As you are kindly aware, the MEF for the year 2020-21 has been hosted with the last date of filling the same as 6th November 2020.
For the audit of Financial Documents submitted by MEF 2020-21 Applicants, an EOI for Empanelment of CA Firms has been hosted on the Institute’s website, which can be perused at https://www.icai.org/post/icai-eoi-tenders or https://app.meficai.org/eoi
The “minimum” audit fee for the assignment is Rs. 30,000/- for 300 applications which means it is Rs. 100 per application. Also additional fees of Rs. 100 per application will be paid if the firm scrutinizes any application above 300.
A firm with atleast 3 full time Partners with minimum standing of 5 years in practice of each such partner shall be eligible to apply. The last date of receipt of application is 12th November 2020 upto 15:00 hrs.
The documents which needs to be audited are as under:
o Income Tax Return of the firm acknowledgement alongwith complete IT Return
o Statement of Computation of Total Income of the firm
o Balance Sheet as at 31st March 2019 along with Schedules
o Income & Expenditure account along with schedules
o Personal Income Tax Returns (along with complete ITR) of the Partners
o Statement of Computation of Total Income of the Partners
Sole Proprietor / Individual practicing in individual name:-
o Income Tax Return acknowledgement alongwith complete IT Return
o Statement of Computation of Total Income
o Balance Sheet as on 31st March 2019 along with Schedules
o Income & Expenditure account of the Proprietary Concern / Individual along with schedules
The audit of the Financial documents (FDs) of MEF applications 2020-21 shall be completed within 10 days of awarding the initial lot of applications.
We think that instead of giving such checking work to a firm with 5 year of experience in practice, fresh chartered accountants in practice should also be provided an opportunity so that they can also generate some revenue for themselves in the initial stage of practice.
However, it’s just our thinking, Institute might be having their own reasons.
Comment your thoughts below regarding the eligibility criteria and fees being paid.