The Institute of Chartered Accountants of India ( ICAI ) has unveiled Volume 3 of its “Guidance on Non-Compliances Observed by Quality Review Board (QRB) During Quality Reviews.” Launched under the aegis of the Auditing and Assurance Standards Board (AASB), the document compiles 46 common non-compliance instances derived from 151 cases reviewed by the QRB.
The comprehensive publication covers non-compliances with Standards on Quality Control (SQC), Standards on Auditing (SAs), and other regulatory frameworks, including the Companies Act of 2013.
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ICAI President CA. Ranjeet Kumar Agarwal emphasized the significance of these reviews in enhancing the quality of audit services across India. “This publication is a compilation of 46 common non-compliances observed by QRB while conducting quality reviews and covering 151 cases (including NIL cases) received from QRB.
The publication also contains guidance suggested by AASB for the members on these common non-compliances. The purpose of this publication is to provide awareness to the members about common non – compliances observed by QRB and help them in performing quality audits,” he said in the foreword.
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The QRB, constituted under the Chartered Accountants Act, 1949, has been pivotal in assessing and improving the quality of audit services in India. Through its reviews, QRB identifies deficiencies in compliance with auditing and accounting standards and refers such cases to the ICAI for necessary action.
Volume 3 of the guidance document delves into specific areas, such as audit documentation (SA 230), internal financial controls, and fraud detection responsibilities (SA 240). The publication also provides practical guidance on rectifying deficiencies, addressing crucial areas like engagement documentation, risk assessment, and quality control monitoring.
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Dr. Sanjeev Kumar Singhal, Chairman of AASB, lauded the collaboration of experts and council members who contributed to the publication. “It gives us immense pleasure to place in hands of the members, this Volume 3 of the publication, “Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews” brought out by AASB. The publication is a compilation of some common non-compliances of auditing requirements observed by QRB while conducting quality reviews” he stated.
With the release of this volume, ICAI continues its endeavor to uphold the highest standards in the accounting profession. The publication aims to empower auditors, fostering a culture of transparency, accountability, and excellence.
For professionals and stakeholders in the auditing field, this guidance serves as a crucial tool to ensure compliance and promote the integrity of financial reporting in India.
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