ADVISORY FOR MULTIPURPOSE EMPANELMENT FORM (MEF) FOR THE
YEAR 2011-12
1. Last date for submission of applications on the website www.meficai.org is 27th August,
2011.(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 online submission of MEF.
4. All correspondence, acknowledgement, discrepancy letters, etc. will preferably be through
e-mail only. Please fill up e-mail id correctly and ensure that it is active.
5. Unique Code Number (UCN) is allotted by the Institute. UCN is very important because it
facilitates in compiling the applicants' bank audit experience. Therefore, an applicant must
ensure that correct UCN appears in the MEF.
6. Old applicant 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 articled/audit assistant or paid
employee/assistant should not be added in experience columns' to be mentioned in
Questions of MEF.
8. In case the applicant was appointed as Central/Branch Statutory Auditor 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 an applicant 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 reserves right to call for from the applicant additional information including
financial documents, annual financial statements, income tax & service tax returns and
such other documents, as may be considered appropriate.
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 manner.
YEAR 2011-12
1. Last date for submission of applications on the website www.meficai.org is 27th August,
2011.(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 online submission of MEF.
4. All correspondence, acknowledgement, discrepancy letters, etc. will preferably be through
e-mail only. Please fill up e-mail id correctly and ensure that it is active.
5. Unique Code Number (UCN) is allotted by the Institute. UCN is very important because it
facilitates in compiling the applicants' bank audit experience. Therefore, an applicant must
ensure that correct UCN appears in the MEF.
6. Old applicant 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 articled/audit assistant or paid
employee/assistant should not be added in experience columns' to be mentioned in
Questions of MEF.
8. In case the applicant was appointed as Central/Branch Statutory Auditor 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 an applicant 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 reserves right to call for from the applicant additional information including
financial documents, annual financial statements, income tax & service tax returns and
such other documents, as may be considered appropriate.
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 manner.
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 |
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