Empanelment for Statutory Audit of various units of ICAI

Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI)

[Announcement No. EOI/SA/2020-21 Dated 29/03/2020]

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ICAI invites applications from eligible Chartered Accountant firms for appointment as Statutory Auditor for its units i.e. Branches, Decentralized Offices and Regional Councils (Details whereof are given at Annexure – “A” hereto) for the financial year 2020-21.

A. Eligibility Criteria:

1. Basic Criteria:

S.No.	Categories	Basic Criteria
1	Regional Councils, Decentralized Offices	➢ Firm with a minimum of 5 partners of which at least 2 partners should be FCAs. ➢ Firm’s standing should be of at least 10 years. ➢ The firm should have minimum Statutory Audit experience of 5 years in public sector undertakings / banks branches. ➢ At least two partners should have a continued association of 5 years or more with the firm. ➢ Head Office of firm should be located at the concerned district/city.
2	Branches
	having membership strength more than 1000	➢ Firm with a minimum of 3 partners of which at least 1 partner should be FCA. ➢ Firm’s standing should be of at least 7 years. ➢ The firm should have minimum Statutory Audit experience of 5 years in public sector undertakings / banks branches. ➢ Head Office of firm should be located at the concerned district/city.
·	having membership strength from 500 to 1000	➢ Firm with a minimum of 2 partners of which at least 1 partner should be FCA. ➢ Firm’s standing should be of at least 5 years. ➢ The firm should have minimum Statutory Audit experience of 3 years in public sector undertakings / bank branches. ➢ Head Office of firm should be located at the concerned district / city.
·	having membership strength less than 500 members	➢ Either proprietorship or partnership Firm. ➢ Firm’s standing should be of at least 3 years. ➢ The firm should have minimum Statutory Audit experience of 1 year in public sector undertakings / bank branches. ➢ Head Office of firm should be located at the concerned district/city.

2. Disqualifications: The Chartered Accountants Firm shall not be eligible to apply if:

• The Chartered Accountants Firm or any of its partners has been declared guilty of any professional and/or other misconduct under the provisions of the Chartered Accountants Act, 1949 during the current year and immediate past five years.

• The firm or any of its partners has any pecuniary or other interest in the ICAI such as faculty, examiner, observer etc.

• Any of the partners of the firm or their relative is / was a member of Central Council/ Regional Council, Branch Managing Committee of ICAI during the current year and immediate past four years i.e. from 1st April, 2016 to till date.

• The audit firm is having association with foreign audit firms.

Declaration:

The Chartered Accountants Firm while expressing their interest shall be required to submit a declaration that they do not suffer from any of the above disqualifications and the details furnished in this regard are true and correct. Any incorrect information furnished by the applicant shall lead to rejection of the application.

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