Advisory of ICAI’s Multipurpose Empanelment Form 2024-25

The hosting of the Multipurpose Empanelment Form ( MEF ) for the year 2024-25 has been announced by the Institute of Chartered Accountants of India ( ICAI ), through its Professional Development Committee ( PDC ). Chartered accountants can access the form at the Multipurpose Empanelment Form Portal.

Under the Chartered Accountants Act, of 1949, the Institute of Chartered Accountants of India is a statutory body established to control the profession of Chartered Accountancy in the country. ICAI with over 70 years of existence is the 2nd largest accounting body in the world, devoted to its excellence in professional development and ethical norms. 

The Professional Development Committee (PDC) is delighted to host the Multipurpose Empanelment Form (MEF) for the year 2024-25, which is available at https://meficai.org/. Members are advised to go through the Advisory before filling out the Multipurpose Empanelment Form (MEF) for the years 2024-25. Information furnished via MEF is shared by ICAI with RBI, NABARD, and other authorities for empanelment for professional work.

Eligibility for filing MEF 2024-25

• Partnership/LLP Firms which are in existence as of 1st July 2024.
• Proprietary Firms which are in existence as of 1st July 2024.
• Member holding Full-time Certificate of Practice as of 1st July 2024 and practising in individual name.

See more: https://meficai.org/

Multipurpose Empanelment Form (MEF) for FY 2024-25

The Professional Development Committee (PDC) is pleased to announce the availability of the Multipurpose Empanelment Form (MEF) for the year 2024-25, accessible at www.meficai.org. We strongly recommend that Members review the Advisory before completing the MEF.

Registration / Login Credentials 

Existing Applicants:  MEF 2024-25 applicants are enabled to log in with MEF 2022-23 credentials. On forgetting the password you can proceed to the “Forgot Password” button to recover the password. 

New Applicants: Please register by using: 

• FRN & Date of Establishment if Applicant is a Partnership Firm/LLP/Proprietary Concern 
• MRN & Date of Birth if Applicant is an Individual.

We initiated the latest feature called the category calculator available at  https://app.meficai.org/Cats it is been performed during the rectification of the MEF procedure. 

7th October 2024 is the last due date for submission of the online form.: official announcment by ICAI

By following the steps below Stakeholders can complete the form submission requirement

1. Access the Portal: Go to the official Multipurpose Empanelment Form website. 

2. Login/Register: 

• Existing users can log in with their previous credentials.
• New users ought to register by giving the required details.

3. Read the Advisory: Read the advisory carefully to understand the prerequisites, before initiating the form.

4. Fill Out the Form: Furnish precise and updated details in all the needed fields.

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Advisory for Multipurpose Empanelment FORM (MEF) 2024-25

1. Eligibility for MEF filing

• Partnership/LLP firms that exist as of July 1, 2024.
• Proprietary firms that exist as of July 1, 2024.
• Members holding a Full-time Certificate of Practice as of July 1, 2024, and practising individually.

Please Note: “The above is the eligibility criteria for filing the MEF only. The eligibility criteria of each auditee for allotment of audit may differ. Please refer to the Norms of the respective auditees for further information.”

2. MEF Filing Procedure

• Green Fields are fields that are not editable having data related to Firms/Members/Partners/Paid Employees collected from the SSP (Self-Service Portal) of ICAI.
• White Fields are editable fields displaying data from the previous year’s MEF, to be updated by the applicants based on actual figures.
• Changes in Greenfield data will be considered in MEF only if reflected in the SSP of ICAI. Applicants may indicate such changes in the Grey colour fields in MEF for information purposes.
• MEF allows page-wise saving and multiple edits before submission but becomes uneditable once submitted.

3. Key Parameters for Credit Scaling in MEF

The applicant receives credit for partners/proprietors only if they are exclusively associated with the applicant from July 1, 2024, until the date of the second verification.

The second verification is the upcoming verification of the records of the Member/Firm as of July 1 of the respective year with the latest SSP records (usually in October/November).

“Exclusiveness of Partner/Proprietor /Member practising in his Individual Name: Partner:

• The partner must hold a full-time Certificate of Practice (CoP) from July 1, 2024, until the date of the second verification.
• The Partner must not have sole practice (individual) on July 1, 2024, until the date of the second verification.
• The Partner should not be associated with any other firm as a Partner/Proprietor/Paid CA on July 1, 2024, until the date of the second verification.
• The Partner should not be employed on July 1, 2024, until the date of the second verification.

Proprietor/Member Practising in his Individual Name:

• The member must hold Full-time CoP from July 1, 2024, until the date of the second verification.
• The Proprietor/Member practising in their name must not be associated with any other firm as a Partner/Proprietor/Paid CA on July 1, 2024, until the date of the second verification.
• The Proprietor/Member practising in their name should not be employed on July 1, 2024, until the date of the second verification.

