Advisory of ICAI’s Multipurpose Empanelment Form 2023-24

The Professional Development Committee (PDC) is pleased to introduce the Multipurpose Empanelment Form (MEF) for the year 2023-24, which can now be accessed at www.meficai.org. The MEF holds significant importance for audit firms, particularly those aspiring to secure the role of Statutory Branch Auditors for Public Sector Banks, covering audits ending on or after March 31, 2024. The deadline for submitting the online Form is October 6, 2023. Before initiating the MEF application process, it is essential to familiarize yourself with the guidelines and prerequisites provided in this comprehensive guide.

Multipurpose Empanelment Form (MEF) for years 2023-24

The Professional Development Committee (PDC) is pleased to announce the availability of the Multipurpose Empanelment Form (MEF) for the year 2023-24, accessible at www.meficai.org. We strongly recommend that Members review the Advisory before completing the MEF.

Registration / Login Credentials 

Existing Applicants: 

MEF 2023-24 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. 

 21st October 2023 is the due date for the online submission: official announcment by ICAI

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Advisory for Multipurpose Empanelment Form 2023-24

1. Eligibility for MEF filing

• Partnership/LLP firms that exist as of July 1, 2023.
• Proprietary firms that exist as of July 1, 2023.
• Members holding a Full-time Certificate of Practice as of July 1, 2023, and practising individually.

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 fields that 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, 2023, 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).
• Individual applicants receive credit only if they are exclusively associated from July 1, 2023, until the date of the second verification.
• If multiple firms with common partners apply, only one firm can apply for the Bank Branch Auditors’ (BBA) Panel. If multiple firms apply, all their MEF applications will be rejected by the Bank Branch Auditors Panel.
• If firms have common partners/proprietors as of July 1, 2023, and only one firm applies, it will be eligible, but the credit for common partners/proprietors will not be given.
• Details of common partners and their associations with other firms or individual/sole practices will be visible after logging into the MEF.
• Members associated with more than one entity, as specified below, even for a single day from July 1, 2023, until the date of the second verification, will not be considered exclusively associated with the applicant:

• The member does not hold a full-time CoP.
• The proprietor/partner also has a sole practice (individual).
• The proprietor has more than one proprietary concern.
• Partner/proprietor/sole practitioner is employed.
• The proprietor/partner is a partner in any other concern.

4. Unique Code Number (UCN)

• UCN will be assigned to all first-time eligible applicants for the Bank Branch Auditor’s panel.
• Applicants 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, 2023.
• Any member who has been assigned a UCN while practising individually should continue to use the same UCN even after forming a proprietary firm.

Related: ICAI Extended Membership/COP Fee

5. Bank Audit Experience

• The experience of conducting a Bank Audit as a Statutory Auditor for a branch of a Public Sector Bank or a Private Sector Bank with a deposit of not below Rs. 500 Crore (for the entire bank, not just a branch) should be mentioned. (The audit experience of conducting Statutory Central Audit for J & K Bank will also be considered as experience in auditing Public Sector Banks).
• If the applicant has audited both Public Sector Banks and Private Sector Banks in the same year, the experience will be counted as one year only.
• The member will be considered to have such experience only if they have signed the Audit Report/conducted the audit.
• Experience gained as an Articled/Audit Assistant or as a paid employee/assistant should not be included when mentioning audit experience in MEF.

6. 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.

7. 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.”

8. 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.

9. 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

10. 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.

In response to requests received from our members, and taking into account the tax audit period and upcoming public holidays, we have decided to extend the deadline for submitting the MEF Form. The new deadline is now October 21, 2023, instead of the initial deadline of October 6, 2023.

Please be aware that there will be no additional extensions granted for filing MEF 2023-24.

At the time of filing of MEF 2023-24, members might direct to the advisory. The MEF Applicants could also write to us at the Complaint Module of MEF (available at https://app.meficai.org/complaints) or at mefpdc@icai.in to get any clarification if needed.