About the Board
Under Sec. 28A of the Chartered Accountants Act, 1949, consequent to the Chartered Accountants (Amendment) Act, 2006, the Central Government is empowered to constitute a Quality Review Board consisting of a Chairperson and ten other members. The first Quality Review Board was constituted by the Central Government, in exercise of the powers conferred by Sec. 28A of the Chartered Accountants Act, 1949, by Notification GSR. 448 (E) dated 28th June, 2007. The Central Government then re-constituted the 2nd Quality Review Board vide Notification No. GSR 38(E) dated 19th January, 2011 in the Gazette of India: Extraordinary as amended vide Notification Nos. GSR 684 (E) dated 14th September, 2011, GSR 441(E) dated 12th June, 2012, GSR 486 (E) dated 21st June, 2012 and GSR 810 (E) dated 5th November, 2012.
The Chairperson and members of the Board are appointed from amongst the persons of eminence having experience in the field of law, economics, business, finance or accountancy. Five members of the Board are nominated by the Council of the Institute of Chartered Accountants of India (ICAI) and the Chairperson and other five members are nominated by the Central Government.
The composition of the Board duly incorporates representation from the Ministry of Corporate Affairs, Government of India, Comptroller & Auditor General of India, Reserve Bank of India (Banking sector regulator of India), Securities & Exchange Board of India (Financial markets regulator of India), apart from the nominees of the Council of the ICAI amongst others.