Centre for Audit Quality Directorate of ICAI releases CA Firm Manual

The Centre for Audit Quality Directorate of ICAI has released CA Firm Manual Model Referencer to help in control the audit quality.

The Centre for Audit Quality Directorate has come up with this Firm Manual to aid the firms in having a set of policies which can be modified to suit their requirements as per the structure and size. With the Audit Quality Maturity Model (AQMM) in place, it would also be helpful for the firms to have documented policies on various aspects of SQCs and become future ready. I urge all the members to have a documented firm manual in place. The documented policies also help in better monitoring and identification of the deviations from the policies the firm has in place.

It also functions as a ready reckoner in conflict situations and aids in the identification of deviations. Along with this Audit Manual, Members and Firms should keep in mind the requirements of Standards on Auditing, Guidance Notes, and associated pronouncements and appropriately amend it to meet the facts, circumstances, and nature of the business under audit.

The Firm Manual has been primarily prepared based on the requirements of Standards on Quality Control (SQC-1) at a practice unit level. It is believe that adoption of this manual and implementing the contents would enhance the efficiency and effectiveness of operations. This manual would also enable a practice unit to enhance their Audit Quality Maturity Model scores in the areas of Operational and Human Resources segments.

This manual and policies and procedures contained herein, is intended as an illustrative guide on certain best practices and may be considered for adoption, either on an “As Is” basis, or after such modifications as may be considered necessary by the users based on their unique situations including the scale of the firm, structure and nature of clientele handled.

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