Additional information Form for preparation of panel for Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks

Last date for submission of online Form and Declaration is 7th May, 2024.

Pursuant with RBI Circular information is being sought through this Additional Information Form from eligible MEF 2023-24 applicants only for the purpose of preparing Panel for NABARD for appointment/re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks.

Note: Before proceeding further, please refer Guidelines Ref. No. DOS.ARG/SEC.8/08.91 .001/2023-24 dated January 15, 2024 on Appointment/Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks click here to view.

  1. Eligibility for filling the Additional Information Form (Both conditions to be fulfilled)
    • Partnership/LLP firms who had submitted MEF for the year 2023-24; AND
    • With at least 2 partners having ‘Date of Joining’ in the Firm on or before 1st July, 2020, out of which at least 1 Partner is FCA as on 1st July, 2023.
  2. Procedure of filing the Form
    • Green Fields are non-editable fields which exhibit the data relating to Firms/ Partners/Paid Employees which are fetched from the SSP of ICAI and MEF 2023-24.
    • Any change in the data in Green field will be considered in Form only if the same is reflected in SSP of ICAI and validated in MEF 2023-24. Applicants may indicate such change in Grey colour fields in the Form for information purpose.
    • White Fields are editable fields and are to be mandatory filled.
  3. Important Parameters of Credit Scaling
  4. Audit Experience
    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 merger and demerger of audit firms, merger effect will be given two years after merger, while demerger will be given effect immediately.
    PLEASE NOTE: If applicant has audited more than one amongst the above- mentioned entity in the same year, then experience will be counted as 1 year only.
  5. 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 1st July, 2023 and continuing with the firm to consider them as Paid CAs with CISA / ISA / DISA qualification for the purpose.
  6. Professional Staff
    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 on date, for considering them as professional staff.
  7. Submission of Declaration
    • The Declaration for the additional information is to be validated with One Time Password (OTP) by the partner whose name has been selected/filled in “Contact for any clarification/information” while filling the form.
    • OTP will be sent to the Email-id and Mobile Number (of the above-mentioned partner) as registered in SSP of ICAI.
    • In case, the OTP was not validated by any partner/(s) at the time of MEF 2023-24, the credit of such partner will not be given to the applicant.
  8. Final Preparation of Panel
    • The credit will be given for only the continuing partners since 1st July, 2020 out of which only those Partners will be considered who were exclusively associated with the firm/LLP since 1st July, 2022 and are still continuing.
    • In case any of the Partner(s) retires / leaves after 1st July, 2023 the credit will not be given for such Partner(s).
    • In case any of the Partner(s) joins other firm after 1st July, 2023 the credit will not be given for such Partner(s).
    • The credit will not be given for that Partner(s) who has joined after 1st July 2020.
  9. Complaint filing Mechanism
    • For any clarification / query / complaint regarding Panel of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks, please lodge the same under the tab “Complaints Portal” available at https://meficai.org/ for quick resolution.
    • Query/ complaint can be lodged by using FRN by the Applicant and on successful lodging, a Complaint number will be generated which can be used for future references.
    • Applicant can view the status of complaints by using FRN.
    • In case, the complaint is not resolved within 2 working days, Applicant can write at mefpdc[at]icai[dot]in mentioning the complaint Number or call on the following numbers between 2 PM to 5 PM on all working days by quoting Complaint Number
      Ms. Priya Duggal 92055 59866
      Mr. Manish Bhardwaj 92055 59865
  10. Others
    • The Institute reserves right to call for additional information / documents from the Applicant as may be considered appropriate.
    • While all efforts are being taken in preparing the panel, in the event of any inadvertent mistake or omission, the Institute will not be responsible in any manner.
    • The Institute does not undertake any responsibility with regard to the allotment of audit.
    • Any modification in Form will be accepted in compliance with the RBI/NABARD Norms applicable at the time of preparation of the Panel.
    • Members are advised not to correspond directly with the authorities concerned like RBI, NABARD, etc. on matters related to empanelment.

With kind regards,
Chairman Vice-Chairman
Professional Development Committee Professional Development Committee