Frequently-Asked Questions (FAQs)
APPLICABILITY / ELIGIBILITY
Ques.: What is cut-off date for considering the constitution of the applicant for Multipurpose Empanelment Form (MEF) 2019-2020?
Ans.: As per the Council decision, for Proprietary Concern/Partnership Firm/LLP the firm Constitution Certificate and for Individual/Sole Practitioner Members holding full time Certificate of Practice as on 1st January, 2019 and no condonation of delay in submission of Form 18 beyond 31st January, 2019 is considered. Also refer “Credit & Exclusiveness”.
Ques.: What are the criteria for the eligibility and the category for Bank Branch Auditors’ Panel?
Ans.: Applicants who have minimum continuous standing of 3 years in profession as on 1.1.2019 and fulfilling other RBI Norms (https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=946) would be eligible for MEF for the year 2019-20.
Ques.: If I had registered earlier in MEF 2018-19, do I need to register again?
Ans.: The applicants who had registered for MEF 2018-19 can simply login.
In case the applicant does not remember the password can use the option “Forgot Password Button”.
Ques.: What is to be done in case of any applicant has forgotten the password?
Ans.: Applicant needs to click on “Forgot Password Button”., the link will be sent to your registered email-id.
Ques.: What will happen in case email-id has been changed and has forgotten the password also?
Ans.: Applicant can register himself by feeding FRN/MRN and Date of Establishment/Date of CoP, as the case may be.
Ques.: Is the MEF Form pre-filled?
Ans.: MEF Form 2019-20 will mention the two types of pre-filled data. Details as per ICAI records which will be static fields (non-editable) in Green colour, any change in any of these fields is to be mentioned in corresponding Grey field. Other details will be populated from last year’s MEF and are editable.
Ques.: How would I change the pre-filled details in the MEF Form?
Ans.: (a) Green Fields are non-editable and are fetched from ICAI records, any change in any of these green fields is to be mentioned in corresponding Grey field or MOC available at MEF Form itself. It may be noted that the changes will be accepted only after due verification.
(b) Other details are populated from last year’s MEF and are editable, so can be modified there itself.
Ques.: What is Memorandum of Changes (MoCs)?
Ans.: In MOC, the applicants can inform their details as on 01.01.2019 which as per them is not the same as appearing in the static Green fields.
It may be noted that the changes will be accepted only after due verification.
Ques.: Whether MEF Form can be saved page-wise?
Ques.: Whether draft MEF can be printed for verification before its submission?
Ans.: Yes, MEF Form can be printed for verifying before submission.
Ques.: Whether Applicant can edit the submitted application or not?
Ans.: The applicant can edit/modify the information filled in the pages saved any number of times before submission of MEF, but once submitted, the form cannot be edited.
CREDIT & EXCLUSIVENESS
Ques.: When is the Credit given for any Partner/Proprietor?
Ans.: In case, any partner/proprietor/member practicing in individual name who are exclusively associated and continuing with the applicant concerned till the time of finalization of RBI Panel, the credit of such partner /proprietor/individual is given to the applicant.
Ques.: When is the partner/proprietor/member practicing in individual name is considered as not exclusively associated with the applicant?
Ans.: (a) Members associated with any other concern (other than Applicant).
(b) Proprietor/Partner and also having Sole Practice (Individual).
(c) Applicant is Proprietor and is having more than one Proprietary Concern.
(d) Partner/Proprietor/Sole Practice or in Employment other than the Applicant Concern.
The above conditions prevailing even on a single day till finalization of panel will lead to non-exclusivity.
Ques.: What will happen when applicants of MEF having partners in common apply?
Ans.: In case of common partner(s)/proprietor(s) in multiple firms as on 01.01.2019:
- if only one firm applies, then the same will be eligible for empanelment for MEF, but the credit of common partner(s)/proprietor(s) shall not be
- In case both /all the firms apply, the MEF application of all these firms shall be rejected.
UNIQUE CODE NUMBER (UCN)
Ques.: What is Unique Code Number (UCN) and how it is important?
Ans.: 1. UCN is allotted to all eligible Firms/Members (first time applicant) at the time of preparation of the Bank Branch Auditor’s Panel.
- UCN facilitates in compiling the applicants’ bank audit experience, therefore, an applicant must ensure that correct UCN appears in MEF.
