Report of Quality Review Board for FY 2019-20. 3 cases referred to ICAI Council for initiation of Disciplinary Proceedings.
Report of Quality Review Board for FY 2019-20
The Quality Review Board (QRB) is established under the Chartered Accountants Act, 1949. The QRB reviews all aspects of how an audit was performed in entities selected on a risk based approach.
The Board is consisting of a Chairperson and ten other members as an independent body to review the quality of services rendered by chartered accountants in the country.
Cases of material non-compliances and those requiring significant improvement are recommended to the Council of the ICAI for taking necessary action. In other cases, which require improvement, QRB issues advisories to Audit firms which are subsequently followed-up for compliance.
The QRB report is based on the review of audit quality of 72 entities in India during financial year 2019-20. Based on its findings, the Board has recommended 3 cases to the ICAI Council for initiation of Disciplinary Proceedings. Also in 71 cases advisories issued to the Audit firms for improvement in quality.Â
The findings of the Board includes observations on Standards on Auditing (SA), Accounting Standards (AS). CARO 2016, Provisions of Companies Act 2013 etc. Â
Download QRB Report for FY 2019-20 Click Here >>
- ITAT allows exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees
- PCIT has revisionary jurisdiction u/s 263 over the cases passed by the NFAC or the JAO
- Appellate court interfering with MACT finding must undertake reappreciation of evidence
- When delay is not huge & involves huge monetary liability, lenient approach to be taken
- EoGM of company can not ratify diversion of fund raised by preferential issue – SC
