Last date extended for submission of ICAI online MEF Application Form for 2019-20 to 30.09.2019 The last date for submission of Declaration is 30th September, 2019.
Considering the requests of Members, ICAI has decided to extend the last date for submission of online Multipurpose Empanelment Form for the year 2019-20 till 30th September, 2019. The last date for submission of Declaration is 30th September, 2019.
The last date for submission of MEF applications pertaining to Jammu & Kashmir is 30th September, 2019 alongwith Declaration.
The key highlights of Multipurpose Empanelment Form Application for the year 2019-20 is as under:
1. Applicants registered for MEF 2018-19 have to simply login with MEF 2018-19 credentials.
2. Most of fields are pre-filled and auto-populated from Institute’s records or last year’s MEF.
The last date of submission of MEF Form 2019-20 is 4th September, 2019.
Query/clarification or complaint can be lodged online. If the same is not resolved in 3 working days, members may contact PDC Secretariat at 011-30110444 /440 between 3 pm to 5 pm.
ICAI online MEF Application Form Advisory
1. The application of MEF 2019-20 will work best on Internet Explorer 10.0/ Mozilla Firefox 7.0 or latest versions.
2. Applicants who have registered themselves earlier for MEF 2018-19 have to simply login with MEF 2018-19 credentials. They can use “Forgot Password” button to retrieve the password, if forgotten.
3. Members holding full time Certificate of Practice/Firms existing as on 01.01.2019 can fill MEF Form as this panel will also be available for the assignments other than the Bank Branch Audit.
4. In case the applicant does not agree with the pre-filled details populated from ICAIs’ data base, the detail (s) as per them can be mentioned in the corresponding field in grey colour it can be submitted through Memorandum of Changes (MOCs). However, the changes will be accepted only after due verification. In addition to green fields (auto filled from ICAI records) certain other fields (in white background) are also autofilled as per MEF 2018-19 (filled by applicants) the applicant should verify them and can also modify the same.
5. The applicant can fill the information page-wise in MEF and save the respective page(s). He/she can edit/modify the information filled in the pages saved any number of times before submission of MEF, but once submitted, the form cannot be edited.
6. The applicant can take the print of full form (for verififacation at their end) before submission.
7. It is advisable to provide alternate contact details and also to keep track at the time of commencement of allotment procedure.
8. Confidentiality of password is sole responsibility of the applicant and all care must be taken to protect the password by changing it frequently and maintaining the secrecy of the password.
B. UNIQUE CODE NUMBER (UCN)
1. UCN is allotted to all eligible Firms/Members (first time applicant) at the time of preparation of the Bank Branch Auditor’s Panel.
2. UCN facilitates in compiling the applicants’ bank audit experience, therefore, an applicant must ensure that correct UCN appears in MEF.
3. If UCN has been allotted earlier, but not appearing correct in the pre-filled field, please mention the same correct UCN in Grey field/MOCs’. The changes will be incorporated in MEF Database after due verification.
4. UCN will also be allotted to the non-eligible applicants for Bank Branch Auditor’s panel so that their data can be sent to the requisite authorities for other Audits of Banks and other assignments. However, the following applicant will not be allotted UCN:
(i) Member practicing in his individual name not holding full time CoP and/or associated as Partner/Proprietor/Chartered Accountant employee in any other firm.
(ii) In case of firm, if none of Partner/Proprietor is exclusively associated with the firm i.e Partner/Proprietor should not be Partner or Proprietor of any other firm and/or not holding fulltime CoP.
5. Applicant practicing in individual name should continue to use the same UCN in case he forms a sole proprietary concern. If UCN was allotted earlier in Individual capacity same will be incorporated in MEF Database after due verification
1. Applicants who have minimum continuous standing of 3 years in profession as on 1.1.2019 and fulfilling other RBI Norms would be eligible for MEF for the year 2019-20.
2. In case, any partner/proprietor/member practicing in individual name who are not exclusively associated from 01.01.2019 to till the date of finalization of panel with the applicant concerned, the credit of such partner /proprietor/individual will not be given to the applicant.
3. In case of common partner(s)/proprietor(s) in multiple firms as on 01.01.2019, if only one firm applies then the same will be eligible for empanelment for MEF, but the credit of common partner(s)/proprietor(s) shall not be given. In case both /all the firms apply, the MEF application of all these firms shall be rejected.
4. Members associated with more than one concern as indicated will not be treated as exclusively associated with the applicant concerned;
- Proprietor/Partner and also having Sole Practice (Individual)
- Proprietor and having more than one Proprietary Concern.
