Expert Panel For Addressing Queries related to Statutory Audit: AASB of ICAI

The Institute of Chartered Accountants of India (ICAI) is in charge of establishing standards for accounting and auditing, running professional development programmes, managing the CA test, and holding its members to an ethical code of conduct.

The group has approximately 300,000 members and is acknowledged as a leading accounting organisation on a global scale.

The ICAI’s Auditing and Assurance Standards Board (AASB) is a standard-setting body that establishes auditing and assurance standards for its members.

The AASB of the ICAI has decided to offer the necessary support to the members in practise with respect to the Statutory Audit of Entities regarding auditing aspects with the goal of improving audit quality. The questions on the statutory audit of the audit issues will be answered by a panel of experts.

The panel will address the queries from April 17th 2023 and it will last till 30th September, 2023. You can email your question to the mail id auditfaqicai.in.

Panel Conveners:

1. CA. (Dr.) Sanjeev Kumar Singhal, Chairman, AASB, ICAI
2. CA. Vishal Doshi, Vice Chairman, AASB, ICAI.

Points to be Considered while making a Query

1. Don’t provide full information. Ask precisely.
2. Don’t provide the name of the entity or client in order to maintain the client confidentiality required by the ICAI code of ethics.
3. Avoid rejoinders
4. Don’t send the same query twice.
5. Draft the report on your own.
6. Use own judgment

The AASB is in charge of creating, issuing, and reviewing the auditing and assurance standards while operating under the direction and control of the Council of ICAI. It also plays a crucial role in ensuring the quality of audit and assurance services provided by its members. It helps to promote transparency, accountability, and good governance practices in the financial reporting process.

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