ICMAI releases Exposure Draft of Multipurpose Empanelment Scheme (MES) for Public Comments

ICMAI releases Exposure Draft of Multipurpose Empanelment Scheme (MES) for Public Comments

Reetu | Feb 16, 2022 |

ICMAI releases Exposure Draft of Multipurpose Empanelment Scheme (MES) for Public Comments

ICMAI releases Exposure Draft of Multipurpose Empanelment Scheme (MES) for Public Comments

Professional Development Committee (2021-22)

Request for Comments

In the prevailing competitive environment the stakeholders seek professional services to efficiently carry out any professional assignment. There is no mechanism of empanelment and categorization of Cost Accountants / Firms in the Institute. In view of the representations made before the various Authorities/ organizations for authorizing Cost Accountants (CMAs) for audit and other assignments, it was felt necessary to introduce the mechanism of Empanelment and Categorization of Cost Accountants Firms of the Institute. The Multipurpose Empanelment Scheme (MES) is framed as per the requirements by various Authorities/ organizations for authorizing Cost Accountants (CMAs) for audit and other assignments.

The prime objective of the Multipurpose Empanelment with the Institute is to support various stakeholders who require rationally evaluated and categorized pool of Practicing Professionals (Proprietor / Firm) and also to make available a level playing field to the practicing members of the Institute whenever such information is sought by the stakeholders.

The Professional Development Committee of the Institute took up this agenda of MES in its recent meeting for deliberation and after the due discussions it was decided to release the Exposure Draft of the Multipurpose Empanelment Scheme (MES) to seek Public Comments in order to have wider consultations with regulators, industry associations and stakeholders before finalizing the scheme.

The MES shall be finalised by the PD Committee in the light of suggestions/ comments received from the stakeholders. Please submit your views / comments / suggestions on the Exposure Draft in the following format latest by 17th March 2022 through email at [email protected]

EXPOSURE DRAFT

MULTIPURPOSE EMPANELMENT SCHEME FOR PRACTICING COST ACCOUNTANTS AND FIRMS

BACKGROUND:

Presently, there is no mechanism of empanelment and categorization of Cost Accountants Firms in our Institute. In view of the representations made before the various Authorities/ organizations for authorizing Cost Accountants (CMAs) for audit and other assignments, necessity is felt to introduce the mechanism of Empanelment and Categorization of Cost Accountants Firms of the Institute.

The Draft Multipurpose Empanelment Scheme (MES) for Practicing Cost Accountants and Firms is appended hereunder:

1. INTRODUCTION

In today’s competitive environment the organizations are looking for professionals at the cutting edge to meet the requirement of the given assignment. The Multipurpose Empanelment Scheme is framed as per the requirements by various Authorities/ organizations for authorizing Cost Accountants (CMAs) for audit and other assignments The main objective of the Multipurpose Empanelment with the Institute is to support various stakeholders who require rationally evaluated and categorized list of Practicing Professionals (Proprietor / Firm). This system will definitely be of assistance to the Practicing Members and will make available a level playing field to the practitioners whenever information is sought by the stakeholders.

The MES scheme for Practicing CMAs is a voluntary participation scheme. The information provided to the Institute for the purpose of empanelment under this scheme is property of the Institute. The Institute reserves the right to use / display / share this information with the stakeholders in the mode & format that is suitable for successful implementation of this scheme.

2. BASIS OF EMPANELMENT

Multipurpose Empanelment Scheme of the Institute is based on various evaluation criteria like Total Income, number of years of practice, number of partners, number of staff members and professional experience of the entity as detailed in the scheme below.

The Institute may revise the evaluation criteria with approval of the Council from time to time. Any such revision in the evaluation criteria shall be informed to the members at-least 3 months prior to beginning of the new empanelment year.

3. AUTHORISATION AND REGULATION

i. In terms with the powers vested with the Council of the Institute under the Cost and Works Accountants Act, 1959 and the Regulations framed there under, the Council of the Institute is empowered to frame such Scheme.

ii. Compliance with this Scheme is recommendatory for full time Practitioners.

iii. In case of any queries concerning this Scheme, the clarifications and interpretations issued by the Professional Development Department shall be final.

4. EFFECTIVE DATE

The Multipurpose Empanelment Scheme is effective from 1st April 2022.

5. CRITERIA FOR ENROLLMENT UNDER MULTIPURPOSE EMPANELMENT SCHEME (MES)

i. Members holding full time Certificate of Practice / Firms of Cost Accountants may enroll under this Multipurpose Empanelment Scheme (MES)

ii. It may be noted that members holding Part-time Certificate of Practice (CoP) are not eligible to enroll under this Multipurpose Empanelment Scheme (MES).

iii. This facility is available to Full time Practicing Cost Accountants who are in practice for a period of minimum of 3 years continuously as on the date of enrollment under MES.

iv. The enrollment for the MES scheme will be strictly only through Online Mode as prescribed by the Institute.

6. ALLOTMENT OF ENROLLMENT NUMBER

i. Enrollment No. shall be allotted to all eligible Practicing Cost Accountants (Proprietor / Firm) for the First time enrollment.

ii. The Enrollment No. for Proprietor will be prefixed with Letter “P”. The Enrollment No. of Firms will be prefixed with Letter “F”.

iii. The Enrollment No. will be allotted in a Sequential Manner and has no link with Points Scored by the entity in its evaluation or ranking of the entity under this scheme.

iv. If a Firm has applied under this scheme and is awarded an Enrollment Number, then no Partner of the Firm will be considered for registration of this scheme. If a Proprietor who is registered under this scheme and allotted an Enrollment Number later on joins a Firm which is also registered under this Scheme and has been allotted an Enrollment Number then the Enrollment Number of such Proprietor will stand revoked / cancelled.

7. SUBMISSION OF DOCUMENTS

i. The applicants are required to submit documents as prescribed as part of the Evaluation Criteria table given under clause 8 of this scheme.

ii. Any false information provided under this scheme will be considered a violation of the Professional Code of Conduct and will be dealt with appropriately.

iii. All the Self Certification formats submitted under this scheme shall be with a UDIN Number of the Proprietor / Partner signing the documents on behalf of the Firm.

iv. The Institute reserves right to call for additional information, explanation, clarification, etc. or any other such document from the applicants as may be considered appropriate.

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