Audit | Financial Reporting| GAAP Compliance, Assurance, Review | I Help Companies Ensure Financial Integrity and Compliance
✅ You may be aware of the ongoing discussions over the adoption of ISA 600 after NFRA has shown its eagerness for the same. Personally, I am little skeptical on adoption of #ISA600 in its entirety for all listed companies. ☑ There will be some carve-outs and exclusion like Banking and Insurance Companies. ♂ Meanwhile, let’s see what ICAI does to improve the audit quality in #India. The Institute of Chartered Accountants of India through its various committees or Boards ensures that the audit quality remains high. The list of the committees with their webpage links: ▶ AASB (https://lnkd.in/g9zvev6z) ▶ CAQD (https://lnkd.in/gnehdmaz) ▶ FRRB (https://lnkd.in/gMxE9Z-M) ▶ PRB (https://lnkd.in/ga3e7h9N) ▶ TAQRB (https://lnkd.in/gNRpf-2g) ✅ The purpose of forming these committees is to make robust Standards, issue Guidance and supporting material for auditors, review the financials and audit reports, to make utilities and tools to help the members, organize various training sessions, workshops and seminars for the benefits of members. You may find their detailed objectives on the given links. ✅ Apart from above, Government has formed an independent body QRB (https://www.qrbca.in/) to review the quality of services provided by the members of #ICAI. ✔ These committees also provide some work opportunities to the members in the form of empanelment. An experience auditor can empanel with the PRB, FRRB, TAQRB, QRB etc. for the purpose of review. For more details, you may go to the above links. ✔ Do you think ICAI should do more efforts at the grass root level? Like a specialized course for new auditors/practitioners, hand holding by a senior expert, continuous learning through a dedicated peer portal etc. ♀ Please share your thoughts for the benefits of CA community. 👍 Follow CA. Devender Pandey 🇮🇳 for more.
Sanjay Joshi
2mo
I think, these are Board and not just committee. Committees chaired by CCM on rotation basis managed them as delegated portfolios.
Audit | Financial Reporting| GAAP Compliance, Assurance, Review | I Help Companies Ensure Financial Integrity and Compliance
2moYes. all are boards except CAQ. But broadly these are all non-standing committees.