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The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (ICAI) has announced the deferment of the mandatory effective date of Standards on Quality Management (SQM 1 and SQM 2), which were earlier scheduled to come into force from April 1, 2026. As per the decision taken at the 451st Council meeting held on March 30-31, 2026, the implementation has been postponed until further notice. Consequently, the existing Standard on Quality Control (SQC 1) will contin
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FAQ :
The ICAI has announced the deferment of the mandatory effective date for Standards on Quality Management (SQM 1 and SQM 2).
SQM 1 and SQM 2 were originally scheduled to come into force from April 1, 2026.
The implementation of SQM 1 and SQM 2 has been postponed until further notice.
The existing Standard on Quality Control (SQC 1) will continue to remain in force and applicable to all audit and assurance firms.
The decision was made by the Council of ICAI at its 451st meeting.
SQC 1 is the 'Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements'.
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