Gist of Discussion

Interaction with the high level delegation of accountancy professionals from UK held on 2.9.2011 at IICA, New Delhi.

On a request received from the British High Commission to New Delhi, India, an interaction was organized on 2nd September, 2011 at IICA, New Delhi for the visiting high level delegation of accountancy professionals from the UK lead by Mr. Ian Gomes, Chair, Indo-UK Accountancy Task Force with the Members of the Quality Review Board lead by Shri R. Bandyopadhyay,  Chairperson, Quality Review Board whereat both sides shared their respective systems and practices and, in particular, the knowledge in the following areas:-

• frameworks for audit regulation;
• the environment for such regulation and regulatory practices;
• principles for inspection processes; and
• issues emerging from audit inspections.

The Chairperson, Quality Review Board, while thanking the delegation for sharing their views and offering to extend their help in development of Indian audit oversight system, had expressed hope that this information exchange could lead to a better understanding of the oversight regimes and the identification of better practices in inspecting audit firms and would also promote greater consistency across regulators.