Quick Summary
The Institute of Chartered Accountants of India (ICAI) has announced a significant expansion in the mandatory applicability of its Audit Quality Maturity Model (AQMM) version 2.0, aimed at enhancing audit standards across a wider spectrum of firms. The move will be implemented in a phased manner starting April 1, 2026. Currently, AQMM is mandatory for firms auditing listed entities, banks (excluding co-operative banks except multi-state co-operative banks), and insurance companies-excluding fir
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FAQ :
The expanded scope will be implemented in phases, starting from April 1, 2026, with further additions from April 1, 2027.
Firms auditing holding companies, subsidiaries, associates, or joint ventures of listed entities, specified banks, and insurance companies. Also included are firms auditing unlisted public companies with paid-up capital of ₹500 crore or more, annual turnover of ₹1,000 crore or more, or aggregate outstanding loans, debentures, and deposits of ₹500 crore or more.
From April 1, 2027, firms auditing entities that have raised over ₹50 crore from the public, banks, or financial institutions during the review period, and public interest entities, including certain trusts, will be included.
Yes, ICAI will now publicly disclose the AQMM levels of firms on its website, along with the validity date of their Peer Review Certificate.
The AQMM levels will be publicly disclosed on the ICAI website, arranged level-wise.
The expansion and public disclosure aim to enhance audit standards, improve transparency, increase public trust in the profession, and ensure higher accountability and governance standards among statutory auditors.
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