- If UCN has been allotted earlier, but not appearing correct in the pre-filled field, please mention the same correct UCN in Grey field/MOCs’. The changes will be incorporated in MEF Database after due verification.
Ques.: Is Unique Code Number (UCN) allotted to applicants who are not eligible for Bank Branch Auditors’ Panel?
Ans.: Yes, UCN will also be allotted to the non-eligible applicants for Bank Branch Auditor’s panel. Their data through UCN is sent to the requisite authorities for other Bank Audits and other assignments. However, the following applicant will not be allotted UCN:
- Member practicing in his individual name not holding full time CoP and/or associated as Partner/Proprietor/Chartered Accountant employee in any other firm.
- In case of firm, if none of Partner/Proprietor is exclusively associated with the firm i.e Partner/Proprietor should not be Partner or Proprietor of any other firm and/or not holding fulltime CoP.
Ques.: What should be done of the Unique Code Number (UCN) allotted to applicant in Individual capacity on forming Sole Proprietary Concern?
Ans.: Applicant practicing in individual name should continue to use the same UCN in case he forms a sole proprietary concern. If UCN is not appearing in the pre-filled field, please mention the UCN in Grey field/MOCs’. The changes will be incorporated in MEF Database after due verification.
Ques.: Applicant completed four year of Audit Cycle and cooling is applicable at their location (at the 33 centres (viz. Mumbai, Kolhapur, Pune, Solapur, Thane, Kolkata, Chennai, Coimbatore, Delhi/ New Delhi, Ajmer, Bikaner, Jaipur, Kota, Udaipur, Ahmedabad, Vadodara, Surat, Hyderabad, Chandigarh, Raipur, Faridabad, Gurgaon, Panchkula, Panipat, Sonipat, Bangalore, Ernakulam, Indore, Nagpur, Ludhiana, Jodhpur, Bhilwara, and Ghaziabad)., whether applicant need to apply or not?
Ans.: The period of compulsory rest of two years after completion of four years of continuous branch audit will not be counted if applicant does not fill the MEF Form and hence will not be eligible for Bank Branch Auditors’ Panel. Therefore, applicants need to submit their application along with duly signed (digital signature / scan signature) declaration also should be eligible for Bank Branch Auditors’ Panel.
Ques.: How can an Applicant submit Declaration
Ans.: Declaration can be submitted online containing digital signatures of all (the continuing) Partners/ Proprietor/ member practicing in individual name. Alternatively, the scan copy of the declaration duly signed all (the continuing) Partners/ Proprietor/ member practicing in individual name can also be uploaded (for partners who have not digitally signed) within 10 days of submission of MEF but not later than 10th September, 2019. Applicant need not submit hard copy of Declaration separately.
Ques.: Whether Retired/Resigned partner(s) need to sign the declaration?
Ans.: Signature of Retire/Resigned partner(s) is not required, only partner as 01.01.2019 and continuing Partner(s) till the filling the form need to sign the declaration. The credit will be given only for continuing Partner(s) who have signed the Declaration Form.
Ques.: Whether we need to submit Financial Documents for MEF 20119-20?
Ans.: Financial Document is being called from the shortlisted applicants, for them the pop-up will be appearing at the time of submission of MEF to upload the financial documents. The same can be done after submission of MEF Application Form by clicking the icon “Upload/ View Financial Documents”. It may be noted that such pop-up will appear only for the shortlisted applicants.
Ques.: If X paid employee is XYZ& Co as on 01.01.2019 and resigned and other paid employee Y joined on or before preparation of panel?
Ans.: In case of any paid Chartered Accountant resigns between 01.01.2019 till the date of final preparation of the panel for submission to RBI and another paid Chartered Accountant joins during the same period, the credit of Y Paid employee will be given.
PROFESSIONAL STAFF & BANK AUDIT EXPERIENCE
Ques.: What is included under Professional Staff? Is it necessary to mention the same?
Ans.: Professional Staff includes Articled Assistant, Audit Assistant and Other Professional Staff. It is suggested to mention the number of Professional Staff (Ques. 4 at Page No. 4 of MEF 2019-20) as it is one of the eligibility criteria for Bank Branch Auditors’ Panel. Please visit https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=946 for more details.
Ques.: Whether the Bank Audit Experience is to be filled by applicant?
Ans.: As Bank Audit Experience is an important field in determining the category, the applicants are advised to fill it carefully (Ques. 5 at Page No. 4 of MEF 2019-20), please visit https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=946 for more details.