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 registered with the Institute.
The Multipurpose Empanelment Scheme (MES) for Practicing Cost Accountants and Firms is appended hereunder:
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.
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.
AUTHORIZATION AND REGULATION
- 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.
- Compliance with this Scheme is recommendatory for full time Practitioners.
- In case of any queries concerning this Scheme, the clarifications and interpretations issued by the Professional Development Department shall be final.
The Multipurpose Empanelment Scheme is effective from 1st January 2023.
CRITERIA FOR ENROLLMENT UNDER MULTIPURPOSE EMPANELMENT SCHEME (MES)
- Members holding full time Certificate of Practice / Firms of Cost Accountants may enroll under this Multipurpose Empanelment Scheme (MES).
- It may be noted that members holding Part-time Certificate of Practice (CoP) are not eligible to enroll under this Multipurpose Empanelment Scheme (MES).
- 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.
- Practicing Members having dues towards the annual membership fee of the Institute as on the date of the Application will not be eligible for enrollment under the MES.
- The enrollment for the MES will be strictly only through Online Mode as prescribed by the Institute.
ALLOTMENT OF UNIQUE CODE NUMBER (UCN)
- Unique Code Number (UCN) shall be allotted to all eligible Practicing Cost Accountants (Proprietor / Firm) for the First time enrollment.
- The Unique Code Number (UCN) for Proprietor will be prefixed with Letter “P”. The Unique Code Number (UCN) of Firms will be prefixed with Letter “F”.
- The Unique Code Number (UCN) 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.
- Any practicing Cost Accountant can apply for enrollment on behalf of the Firm (proprietor/partnership) where ever he is associated. Once enrolled the firm (proprietor/partnership) cannot be enrolled again. If a Proprietor who is registered under this scheme and allotted an Unique Code Number (UCN) later on joins a Firm which is also registered under this Scheme and has been allotted an Unique Code Number (UCN) then the Unique Code Number (UCN) of such Proprietor will stand revoked / cancelled.
SUBMISSION OF DOCUMENTS
- The applicants are required to submit documents as prescribed as part of the Evaluation Criteria table given under clause 8 of this scheme.
- Any false information provided under this scheme will be considered a violation of the Professional Code of Conduct and will be dealt with appropriately.
- 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.
- 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.
EVALUATION CRITERIA & REQUIREMENT OF DOCUMENTS
CATEGORISATION OF EMPANELLED FIRMS
|Total Number of Marks as per evaluation criteria given in point no. 8 above
||Allocated Category to the Proprietor / Firm
|More than 90 marks
|More than 75 marks & upto 90 marks
|More than 60 marks & upto 75 marks
|More than 50 marks & upto 60 marks
|Min. 30 marks & up to 50 marks
MONITORING AND REVIEW OF MES
- The Professional Development Department under the supervision and guidance of the Professional Development Committee will monitor and review the Scheme.
- The Empanelment under this scheme shall be valid for a period of one financial year, i.e. from 1st April to 31st March. This will be referred to as “Empanelment Year”.
- The application for the empanelment along with all the relevant documentation shall be collected from the practicing members / firms / LLPs between 1st December and 31st January.
- In case of any further clarification required from the applicant to this scheme, the Institute shall communicate with the applicant on applicant’s official email ID.
- The Empanelment Details (Draft) will be informed by the Institute to the applicants by 28th February / 29th February as the case may be over the official email ID of the applicant.
- In case of any query the applicants will get 10 days (by 10th March) to register such query with the Institute in the manner as decided by the Professional Development Department.
- The Institute shall resolve the queries of the applicants within 10 days (by 20th March) and inform the same to the applicant over official email ID of the applicant.
- The Institute shall publish Final Empanelment List on 25th March on its website and inform to the applicants on applicant’s official email ID.
- Application Process for this empanelment scheme shall only be through electronic mode as decided by the Professional Development Department.
- There shall be no processing charges or any fees charged from the practicing members / firms for empanelment in this scheme.
- Any change in the scheme shall be intimated to the members at least 3 months prior to the beginning of a new empanelment year.
FORMS FOR SUBMISSION OF THE INFORMATIONThe Professional Development Committee will issue the necessary Forms for Submission of the necessary information for application under this MES.
POWER TO MODIFY GUIDELINESThe Council of the Institute on the basis of recommendation of the Professional Development Committee can modify these guidelines at any time.
- MES facility is available to Full time Practicing Cost Accountants (Proprietor / Firm) who are in practice for a period of minimum 3 years continuously as on the date of enrollment under MES.
- It is the sole responsibility of the Practicing Cost Accounts to check the eligibility criteria and respond against tenders.
- The role of the Institute is of a facilitator only and does not undertake any responsibility with regard to the allotment of audit and other assignment.
- All efforts are being taken in empanelment, in the event of any inadvertant mistake or omission, the Institute will not be responsible in any manner.
- The Institute reserves the right to change/modify any or all of the condition of Criteria for Enrollment under Multipurpose Empanelment Scheme (MES) whenever deems necessary.