ICAI forms Expert Panel for addressing queries related to Statutory Audit pertaining to Auditing Aspects

Expert Panel Established by ICAI to Address Statutory Audit Queries
ICAI - Expert Panel - addressing queries - Statutory Audit - Auditing Aspects - taxscan

The Institute of Chartered Accountants of India ( ICAI ) has launched a new initiative to support its members in navigating the complexities of statutory audits amidst the evolving business landscape. Recognizing the increasing demands on auditors and the need for enhanced audit quality, ICAI’s Auditing and Assurance Standards Board ( AASB ) has established an Expert Panel dedicated to addressing queries related to auditing aspects.

This move comes in response to the rapid changes in the business environment, including the emergence of new companies, startups, and a growing number of publicly traded entities.

The Expert Panel, consisting of experienced professionals, aims to provide technical support and guidance to members facing challenges in statutory audits. The Expert Panel will be operational from April 16th, 2024, until September 30th, 2024. Members can submit their queries to auditfaq@icai.in during this period.

Key Points Highlighted by the AASB:

Technical Support: The Expert Panel will offer technical support to members dealing with auditing queries.

Panel Convenors: CA. (Dr.) Sanjeev Kumar Singhal, Chairman of AASB, and CA. Vishal Doshi, Vice Chairman of AASB, will lead the Expert Panel.

Disclaimer: The views expressed by experts are personal and may not reflect the official stance of AASB or ICAI. Members are advised to exercise their own judgment and not use these views as evidence in legal proceedings.

Guidelines for Queries: Members are urged to provide concise yet comprehensive information, avoid mentioning client names to uphold confidentiality, refrain from sending duplicate queries, and use their professional judgment.

ICAI’s initiative reflects its commitment to supporting its members and ensuring high standards of audit quality in the ever evolving business landscape.

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