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The Institute of Chartered Accountants of India (ICAI) has widened the scope of mandatory applicability of the Audit Quality Maturity Model (AQMM) through a revised clarification to its earlier announcement dated August 11, 2025. The updated framework brings more audit firms and practice units under the AQMM review mechanism, particularly those auditing group entities of listed companies, banks, and insurance companies. Under AQMM Version 2.0, the applicability has now been expanded in a phased
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FAQ :
The AQMM is a framework developed by the ICAI to assess and improve audit quality, transparency, and compliance standards within the accounting profession.
The mandatory applicability of AQMM Version 2.0 begins in a phased manner starting from April 1, 2026.
Firms auditing the holding/subsidiary/associates/joint ventures of listed entities, banks (excluding co-operative banks except multi-state ones), and insurance companies will be covered from April 1, 2026. Additionally, firms auditing large unlisted public companies and public interest entities will be included from April 1, 2026, and April 1, 2027, respectively.
No, firms conducting only branch audits are excluded from the expanded mandatory applicability of the AQMM.
Firms auditing unlisted public companies with a paid-up capital of at least ₹500 crore, an annual turnover of at least ₹1000 crore, or aggregate outstanding loans, debentures, and deposits of at least ₹500 crore as of March 31st of the preceding financial year will be covered.
The primary goal is to strengthen audit quality, enhance transparency, and ensure higher compliance standards across the auditing profession.
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