Quality Review Board Report on Audit Quality Review 2018-19. Audit documentation, standards on quality control, written representations etc. key concern
The Quality Review Board (QRB) has been set up by the Government of India under section 28A of the Chartered Accountants Act, 1949.
The QRB publishes its reports annually giving key audit quality review findings with a view to guide Audit firms in improving and identifying of the reasons to prevent their recurrence.
in view of Section 132(2) of the Companies Act, 2013 r/w Rule 9(4) of NFRA Rules, 2018, the review by QRB of audits of the companies/bodies corporate specified under Rule 3 of the NFRA Rules, 2018 shall be done only on a reference made by NFRA,
The QRB report is based on the review of audit quality of 51 entities in India during financial year 2018-19. Based on its findings, the Board, since FY 2012-13 has recommended 30 cases to the ICAI Council for initiation of Disciplinary Proceedings. Also in 255 cases advisories issued to the Audit firms for improvement in quality.
The QRB findings/observations highlights compliance level with respect to Standards on Auditing (SA), Accounting Standards, other relevant laws and regulations including Companies Act, 2013.
In the reviews of the Audit Firms conducted, the QRB has observed that inter alia the improvements were required with respect to the audit documentation, standards on quality control, written representations.
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- Partnership firms/companies not eligible to be a registered valuer if not member of RVO
- Challenged to IBC by a CA refused by Supreme Court for want of locus and bonafide.
- Date of initiation of penalty in assessment order is the relevant date u/s 275(1)(c) for limitation