- Partner/Proprietor/Sole Practice or in Employment other than the Applicant Concern.
5. The period of compulsory rest of two years after completion of four years of continuous branch audit will not be counted if applicant does not fill the MEF Form and hence will not be eligible for Bank Branch Auditors’ Panel.
6. Criteria of Categorization, Rotation and Resting are as per the prevailing norms issued by Reserve Bank of India and are subject to change from time to time.
D. EXPERIENCE OF BANK AUDIT
1. The experience gained in the capacity of Articled/Audit Assistant or paid employee/assistant should not be included in the Audit experience while mentioning the audit experience in MEF.
2. Statutory Central Auditor performing as a Branch Auditor of a bank for the same year would be considered as a one year experience only.
E. SUBMISSION OF DECLARATION
Declaration is to be submitted online containing digital signatures of all (the continuing) Partners/ Proprietor/ member practicing in individual name. Alternatively, the scan copy of the declaration duly signed all (the continuing) Partners/ Proprietor/ member practicing in individual name can also be uploaded (for partners who have not digitally signed) within 10 days of submission of MEF but not later than 10th September, 2019
(a) SUBMISSION OF FINANCIAL DOCUMENTS
- As per the decision of the competent authority, PDC is calling Financial Documents (FDs) from the shortlisted applicants of MEF and if the shortlisted applicant fails to submit the desired FDs, such application will not be considered for the preparation of the panel.
- Such shortlisted applicants will be compulsorily required to upload the Financial documents after submission of MEF Application Form by clicking the icon “Upload/ View Financial Documents” (will appear only for the shortlisted applicants) or by submitting in hard copy latest by 11th September, 2019.
- The Financial Documents to be submitted are as below for:
- Firms- Partnership / Sole Proprietor / Individual practicing in individual name- ITR, Computation of Income and Financial Documents of the firm.
- Partner(s) / Sole proprietor- Personal ITR and Personal Computation of Income
(b) FINAL PREPARTION OF PANEL
- In case any of the Partner(s) resigns between 01.01.2019 till the date of final preparation of the panel for submission to RBI i.e. in September/October, 2019, the same will be given effect. In other words, the credit will be given only for continuing Partner(s) who have signed the Declaration Form.
- The credit will not be given for those Partners who have joined subsequent to 01.01.2019, even through merger. However, those partners’ credit will be given next year, if continuing in the same firm.
- In case of any paid Chartered Accountant resigns between 01.01.2019 till the date of final preparation of the panel for submission to RBI and another paid Chartered Accountant joins during the same period, category as mentioned on acknowledgement will remain unchanged.
- In case, the Firm is closed between 01.01.2019 till the date of final preparation of the panel for submission to RBI, the same will not be included in the panel.
(c) COMPLAINT FILING MECHANISM
- For any clarification / query / complaint regarding MEF 2019-20, please lodge the same under the tab “MEF Complaint Entry” available at meficai.orgfor quick resolution.
- Query/ complaint can be lodged by using MRN / FRN by the applicant and on successful lodge, a Complaint number will be displayed which can be used for future reference.
- Applicant can view the status of complaints by using MRN/FRN. All the complaints lodged by the applicant would be looked into by PDC Secretariat.
- In case, the complaint is not resolved within 3 working days, members can write at firstname.lastname@example.org call at 011-30110444 / 440 between 3 PM to 5 PM on all working days.
- Applicant appointed as Statutory Branch Auditor cannot be associated with the same Bank or any of its subsidiaries/associates as Concurrent/Internal/Income and Expenditure /Revenue/Stock Auditor or Accountant etc. of the bank/branch of banks.
- The Institute reserves right to call for additional information including financial documents, annual financial statements, income tax & service tax returns and such other documents, from the applicant as may be considered appropriate.
- While all efforts are being taken in preparing the panel, in the event of any inadvertent mistake or omission, the Institute will not be responsible in any manner.
- The Institute does not undertake any responsibility with regard to the allotment of audit.
- Members are advised not to correspond directly with the authorities concerned on matters related to empanelment
- Carrying original vehicle papers not must if kept in DigiLocker or mParivahan app
- Last date extended for submission of ICAI online MEF Application Form for 2019-20 to 30.09.2019
- The Taxation Laws (Amendment) Ordinance 2019. List of Amendments in income-tax act & Finance Act
- Corporate tax rates slashed to 22% for domestic cos & 15% for new domestic manufacturing cos
- RBI revised guidelines for concurrent audit of banks. Accountability to be fixed in serious omission/ commission