ICMAI | Exposure Draft of Standard on Quality Control (ED SQC)

Last updated: 17 February 2021

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The Cost Auditing and Assurance Standards Board (CAASB) of ICMAI has released an Exposure Draft of a new Standard on Quality Control (ED SQC). This standard outlines a firm's responsibilities for its quality control system concerning audits, reviews, and other assurance services for cost statements and records. It aims to ensure firms and their personnel adhere to professional standards and regulations. Stakeholders are invited to submit their comments and suggestions by 2nd March 2021.

Request for Comments

Exposure Draft of Standard on Quality Control (ED SQC)

The Cost Auditing and Assurance Standards Board (CAASB), the standard-setting body of the Institute, in its 39th meeting finalised the Exposure Draft of Standard on Quality Control (ED SQC) and approved its release seeking views of all stakeholders.

The Standard on Quality Control (SQC) deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost statements, cost records and other related documents, and other assurance and related services engagements and applies to all firms of Cost Accountants. The objective of the cost accounting firm is to establish and maintain a system of quality control to provide it with reasonable assurance that the firm and its personnel comply with professional standards and applicable legal and regulatory requirements and reports issued by the firm or engagement partners are appropriate in the circumstances.

The Standard shall be finalised by the CAASB in the light of the suggestions/ comments received from the stakeholders. Please submit your views / comments / suggestions on the Exposure Draft Standard in the following format (last date being extended upto 2nd March 2021) through email at caasb@icmai.in

ICMAI Seeks Comments on Quality Control Standard Draft

Sl.	Paragraph no.	Suggestion/ View/ Comment	Justification, if any

To download the Exposure Draft, please click here

With best regards,
CMA Ashwin G Dalwadi
Council Member and
Chairman, CAASB

FAQ :

The ED SQC is a draft standard developed by the CAASB of ICMAI that details the responsibilities of cost accounting firms for their quality control systems when conducting audits, reviews, and other assurance services.

The Cost Auditing and Assurance Standards Board (CAASB), the standard-setting body of the Institute of Cost Accountants of India (ICMAI), is responsible for releasing the Exposure Draft.

The objective is to establish and maintain a system of quality control that provides reasonable assurance that the firm and its personnel comply with professional standards, applicable legal and regulatory requirements, and that issued reports are appropriate.

The Standard applies to all firms of Cost Accountants.

The deadline for submitting views, comments, and suggestions on the Exposure Draft has been extended to 2nd March 2021.

Stakeholders can submit their comments via email to caasb@icmai.in, using a specified format that includes paragraph numbers, suggestions, and justifications.

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