Quality Review Board of ICAI Has Issued Guidance on Non-compliances Observed During the Quality Review
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- Last Updated on 10 May, 2024
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The Quality Review Board (QRB) conducts quality reviews of audit services of audit firms that are covered under its domain. These quality reviews bring out instances of various non-compliances regarding Standards on Quality Control (SQC), Standards on Auditing (SAs), audit reports, Companies (Auditor’s Report) Order (CARO), Accounting Standards (AS), Indian Accounting Standards (Ind AS), Schedule VI of Companies Act, 1956/ Schedule III of Companies Act, 2013. Review of the quality of audit services performed by audit firms is an important mechanism to improve audit quality. In this regard, the role performed by the Quality Review Board (QRB) over the years is significant.
Consequently, the Quality Review Board of ICAI has issued guidance on non-compliances observed during the quality review which is divided into 2 parts, Part 1 contains the observations related to Engagement and Quality Control Standards. Part 2 contains the observations related to CARO and internal financial controls.
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