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Inspection & Review

Inspection & Review

IFIAR Report on 2016 Survey of Inspection Findings – 06/03/2017


Report on Audit Quality Review (2015-16) – 28/12/2016


Panel of Technical Reviewers with the Quality Review Board for the financial years 2014-15 to 2016-17 (Revised) – 08/08/2016


IFIAR Report on 2015 Survey of Inspection Findings – 06/05/2016 – 06/05/2016


Key Learnings: Summary of observations of the Technical Reviewers arising out of Quality Reviews conducted during 2012-2015 -29/01/2016


A Report on Audit Quality Review Findings (2012-15) – 31/07/2015


Announcement for Empanelment as a Technical Reviewer with the Quality Review Board – 19/08/2014


Procedure for Quality Review of Audit Services of Audit Firms (updated) – 11/08/2014


IFIAR Report on 2013 Survey of Inspection Findings – 11/08/2014


Activity Report of QRB for the year 2012-13- corrigendum – 02/01/2014



Activity Report (2012-13) of the Board – 07/11/2013

Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the ‘Board’) to perform the following functions under Section 28B of the Chartered Accountants Act, 1949:-

a) to make recommendations to the Council with regard to the quality of services provided by the members of the Institute;
b) to review the quality of services provided by the members of the Institute including audit services; and
c) to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements.

In exercise of the powers conferred by clauses (f) and (g) of Sub-section (2) of Section 29A of, read with Section 28C and Sub-section (1) of Section 28D of, the Chartered Accountants Act, 1949, Government of India has also issued ‘Chartered Accountants (Procedures of Meetings of Quality Review Board, and Terms and Conditions of Service and Allowances of the Chairperson and Members of the Board) Rules, 2006’. In terms of its Rule 6, in the discharge of its functions, the Board may, inter alia, evaluate and review the quality of work and services provided by the members of the Institute in such manner as it may decide and also lay down the procedure of evaluation criteria to evaluate various services being provided by the members of the Institute and to select, in such manner and form as it may decide, the individuals and firms rendering such services for review.

In terms of the aforesaid Rule 6, the Quality Review Board has issued the ‘Procedure for Quality Review of Audit Services of Audit Firms’ (the ‘Procedure’). As per the aforesaid Procedure, Quality Review is directed towards inspection/evaluation of audit quality and adherence to various statutory and other regulatory requirements. It would involve inspection and assessment of the work of auditors while carrying out their audit function so that the Board is able to assess (a) the quality of audit and reporting by the auditors; and (b) the quality control framework adopted by the auditors/ audit firms in conducting audit.

In accordance with this Procedure, the Board has initiated a system of review of statutory audit services of some of the audit firms auditing accounts of public interest entities in India pursuant to a process comprising selection of the audit firms for review and engagement of Technical Reviewers.

Year wise Details of Quality Review Assignments initiated by the Quality Review Board

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