Common Partner-Treatment in MEF

• The details of the common partner(s) and their association with other firms, and/or practising in Individual name/Sole practice will be reflected after logging in the MEF.
• Out of the multiple firms with Common Partners, only one firm can apply for MEF. In case both / all the firms apply, the MEF of all these firms will be rejected.
• In case, the firms have a common partner(s)/proprietor(s) as on 1^st July 2024 and only one firm applies then the same will be eligible but the credit of common partner(s)/proprietor(s) shall not be given.

Additional Parameters for Grant of Credit – NABARD Panel for Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks:

• Partner(s) will get the credit only if the ‘Date of Joining’ of the partner in the Firm is on or before 1st July 2021 AND
• If she/ he is exclusively associated with the Applicant firm on 1st July 2023 and continuing until the date of second verification.

“Please refer to detailed guidelines dated 15.01.2024 for Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks for further clarification. Click here“

4. Unique Code Number (UCN)

• UCN will be assigned to all first-time eligible applicants for the Bank Branch Auditor’s panel.
• Applicants who are not eligible for the Bank Branch Auditor’s panel will also receive a UCN if any of the partners/proprietors/members practising individually is exclusively associated with the applicant as of July 1, 2024.
• Any member who has been assigned a UCN while practising individually should continue to use the same UCN even after forming a proprietary firm.
• Partnership firms that have been allotted a UCN should keep that UCN even when they convert to LLPs

Read Also: ICAI Unveils The Audit Quality Maturity Model Version 2.0

5. Bank Audit Experience

Member will be considered to have such experience only if he/she has signed the Audit Report/conducted the Audit. The experience gained in the capacity of Articled/Audit Assistant or paid employee/assistant is not to be included while mentioning the audit experience in MEF.

1. Bank Audit Experience MEF Panel (including Bank Branch Auditors’ Panel)
   • Experience of branch audit of a Public Sector Bank (PSB) or a Private Sector Bank (PVB) is to be mentioned. (The experience of Statutory Central Audit of J & K Bank will also be reckoned as Public Sector Bank Audit experience.)
   • If the applicant has audited both Public Sector Banks and Private Sector Banks in the same year, then the experience will be counted as 1 year only.
2. Additional Parameter – Audit Experience – NABARD Panel for Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks.
   • Audit experience shall mean experience of the audit firm as Statutory Central / Branch Auditor of Commercial Banks / UCBs / NBFCs (including HFCs) / AIFIs / Statutory Auditor of StCBs / CCBs / RRBs.
   • In case of a merger and demerger of audit firms, the merger effect will be given two years after the merger, while the demerger will be given effect immediately.
   • If the applicant has audited more than one amongst the above-mentioned entity in the same year, then the experience will be counted as 1 year only.

Note: “Please refer to detail guidelines dated 15.01.2024 for Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks for further clarification.” Click here

6. Professional Staff

• For the MEF panel (including Bank Branch Auditors’ Panel) Professional Staff(excludes typists/stenographers/computer operators/secretaries/ies and subordinate staff, etc) implies audit and articled clerks with knowledge in book-keeping and accountancy and are engaged in audit.
• For NABARD – Panel for Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks: Professional staff includes audit and article clerks with knowledge of book-keeping and accountancy and who are engaged in on-site audits but excludes typists/stenos/computer operators/secretaries / subordinate staff, etc. There shall be at least one year of continuous association of professional staff with the firm, as of 1st July 2024 for considering them as professional staff.

Note: “Please refer to detail guidelines dated 15.01.2024 for Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks for further clarification.” Click here

7. Full Time Paid Chartered Accountant employee

1. For MEF Panel (including Bank Branch Auditors’ Panel) A Member is treated as a full-time paid Chartered Accountant Employee with the Firm if:
   1. He/She is an active member on July 1, 2024, until the date of the second verification.
   2. He/She is not a Partner/Proprietor in any other Firm(s) on July 1, 2024, until the date of the second verification.
   3. He/She is not Practicing in Individual name on July 1, 2024, until the date of the second verification.
   4. He/She is not a full-time/part-time Paid Chartered Accountant Employee in any other Firm on July 1, 2024, until the date of the second verification.
   5. He/She is not employed full-time/part-time elsewhere on July 1, 2024, until the date of the second verification
2. For NABARD – Panel for Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks: CISA / ISA / DISA Qualification – There shall be at least one-year continuous association of Paid CAs (with CISA / ISA / DISA qualification) with the firm, as on 1^st July 2024 and continuing with the firm to consider them as Paid CAs with CISA / ISA / DISA qualification for the purpose.

