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.
Read ICAI Announcement
Even if, the assessee is engaged in the bogus purchases, the entire purchases cannot be disallowed - ITAT In a…
Order to stock broker through WhatsApp may be considered as legally verifiable record - SEBI SEBI in an informal guidance…
ICAI Guidance Note on Audit of Banks 2026 Edition ICAI has issued 2025 edition of the Guidance Note on Audit…
NHIDCL is hiring CA/CMA and others as Young Professionals – Last date to apply is 14.04.2026 The National Highways and…
Income Tax Rules 2026 notified by CBDT. CBDT has issued Notification No. 22/2026 dated 20.03.2026 to notify the Income-tax Rules,…
Absence of an explicit irrevocability clause in trust deed no ground for rejecting application for registration or renewal under section…