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Continuing with the initiative started last year, the CA Institute has this year too opened up a window for its practicing members to get their queries on auditing aspects —during the course of their statutory audit work —-answered by an expert panel.
This panel, set up by the Auditing and Assurance Standards Board (AASB) of the CA Institute, comprises about fifty experts and will address the queries from April 17 to September 30.
“The main objective of setting up this expert panel is to enhance audit quality and to support the members in discharge of attest function. This is second year. It will be free of cost”, Sanjeev Kumar Singhal, Chairman, AASB told businessline .
The role of auditors has increased manifold in the current rapidly evolving business environment.
This move comes at a time when there is widespread demand for accountability from statutory auditors, especially after the spate of audit failures in recent years. The government had last year tightened the framework of disciplinary mechanism for auditors, and enacted provisions to appoint a non-member as Presiding Officer of the disciplinary committee in these institutes. However, this provision is yet to be given effect by the corporate affairs ministry (MCA).
The introduction of new age companies, start-ups, increased number of companies going public and plethora of regulatory and reporting requirements has brought further significance to the role of auditors and increased the expectations on these professionals. It is in this context that the Expert Panel has been put in place to provide technical support to the members during their statutory audit work.
Read also: ICAI rolls out first ever audit standard on sustainability information
Singhal clarified that the views of the expert panel would be the personal views of the experts and not that of ICAI or the AASB. Also, the views of the experts cannot be used as evidence in any non judicial/quasi judicial/judicial proceeding before any authority.
Several thousand corporate entities are now being audited by small and medium-sized practitioners. It is expected that they will benefit from the guidance of the panel.
In 2022 also, this helpline was run from April 16 to September 30.
Even for bank audits, the ICAI had earlier this month — April 1-15– opened an expert helpline.
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