8. Declaration Submission

• The MEF declaration needs to be validated using a One Time Password (OTP).
• The OTP will be sent to the registered Email and Mobile Number in the SSP of ICAI. Any required modifications to the email or mobile number should be made in the SSP, and it will be reflected in the MEF in real time.
• The declaration will be valid only if OTP is validated by all partners/proprietors/members practising through individual names. If the OTP is not validated by any partner(s), the applicant may provide a reason, but the credit of that partner will not be given to the applicant.
• If a partner retires between July 1, 2023, and the MEF submission date, their OTP is not required if it is updated in the SSP database.
• It is recommended to share the draft MEF with all partners internally before submission for their review and validation of the declaration through OTP.

9. Submission of Financial Documents

• All applicants of MEF (both firms and continuing partners) must submit the required financial documents. Failure to do so will result in the application being unable to be submitted.
• Applicants need to upload the financial documents before submitting the MEF by clicking on the designated icon.
• The following financial documents for the financial year 2021-2022 are to be submitted:

For Partnership Firms:

For Firms:

1. Complete Income Tax Return in JSON format
2. Income Tax Return Acknowledgment
3. The statement outlining the calculation of the Firm’s total income.
4. Balance Sheet as of March 31, 2022, with accompanying schedules
5. Income & Expenditure Account for the financial year 2021-2022 with accompanying schedules

For Partners:

1. Complete Income Tax Return in JSON format
2. Income Tax Return Acknowledgment
3. The document statement outlines the calculation of the partner’s total income.

For Sole Proprietors/Individuals practicing in their individual name:

• Complete Income Tax Return in JSON format
• Income Tax Return Acknowledgment
• The statement outlining the calculation of the member’s total income.
• Balance Sheet as of March 31, 2022, with accompanying schedules
• Income & Expenditure Account for the financial year 2021-2022 with accompanying schedules

If applicants have opted for the Presumptive Taxation scheme as per Section 44ADA of the Income Tax Act, 1961, and have submitted their Income Tax Return (ITR) accordingly for the fiscal year 2021-2022, they need to choose the appropriate tab on the Financial Documents page. In this case, these applicants are not obligated to provide Balance Sheets and Income & Expenditure Accounts.

All financial details must be entered using exact figures. For instance, if the Firm’s Gross Professional Receipts amount to “two lakhs fifty-six thousand two hundred fifty-six rupees”, it should be written as “2,56,256” and not as “2.56 lakhs.”

10. Final Preparation of Panel for Bank Audit

• Credit will be awarded exclusively to partners who have remained with the firm from July 1, 2023, until the second verification date.
• If any partner departs or retires during the period between July 1, 2023, and the second verification date, they will not be eligible for credit.
• Partners who join the firm after July 1, 2023, will not receive credit, even if they join through a merger. However, they will become eligible for credit in the following year if they continue to work with the firm.
• If a paid Chartered Accountant Employee resigns between July 1, 2023, and the second verification date and another paid Chartered Accountant Employee is hired during the same period, the latter will receive credit.
• If the firm is closed or merged between July 1, 2023, and the second verification date, the firm’s name will not be included in the Panel.
• If an individual applicant’s COP status changes from full-time to part-time or no COP from July 1, 2023, to the second verification date, they will not be included in the Panel.

11. Complaint Filing Procedure

• For any clarification/query/complaint for MEF 2023-24, lodge it beneath the tab “MEF Complaint Entry” available at meficai.org for a quick resolution.
• Through the use of the MRN/FRN query/complaint can get lodged via the applicant and on the successful lodging, a complaint number shall be created that could be utilised for subsequent references. 
• Applicant is able to see the status of the complaint via the use of the MRN/FRN.
• If the complaint does not get solved in three working days then the applicant can write to mefpdc@icai.in citing the complaint Number or call on the provided numbers between 2 PM to 5 PM on all working days by citing the Complaint Number.

• Ms. Priya Duggal- 92055 59866
• Mr. Manish Bhardwaj- 92055 59865

12. Others

• You can calculate the Category by using the calculator at https://app.meficai.org/Cats.
• PDC typically organizes the draft MEF Panel in November to allow applicants to verify their information.
• The Institute reserves the right to request additional information or documents from the Applicant as deemed necessary.
• While every effort is made to ensure the accuracy of the panel, the Institute will not be held responsible for any inadvertent mistakes or omissions.
• The Institute assumes no responsibility for the audit allocation.
• Any modifications in the MEF will be accepted by the MEF/RBI Norms applicable at the time of panel preparation.
• Members are advised not to directly contact relevant authorities such as RBI or NABARD regarding matters related to empanelment.