ICAI issues Guidance Note on Non-Compliances Observed by QRB

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 >>

• 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
• Section 271AAB does not grant any immunity from penalty in terms of section 273B
• Engagement of ‘Young Professional’ in the office of the PCCT Bihar & Jharkhand