ICAI Clarification on Multipurpose Empanelment Form 2021-22

1 minute, 37 seconds Read

The Institute of Chartered Accountants of India (ICAI) has issued a clarification regarding Confusion on eligibility of Individuals/Proprietors for Bank branch audit.

Professional Development Committee
The Institute of Chartered Accountants of India
30th October, 2021


Multipurpose Empanelment Form 2021-22

Confusion on eligibility of Individuals/Proprietors for Bank branch audit

As you are aware, Professional Development Committee (PDC) of ICAI has hosted the Multipurpose Empanelment Form (MEF) for the year 2021-22, which is available at https://meficai.org wherein individuals and proprietors are also eligible to empanel, as in earlier years.

We understand that certain quarters are creating confusion in the minds of our members, stating that individuals and proprietors are not eligible for Bank branch audits, especially those who are in category IV.

It seems some of our members got confused with the RBI circular dated 27th April 2021 regarding Guidelines for Appointment of Statutory Central Auditors (SCAs) and not for appointment of Bank Branch Auditors. We would like to clarify that, the PDC is 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.

We would like to further inform you that the President and Vice-President of the ICAI along with the Chairman, PDC are meeting the honourable Governor of the RBI next week for the pressing need for an increase in Bank Audit Fees. We had earlier met the honourable Deputy Governor, RBI & Chairman, Indian Banks’ Association on the same issue. We will update you on the developments in this regard.

While we request our members to fill the MEF latest by 10th November 2021, we would also advise the members to reach PDC at mefpdc@icai.in for any further clarification, without getting carried away with any misinformation.

Professional Development Committee

Join EduTaxTuber Network for the Latest updates on Income Tax, GST, Company Law, Stock Market and other related subjects.

Also, read other articles @ EduTaxTuber

  • Notification No. 37/2021 Central Tax- Seeks to make amendments to the CGST Rules, 2017

  • Government to introduce a Bill to Regulate Crypto Currency: Private Cryptocurrency to be banned and RBI to issue new crypto

  • New AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, etc.

  • Important Income Tax Due Dates for November 2021

  • Important Income Tax Due Dates for October 2021

  • RBI to Impose Monetary penalty on Banks for Non-Availability of Cash in ATMs

  • How to Download ITR Acknowledgement from New e-filing Portal?

  • ICAI | Extension of the time period for admission in Foundation Course

  • What is e-RUPI? | The New Digital Payment

  • GST Annual Return & Audit (GSTR 9 & GSTR 9C) For FY 2020-21

  • CMA-Extension of time for submission of online Examination Application Form

  • FAQs – Filling of ITR forms for Assessment Year 2021-22

  • FAQs on Covid 19 Vaccination

  • How to Verify the PAN Details Online?

  • How to Download Covid 19 Vaccination Certificate?

  • ​Circular No. 2 of 2021- Clarification in respect of Residential Status

  • Case Study Digest at the Final level-ICAI

  • CBDT Issues Refunds to Taxpayers between 1.04.2020 to 28.02.2021

  • Post Office Saving Account | Now Maintaining Minimum Balance is Mandatory

  • Shortcut Key in Tally – Tally ERP & TallyPrime

  • Learn How to Create a Company in TallyPrime?

  • How to E-Verify ITR

  • How to Check Income Tax Refund Status -Online

  • How to download ITR form (Java/Excel)?

  • Goods and Service Tax-List of Central Tax Notifications 2020

  • Know All About TDS – Rates, Due Dates, Forms & Challans, etc.

  • What is Form 15G and 15H? ( How to avoid TDS on interest income)

  • Court Refuses Anticipatory Bail to CA Accused of Forgery and GST Evasion

  • Income Tax Advisory for Validation of Bank Account for Income Tax Refund

  • GSTN Advisory on MERA BILL MERA ADHIKAAR SCHEME

  • MCA Issued Circular for Condonation of delay in Filing Form-3, Form-4, and Form-11

  • Steps For e-Invoicing: A Step-by-Step Guide for e-invoice

  • Income Tax Notification No. 43/2023: CBDT Notifies New Form 10IEA

  • CA Foundation Result: 7th August 2023- Check Result @ ICAI

  • To Curb Black Money: CG in consultation with the Chief Justice of the High Court of Jharkhand designates special economic offense court

  • Sum – Excel Practice Online

  • Excel Practice Online

EduTaxTuber Team

EduTaxTuber Team

We are here to help for every updates related to everything...👍📙👍📗

Similar Posts

Leave a Reply