Industry & Economy
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Standards & Benchmarks
Quality review board for CAs set up
K.R. Srivats
New Delhi, July 4 The Centre has constituted a quality review board (QRB) under the chartered accountants law to review the quality of services including audit services rendered by the members of the Institute of Chartered Accountants of India (ICAI).
The institute has over 1.35 lakh members, with about 70 per cent of them in practice. The Government has now appointed Mr K.N. Memani, Chairman of KNM Advisory Pvt Ltd, as the Chairperson of the QRB, which comprises 10 members. While five members have been nominated by the Centre, the remaining five have been nominated by the ICAI Council. The Centre’s nominees include Mr A.K. Awasthi, Director-General (commercial) from the office of the CAG, Mr P.S. Sharma, General Manager, Department of Banking Supervision, RBI, and Mr R. Vasudevan, Regional Director (Southern Region), Ministry of Corporate Affairs.
The five nominees from ICAI council include Mr Ved Jain, Vice-President, ICAI, Mr G. Ramaswamy, Chairman of ICAI’s fiscal laws committee, and Mr Jayant Gokhale, Chairman of the Financial Reporting Review Board.
Informed sources said that the QRB is expected to initially have an oversight on the audit firms of listed companies. Besides making recommendations to the Council with regard to the quality of services provided by the members, the QRB would also guide members to improve the quality of services and adherence to various statutory and other regulatory requirements.
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