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 >>
- Form 26 to replace Form 3CD of tax audit report by a CA from Tax Year 2026-27
- When no addition is made on the basis of reasons recorded, reopening is bad in law
- No separate compensation for loss of love and affection under MV Act – SC
- Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G
- Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court
