Comments on Exposure Draft of Standard on Quality Control (ED SQC) extended upto 17th March 2021

Last updated: 03 March 2021

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The Cost Auditing and Assurance Standards Board (CAASB) has extended the deadline for comments on the Exposure Draft of Standard on Quality Control (ED SQC) until 17th March 2021. This standard outlines a firm's responsibilities for its quality control system concerning audits, reviews, and other assurance services for cost statements and records. The aim is to ensure firms and their personnel adhere to professional standards and legal requirements.

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 17th March 2021) through email at caasb@icmai.in

ED SQC Comments Extended to 17th March 2021

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 stands for the Exposure Draft of Standard on Quality Control. It's a draft standard developed by the Cost Auditing and Assurance Standards Board (CAASB) concerning quality control systems for firms of Cost Accountants.

The deadline for submitting comments on the Exposure Draft of Standard on Quality Control has been extended up to 17th March 2021.

The Cost Auditing and Assurance Standards Board (CAASB), which is the standard-setting body of the Institute, is responsible for this standard.

The standard 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, as well as other assurance and related services engagements.

The objective is for cost accounting firms 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.

Stakeholders can submit their views, comments, or suggestions via email to caasb@icmai.in, using a specified format that includes the paragraph number, suggestion/view/comment, and justification.

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