A.Quality Review Group -I (QRG-I)
Terms of Reference:
QRG-I may perform, inter alia, the following functions and submit its recommendations, from time to time, to the Quality Review Board (QRB) for its further consideration:-

• Review the quality of audit services of audit firms, selected by the QRB, with assistance of Technical Reviewers in terms of the Procedure for Quality Review of Audit Services of Audit Firms issued by the QRB, as well as suggest various other necessary requirements, procedures, reporting and other formats, as it may deem fit, for conducting reviews of the quality of audit services of audit firms and submit its recommendations to the QRB.
• Perform such other functions as may be requested by the QRB from time to time.

Composition:

B.Quality Review Group -II (QRG-II)
Terms of Reference
QRG-II may perform, inter alia, the following functions and submit its recommendations, from time to time, to the Quality Review Board (QRB) for its further consideration:-

• Review the quality of audit services of audit firms, selected by the QRB, in respect of the cases placed before QRG-II, with assistance of Technical Reviewers in terms of the Procedure for Quality Review of Audit Services of Audit Firms issued by the QRB, as well as suggest various other necessary requirements, procedures, reporting and other formats, as it may deem fit, for conducting reviews of the quality of audit services of audit firms and submit its recommendations to the QRB
• Perform such other functions as may be requested by the QRB from time to time.

Composition:

C.Sub-Committee-I
Terms of Reference:
Sub-Committee-I may perform, inter alia, the following functions and submit its recommendations, from time to time, to the Quality Review Board for its further consideration:-

• Recommend selection of Audit firms for quality review of their audit services and allotment of quality review work to the Technical Reviewers
• Recommend Technical Reviewer/s that may be empanelled with the Quality Review Board and suggest measures as may be considered appropriate to further broad base the panel and issues connected therewith
• Recommend industry specific experts, if required, for associating with the Quality Review Board
• Look into all the issues arising from time to time relating to eligibility of Technical Reviewers to perform Quality Review assignments and the Sub-Committee could take appropriate decisions which may later on be informed to the Board for noting
• Perform such other functions as may be prescribed from time to time

Composition:

D. Audit Committee of QRB
Terms of Reference:

• To consider audit report and financial statements of Quality Review Board (QRB) and recommend to QRB adoption of the financial statements.
• To recommend to QRB appointment /re-appointment of Auditors of the QRB and their audit fees

Composition:

E. Expert Group to examine QRB Procedure for Quality Review of Audit Services of Audit Firms and other matters
Terms of Reference:
Group may perform, inter alia, the following functions and submit its recommendations for further consideration by the Quality Review Board:-

• Keeping in view the experience gained during the process of reviews being carried out by the QRB, changes to the domestic regulatory framework for audit oversight as well as international practices and requirements for audit oversight, undertake holistic examination of the various aspects of reviews and make recommendations to the Quality Review Board, from time to time, for suggesting appropriate amendments, if required, to the Procedure for Quality Review of Audit Services of Audit Firms issued by the QRB
• Update, from time to time, the Technical Guide on Conducting Quality Reviews for the guidance of Technical Reviewers
• Perform such other functions as may be prescribed from time to time.

Composition: