Quality Review Board Report for FY 2019-20. 3 cases referred for Disciplinary Proceedings

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. 

The findings of the Board includes observations on Standards on Auditing (SA), Accounting Standards (AS). CARO 2016, Provisions of Companies Act 2013 etc.  

Download QRB Report for FY 2019-20 Click Here >>

• Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT