ICAI Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews
ICAI has issued a Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews.
The said Guidance note in in Two Volumes. The publication is a compilation of some common non-compliances observed by Quality Review Board (QRB) while conducting quality reviews. The publication also contains suggested guidance by the Auditing and Assurance Standards Board of ICAI for the members on these common non-compliances.
As per the preface to the Guidance Note, the review by QRB of the quality of audit services performed by audit firms has revealed the instances of various non-compliances regarding, auditing requirements e.g. Standards on Quality Control, Standards on Auditing, audit reports, CARO, and accounting requirements e.g. Accounting Standards, Indian Accounting Standards, Schedule VI of Companies Act, 1956/ Schedule III of Companies Act, 2013.
This Guidance Note is a compilation of some common non-compliances regarding Standards on Quality Control, Standards on Auditing, audit reports, CARO, internal financial controls observed by QRB while conducting quality reviews.
This publication also contains suggested guidance developed by the Auditing and Assurance Standards Board on these common non-compliances. This publication is in two parts i.e.
Part 1 which contains the observations related to Engagement and Quality Control Standards.
Part 2 which contains the observations related to CARO and internal financial controls.
In Part 1, observations have been classified standard wise. In Part 2, observations have been classified topic wise.
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