ICAI to set up Centre for Audit Quality

The Institute of Chartered Accountants of India ( ICAI ) is to set up Centre for Audit Quality at Centre of Excellence, Jaipur.

The Centre for Audit Quality will aim at the continuous investment in the contemporary education and training for prospective accountants and auditors, developing guidance and training programmes to assist audit teams and offices to undertake effective root cause analysis, conducting group learning sessions to discuss identified causes of findings and the solutions to be implemented, establishing Audit Quality indicators, thus will work for Audit Quality Maturity Model.

The ICAI President, CA Atul Kumar Gupta said that, the Audit Quality Maturity model will initiate a process of laying out a voluntary self-evaluation matrix for accounting firms to gauge their relative maturity level as regards audit quality pertaining to Audit and Accounting related functions being rendered by them.

The future of the profession lies in its ability to change, evolve and adapt to the changing environment, which is central to reforms and ICAI’s mission is its standard-setting role, he also said.

CA. Atul Kumar Gupta, President, ICAI said “The Centre for Audit Quality will aim at the continuous investment in the contemporary education and training for prospective accountants and auditors, developing guidance and training programmes to assist audit teams and offices to undertake effective root cause analysis, conducting group learning sessions to discuss identified causes of findings and the solutions to be implemented, establishing Audit Quality indicators, thus will work for Audit Quality Maturity Model.“

CA. Atul Kumar Gupta further added“India is on the cusp of a huge data revolution. It has become essential to advocate the position of the auditors to the various stakeholders to fill in the expectation gaps. In such changing times, a Centre for Audit quality can play an important role that would further build Investor’s confidence and develop Public trust at large”.

The Centre of Quality will aim for:-

1. To develop the Framework for Audit Quality.
2. To develop the Audit Quality Maturity Model.
3. To conduct contemporary Education and Training in the area of audit and allied areas for continuous improvement of Audit Quality.
4. To conduct CPD specialized training programmes for Professional Accountants to enable them to perform the audit in full compliance with principles of Audit standards.
5. To pursue Research and Innovation in the area of audit for improving Audit Quality
6. To deliberate on the experience of Audit Committees  for improving Audit Quality
7. To develop and promote Audit Quality Indicators
8. To invest and enable access to cost-effective Digital and online Resources for accountants /accounting firms for high Audit quality