ICAI issues Guidance on Non-Compliances Observed by Quality Review Board (QRB) related to Engagement and Quality Control Standards and observations related to CARO and IFC.
ICAI issues Guidance on Non-Compliances Observed by QRB
Based on observations noticed during these quality reviews, QRB issues necessary advisories to concerned audit firms. On the request of the QRB, ICAI has brought out a guidance for the members based on common non-compliances observed.
Previously also, in May 2024 the Auditing and Assurance Standards Board of ICAI had released Volume 1 of “Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews”.
This publication is a compilation of 47 common non-compliances observed by QRB while conducting quality reviews and covering 61 cases received from QRB. The publication also contains guidance suggested by AASB for the members on these common non-compliances. According to ICAI, 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.
Download ICAI Guidance Note Part-1 Click Here >>
Download ICAI Guidance Note Part-2 Click Here >>
- Expenses on making house habitable not renovation, exemption u/s 54 allowed
- Depreciation on revalued cost of assets after conversion of firm into company upheld
- GST Exemption on various services provided by Railways & Accommodation Services
- Agricultural farm produce supply taken out of GST on ‘pre-packaged and labelled’
- RBI invites E-tender for appointment of Concurrent Auditor 01.10.2024 to 30.09.2025
