-11



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