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Requirement Details of Each Category for a Firm

Based on the firm details and the type of organization. Below are the detailed requirements and factors for each category:

Category I (Highest Tier)

Eligibility Criteria:

Number of Exclusive CAs: At least 5 exclusive Chartered Accountants (CAs).
Number of Exclusive Partners: Minimum of 3 exclusive partners.
Professional Staff: At least 8 staff members.
Bank Audit Experience (Firm or Partner): Minimum 8 years of experience in branch audits of Nationalized or Private Sector Banks, OR at least 1 partner with 8+ years of experience in the same.
Firm Standing: At least 8 years since the establishment of the firm.

Summary: Category I firms represent highly experienced organizations with a large team of exclusive professionals and demonstrated bank audit experience over the years.

Category II

Eligibility Criteria:

Number of Exclusive CAs: At least 3 exclusive Chartered Accountants (CAs).
Number of Exclusive Partners: Minimum of 2 exclusive partners.
Professional Staff: At least 6 staff members.
Bank Audit Experience (Firm or Partner): Minimum 5 years of experience in bank branch audits, OR combined partner experience of:
- 8-9 years, OR
- 5-7 years.
Firm Standing or Partner COP (Certificate of Practice) Standing:
- Firm standing of 6 years, OR
- Partner COP difference of 6 years, OR
- Longest partner's COP standing of 6 years.

Summary: Category II firms are mid-level firms with a lesser but still significant track record of auditing and professionally staffed teams.

Category III

Eligibility Criteria:

Number of Exclusive CAs: At least 2 exclusive Chartered Accountants (CAs).
Number of Exclusive Partners: Minimum of 2 exclusive partners.
Professional Staff: At least 4 staff members.
Bank Audit Experience (Firm or Partner): Minimum 3 years of experience in bank branch audits, OR combined partner experience of:
- 8-9 years, OR
- 5-7 years, OR
- 3-4 years.
Firm Standing or Partner COP Standing:
- Firm standing of 5 years, OR
- Partner COP difference of 5 years, OR
- Longest partner's COP standing of 5 years.

Summary: Category III firms are moderately staffed and experienced, suitable for smaller-scale audits or operational setups but with demonstrated competence.

Category IV (Proprietorship/Partnership Firms)

For Proprietorship Firms:

Number of Exclusive CAs: Minimum of 1 exclusive Chartered Accountant (CA).
Number of Exclusive Partners: Minimum of 1 exclusive proprietor (partner).
Professional Staff: At least 2 staff members.
Bank Audit Experience (Firm or Partner):
- Minimum 3 years of branch audit experience, OR
- Combined partner experience of:
  - 8-9 years, OR
  - 5-7 years, OR
  - 3-4 years.
Firm Standing or Partner COP Standing:
- Firm standing of 6 years, OR
- Partner COP standing of 6 years.

Alternative Proprietorship Option:

Number of Exclusive CAs: Minimum of 2 exclusive Chartered Accountant (CA).
Number of Exclusive Partners: Minimum of 1 exclusive proprietor (partner).
Professional Staff: At least 2 staff members.
Bank Audit Experience (Firm or Partner): Nil
Firm Standing or Partner COP Standing:
- Firm standing of 6 years, OR
- Partner COP standing of 6 years.

For Partnership/LLP Firms:

Number of Exclusive CAs: Minimum of 2 exclusive Chartered Accountants (CAs).
Number of Exclusive Partners: Minimum of 2 exclusive partners.
Professional Staff: At least 2 staff members.
Firm Standing or Partner COP Standing:
- Firm standing of 3+ years, OR
- Partner COP difference of 6 years, OR
- Longest partner's COP standing of 6 years.

Summary: Category IV serves as the entry-level classification focusing on smaller proprietorship/partnership setups with lower staffing and experience thresholds.

Factors Considered for Category Calculation

Exclusive CAs: Total exclusive personnel (Paid employee CAs, Partners CAs).
Professional Staff: Articled Assistants, Audit Assistants, Other Professional Staff.
Bank Audit Experience: The firm's or partner's years of audit experience.
Firm Standing: Calculated from the firm establishment date or the earliest partner's Certificate of Practice (COP) years.
Eastern State Experience: Additional standing years if operating in eastern states (if applicable).
Partner Contribution: Individual partner experience thresholds are vital, especially in smaller tiers like IV and OA.
User Type:
- Proprietorship
- Partnership/LLP

Summary Table

Category	Exclusive CAs	Exclusive Partners	Staff	Bank Audit Exp.	Firm/Partner Standing
I	5	3	8	8 years	8 years
II	3	2	6	5 years or partner combined	6 years (firm/partner COP diff)
III	2	2	4	3 years or partner combined	5 years (firm/partner COP diff)
IV Partnership	2	2	2	N/A	3 years (or COP diff ≥ 6)
IV Proprietor	1	1	2	3 years or partner combined	6 years
IV Proprietor (Alt)	2	1	2	N/A	6 years
OA	N/A	1	N/A	N/A	N/A

The service dynamically computes a firm's eligibility for these categories based on real-time data.

Source: meficai.org

Requirement Details of Each Category for a Firm

Category I (Highest Tier)

Category II

Category III

Category IV (Proprietorship/Partnership Firms)

Factors Considered for Category Calculation

Summary Table

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