ICAI clarifies confusion on eligibility of Category IV CAs for Bank branch audit

ICAI clarifies on confusion on eligibility of Category IV Individuals/Proprietor CAs for Bank branch audit

The Multipurpose Empanelment Form (MEF) for the year 2021-22 has been hosted and is available at https://meficai.org.

Both individuals and proprietor Chartered Accountants in practice are eligible to empanel, as in earlier years.

However there has been some confusion that individuals and proprietors are not eligible for Bank branch audits, especially those who fall in the category IV.

ICAI has clarified that members should not get confused with the RBI circular dated 27th April 2021 regarding Guidelines for Appointment of Statutory Central Auditors (SCAs) which is not for appointment of Bank Branch Auditors.

ICAI has also clarified that there has bene no change and it preparing the panel of eligible bank branch auditors exactly on the same basis as in last year for submission to the Reserve Bank of India.

Further, it has been stated that a meeting is upcoming between ICAI and RBI Governor on the issue of increase in Bank Audit Fees. 

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