The Institute of Chartered Accountants of India (ICAI) released the Audit Quality Maturity Model.
The ICAI President, CA. Nihar N. Jambusaria, while pointing out the importance of quality audit, said that the quality audit is an important part of an organization’s quality management system and is a key element in the Audit Firm’s overall quality system standards. With the advancement of new technologies, President, ICAI it is all the way more important for Auditors to get their hands on new-age technologies like Data Analytics and Robotic Process Automation and make constant improvements in the Audit Quality matrix.
The Audit Quality Maturity Model -Version 1.0 (AQMM v1.0) is a capacity-building mea- sure initiated by ICAI and the objective of this Evaluation Matrix is for sole proprietors and Audit firms to be able to self-evaluate their current level of Audit Maturity, identify areas where competencies are good or lacking and then develop a road map for up- grading to a higher level of maturity.
“I am pleased to note that it is a cross-functional model and covers operations, HR and functional setup of the firm. It also covers engagement teams, firm leadership, IT helpdesk, audit tools, human resources team, administration department, legal cell, networking, and the management information systems desk of the firm. I compliment CA. Durgesh Kumar Kabra, Convenor, CA. Shriniwas Y. Joshi, Deputy Convenor, and other members of the Centre for Audit Quality for bringing out this Model to assist the members in evaluating and then enhancing their audit quality delivery. I am confident that the members and other stakeholders would find this AQMM highly useful in their professional journey,” the ICAI President said.
The Audit Quality Maturity Model -Version 1.0 (AQMM v1.0) is a capacity building measure initiated by ICAI and the objective of this Evaluation Matrix is for sole proprietors and Audit firms to be able to self-evaluate their current level of Audit Maturity, identify areas where competencies are good or lacking and then develop a road map for upgrading to a higher level of maturity.
In the Council meeting held on January 9, 2021, it was decided that both the Peer Review Board and the Centre for Audit Quality (CAQ) would need to develop an ecosystem that is acceptable to both and such a collaborative approach would have the advantage of the CAQ developing the quality standards and Peer Review Board testing the said standards.
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