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 :
- TDS Challan for FY 2025-26 Valid for TY 2026-27 Under Cross-Year Utilisation Rules
- Tax Audit Extension Demand to 31st Oct 2026 Amid GST Relief and Court Rulings
- GSTN Introduces New e-Invoicing Facility for Reverse Charge Transactions: RCMDOM and RCMIMP Explained
- SEBI Proposes SME IPO Rules 2026: Rs 3 Crore Average Profit and 500 Allottees Proposed
- Net Direct Tax Collections Rise 13.21% to Rs 13.38 Lakh Crore Till 14th Oct 2026
- RBI Clarifies Foreign Exchange Risk Reserve Rules for Authorised Dealers
- Central Excise Duty Revised to Rs 2.5 and Rs 8.5 Per Litre from 16th October 2026
- CBIC Chairman Discusses 57th GST Council Reforms with Trade Associations in Bengaluru
- IDBI Bank Privatisation: Fairfax Group Wins 60.72% Stake Acquisition Deal
- ICAI Gives Last Opportunity to Submit MEF 2026-27 Application on 15th to 16th October
Popular News
- Central Excise Duty Revised to Rs 2.5 and Rs 8.5 Per Litre from 16th October 2026
- Tax Audit Extension Demand to 31st Oct 2026 Amid GST Relief and Court Rulings
- ICAI Issues New Tender Guidelines for Practising CAs, Bars Bids Without Minimum Fees
- CBDT Revises Form 161 for Penalty Waiver Applications Under Income Tax Act 2025
- TDS Challan for FY 2025-26 Valid for TY 2026-27 Under Cross-Year Utilisation Rules
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
