New Delhi, July 4 The Centre has constituted a quality review board
(QRB) under the chartered accountants law to review the quality of
services including audit services rendered by the members of the
Institute of Chartered Accountants of India (ICAI).
The institute has over 1.35 lakh members, with about 70 per
cent of them in practice. The Government has now appointed Mr K.N.
Memani, Chairman of KNM Advisory Pvt Ltd, as the Chairperson of the
QRB, which comprises 10 members. While five members have been nominated
by the Centre, the remaining five have been nominated by the ICAI
Council. The Centre's nominees include Mr A.K. Awasthi,
Director-General (commercial) from the office of the CAG, Mr P.S.
Sharma, General Manager, Department of Banking Supervision, RBI, and Mr
R. Vasudevan, Regional Director (Southern Region), Ministry of
Corporate Affairs.
The five nominees from ICAI council include Mr Ved Jain,
Vice-President, ICAI, Mr G. Ramaswamy, Chairman of ICAI's fiscal laws
committee, and Mr Jayant Gokhale, Chairman of the Financial Reporting
Review Board.
Informed sources said that the QRB is expected to initially
have an oversight on the audit firms of listed companies. Besides
making recommendations to the Council with regard to the quality of
services provided by the members, the QRB would also guide members to
improve the quality of services and adherence to various statutory and
other regulatory requirements.
Quality review board for CAs set up
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- Tax Audit Deadline 2026: Professional Bodies Seek Extension to 31st October
- GSTN Announces emSigner 3.3 for New DSC USB Tokens Issued From 21st September 2026
- UPI 0.4% MDR Above Rs 2000: Grocery Shop Sign Sparks Fresh Debate
- India's STT Collections Rise 52.9% to Rs 40,214 Crore by 17th Sept 2026
- India to Monitor UPI MDR Charges to Protect Consumers from Extra Costs
- Central GST Superintendent Arrested in Bengaluru Over Alleged Rs 8 Lakh Bribe
- CBDT Revises Form 169 and Form 171 Under Income Tax Rules 2026
- Supreme Court PIL Challenges New UPI Merchant Charges Above Rs 2000
- MTPA Seeks Tax Audit Deadline Extension: TAR by 31st Oct, ITR by 30th Nov 2026
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
Popular News
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
- MTPA Seeks Tax Audit Deadline Extension: TAR by 31st Oct, ITR by 30th Nov 2026
- Income from Other Sources Under Income Tax Act 2025: Key Rules, Taxable Incomes and Deductions
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
