MEF 2021-22: Draft Bank/ Branch Auditor’s Panel of CA Firms

Draft Bank Branch Auditors’ Panel (MEF 2021-22) of CA Firms has been hosted at MEFICAI website for any complaints upto 22/01/2022, after which the final panel will be sent to RBI.

Multipurpose Empanelment Form (MEF) for the financial year 2021-22 was made available at MEFICAI website by the Professional Development Committee (PDC) of ICAI. MEF 2021-22 Application was closed on 25/11/2021 as the Last Date for online submission of MEF and OTP validated Declaration was extended from 10/11/2021 to 20/11/2021 to 25/11/2021.

Draft Bank Branch Auditors’ Panel of CA Firms for 2021-22

ICAI has informed, vide Announcement dt. 16/01/2022, that the Draft Bank Branch Auditors’ Panel(MEF) of Chartered Accountants/ firms for the year 2021-22 has been hosted at http://www.meficai.org.

The Draft Panel and the category of the applicants of Multipurpose Empanelment Form for the year 2021-22 is subject to validation of Financial Documents of the applicants. Changes or inconsistencies if any, will be communicated separately to the applicants. The following details can be viewed by the applicants by giving MEF No. / FRN or MRN in case of individual:

MEF No.
FRN No.
Name of the Applicant
Unique Code Number
Category
District
Reason for ineligibility, if any

The applicants would also be able to view the reasoning for change in their category, wherever applicable, in the Draft Panel itself. However, in case of any observations/ complaints the applicants may raise the query with details at https://app.meficai.org/complaints which will be suitably addressed and replied individually.

The Draft Panel will be available upto 23/01/2022 for any complaints. After suitable corrections, the final panel will be sent to RBI for their consideration.

Modification in the MEF Application data

The MEF 2021-22 application has been made more simpler and user friendly, like auto population of data pertaining to members and firms from SSP Database, etc.

It may be noted that all data fields appearing in green color in MEF 2021-22 are not editable. In case of any inconsistency/ mismatch, the concerned member/ firm should modify the date at SSP portal to ensure correctness of their data and indicate such changes in the comment box given against relevant green fields.

It may be noted that change in any data in MEF will only be considered if it is updated and reflected in SSP of ICAI. Further, such modification will be accepted in MEF records only as per MEF/ RBI Norms at the time of preparation of the Panel.

Validation of Declaration for MEF 2021-22 using OTP

The declaration for MEF 2021-22 Application is required to be submitted through validation of One Time Password (OTP) sent on respective email of the concerned member/ partners/ proprietor, as against the requirement of submission of scanned copy/ digital signatures in the past.

In case the applicant is a CA Firm (Partnership), all the continuing partners are required to validate the declaration through OTP for consideration of the MEF application as duly submitted. Further, information is to be submitted for any partner who has retired/ left for any reason and the remaining partner may validate the MEF 2021-22 application using OTP.

OTP will be sent by the MEFICAI to the Email-id and Mobile Number of the Member/ Partner/ Proprietor concerned, as registered in SSP of ICAI. Any modification required in email or mobile number, should be done beforehand in SSP only, as the MEF 2021-22 Application will not permit any such changes during the submission process. ICAI has arranged to ensure that such changes at SSP will be reflected in MEF on real time basis by using Refresh Button.

Common Partners

ICAI has made arrangements for sharing the information on ‘other on-record associations’ of the partners/ proprietor/ members to the applicant on logging to the MEF 2021-22.

In the case of CA Firms with common partners, those who will withdraw from the Bank Branch Auditors’ Panel (for making other firm eligible for Bank Branch Auditors’ Panel) will however be considered for other Panels.

Information on Category of Applicant, Ineligibility, etc.

The category will be informed to the MEF 2021-22 applicant, on the submission of OTP validated Declaration. Further, in case of the MEF 2021-22 applicant is ineligible for Bank Branch Auditors’ Panel, the reason therefor would be exhibited in the acknowledgement after submission of the OTP validated Declaration.

Material Mismatch in Information Submitted

In cases of material mismatch of the information submitted during the process of MEF 2021-22 Application, the same shall be viewed seriously and ICAI will ask for supporting documents for verification of randomly selected cases for scrutiny.

Earlier ICAI had stated that the MEF for the FY 2021-22 shall be hosted at MEFICAI portal in October 2021, as the MEF is being upgraded to make it comprehensive and user friendly, vide Announcement dt. 20/08/2021

ICAI’s FAQs/ Advisory on MEF 2021-22 for Guidance of Members/ CA Firms (updated 19/10/2021)

Other related items

ICAI’s Guidance Note on Bank Audit (2020 Edition)

Revised RBI Norms for Firm Category for Allocation of Bank Branch Audit

RBI Norms for Appointment of Bank CSA from 2017-18 onwards

Statutory Bank/ Branch Audit Fee Structure as per RBI

ICAI’s Advisory for Allocation of Work among Joint Auditors of Banks

7 Comments

  1. SABARI SHEKHAR KAMBLI
  2. SABARI SHEKHAR KAMBLI
  3. Mohit
  4. Lavitha
  5. CA Ramani
  6. Deepak
  7. S FRANCIS

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