CA Institute forms Expert Panel for addressing queries related to Statutory Audit

The Institute of Chartered Accountants of India (ICAI), the world’s biggest accounting body as well as the regulator and developer of the accountancy profession in India, has always partnered in nation-building and given services for the country’s economic development.

With the rapid evolution of the business environment, the entrance of new-age companies and start-ups, an increase in the number of companies going public, and a slew of regulatory and reporting requirements, auditors’ roles have expanded dramatically.

In today’s environment, with ever-increasing expectations of auditors, the Auditing and Assurance Standards Board (AASB) of the ICAI has decided to provide the necessary support to members in practice with respect to the Statutory Audit of entities in terms of auditing aspects, with the goal of improving audit quality.

ICAI notified that the Board has formed an Expert Panel which will provide technical support to the members with respect to their queries on auditing aspects.

The Date for addressing the queries by the panel is 16th April 2024 to 30th September 2024.

The members may send their queries to email address: auditfaq[at]icai[dot]in

The Panel Convenors are CA. (Dr.) Sanjeev Kumar Singhal, Chairman, AASB and CA. Vishal Doshi, Vice Chairman, AASB.

The members are particularly informed that the views given by the experts are their personal views and do not necessarily reflect the views of the AASB or ICAI. The AASB, ICAI, and Panel experts accept no responsibility for any actions made by querists in response to such advice. Furthermore, these views shall not be utilized as evidence in any non-judicial, quasi-judicial, or judicial process before any authority. Furthermore, depending on the nature of the query, the Board reserves the right not to respond without additional notice/notification/email and without providing an explanation.

To enable us to serve you better, you are also advised to:

Be brief but provide full information and facts.

Not to mention the name of the Client or Entity in order to avoid the problem of violation of client confidentiality requirements under the ICAI’s

• Code of Ethics.
• Avoid rejoinders.
• Not to send the same query twice.
• Draft the report on your own.
• Use own professional judgment.

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