Report of Quality Review Board for FY 2019-20. 3 cases referred to ICAI Council for initiation of Disciplinary Proceedings.
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.
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