January 9, 2015

Final MEF Panel for Bank Branch Audit

Received a latest Email from ICAI PDC, sharing with all who have missed the communication

Dear Member,
Wishing a very happy, healthy and prosperous New Year 2015!
With all support and your valuable suggestions, PDC has been able to serve the members in mostly all the areas as assigned to it. Further, this is to inform that the Final MEF panel for Bank Branch Auditors has been sent to RBI with the covering letter, which will soon be available at
The MEF for 2014-15 has been made more transparent with the full details to each applicant with his category details and reasons thereof. PDC put on record the support of all the members in this respect. A clause relating to cooling period has been added to ensure that the allotment of branch audits is done on rational basis.

For young members, the UCN has been allotted and incorporated in the panel sent to RBI so that they can serve the PSBs for other assignments even if they are not eligible for Bank Branch audit.
We have sent representations/brief submissions to all the senior officials/Ministers of Central & State Government(s) to apprise them about the ICAI, its legal status, regulatory and control mechanism, and expertise of the Chartered Accountants relevant to the various sectors of the economy. We have received acknowledgement from various places and it has been convinced to them that the accounts, audit, financial management and all other related services can be best provided only by a Chartered Accountant and therefore they have to amend wherever there is a gap. We will see that there would be a huge requirement in a very near future in the Government sector for accounting, auditing, Financial Management and taxation related services.
The Committee has been able to represent in person before various key Government offices including the PSBs, RBI, Insurance, C&AG, Railways, State Governments, NABARD, etc. C&AG has agreed to mostly all the suggestions as made to them including that draft panel be hosted for rectification of any error in filing of empanelment form. Ministry of Finance and RBI has considered and thereby several PSBs have opened the concurrent audit with the revision in the fee. At certain PSBs, the matter of audit fee is still under active consideration.
Various day to day measures are being taken and all the key representations have been hosted on ICAI Website under the caption "Initiatives of PDC”, available for all the members to read and suggest us so as to improve further.  
The Committee has redesigned the Professional Development Portal ( a view to provide timely and necessary information on practice development and professional opportunities to the members to enrich their own practice and provide value added services to their clients. This portal concentrates upon various existing as well as upcoming opportunities in the economy and consolidation of the news & related information from various sources of print & electronic media. The opportunities currently available at the said portal also include professional assignment at:-
Uttarakhand Disaster Recovery Project, National Projects Construction Corporation Limited, Rajasthan State Ganganagar Sugar Mills Limited, Municipal Corporation – Alwar, Rajasthan, Bureau Of Indian Standards Kolkata, Department Of Post, Punjab State Forest Development Corporation Limited, Bihar State Building Construction Corporation Limited, India Infrastructures Finance Company Limited, Ministry Of Rural Development - New Delhi. Full details are available on the portal.
Further, the form for Empanelment of Chartered Accountant firms/LLPs for the year 2015-16 with C&AG has been hosted and the Last Date for online submission is 15th February, 2015. For details, you may contact the concerned C&AG officials at 011 - 23509223, E-mail:
The portal also offers the services like E-mails to users on updates, forum where the members can post their queries which will be answered by the other members/users of the portal.  You are requested to please visit the website which may also help you to get updated with the latest developments coming up in the profession. For any assistance, you may please contact at 011 – 30110444, email:
With warm regards,
Yours sincerely,
CA. Shyam Lal AgarwalChairman, Professional Development Committee

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