ICAI changes cut-off date to 1st July from 1st January for MEF – Bank Branch Auditors Panel 

ICAI changes the cut-off date to 1st July instead of 1st January of every year for the MEF / Bank Branch Auditors Panel 

ICAI in its Announcement has informed of change in cut-off date to 1st July instead of 1st January of every year for Bank Branch Auditors Panel (MEF)

Every year Professional Development COmmittee (PDC) of ICAI prepares a Multipurpose Empanelment Panel of Chartered Accountants/firms on multi layered criteria for sending it to the RBI and other institutions.

The cut-off date for the constitution of the chartered accountant firm and its partner/proprietor is considered as on 1st January of every year on the basis of submission of Form 18 upto one month of submission (till 31st January) without condonation of delay for the purpose of preparation of Bank Branch Auditors Panel.

However, the ICAI has now decided to change the cut-off date for collating data for preparation Bank Branch Auditors Panel to 1st July instead of 1st January of every year. The rationale stated by the ICAI for this change is that the database of firms and members is readily available in Self Service Portal (SSP) of the ICAI on real time basis.

Accordingly, from now on, the cut-off date for the constitution of the firm and its members will be as on 1st July, 2023 considering submission of Form 18 up to one month of submission (till 31st July, 2023) without condonation of delay for preparation of Bank Branch Auditors Panel from 2023-24 onwards.

Such panel will be prepared as per RBI’s revised guidelines for Appointment / Re-appointment of Statutory Branch Auditors of Public Sector Banks dated March 6, 2023.

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