ICAI establishes Expert Panel for Addressing queries related to Statutory Audit pertaining to Auditing Aspects

The Institute of Chartered Accountants of India (ICAI), the world’s second largest accounting organisation and India’s regulator of the accounting profession, has always cooperated in nation building and offered public service to the Indian economy.

With the entrance of new age firms, start-ups, an increase in the number of companies going public, and greater regulatory and reporting requirements, the function of auditors has expanded dramatically. In the current environment, with ever-increasing expectations of auditors, the ICAI’s Auditing and Assurance Standards Board has decided to provide necessary support to members in practise with regard to Statutory Audit of Entities pertaining to auditing aspects with the goal of improving audit quality this year.

In this context, we are delighted to tell you that the Board has established an Expert Panel that will give technical assistance to members with regard to their auditing-related questions and concerns.

From April 16th to September 30th, 2022, the Panel will respond to the questions.

The questions should be emailed to [email protected].

Panel Convenors

CA. (Dr.) Sanjeev Kumar Singhal, Chairman, AASB, ICAI and CA. Vishal Doshi, Vice Chairman, AASB, ICAI.

Members are reminded that the experts’ opinions are their own and do not necessarily reflect the views of the Auditing and Assurance Standards Board (AASB) or the Institute of Chartered Accountants of India (ICAI). The AASB, the ICAI, and the members of the Panel take no responsibility for acts made by querists as a result of such advise. Furthermore, these opinions are not to be utilised as evidence in any non-judicial, quasi-judicial, or judicial process. Furthermore, depending on the nature of the enquiry, the Board reserves the right to refuse to respond to the query without additional notice/notice/email and without assigning any reason.

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 problem of violation of client confidentiality requirements under the ICAI Code of Ethics.
• Avoid rejoinders.
• Not to send the same query twice.
• Draft the report on your own.
• Use own judgment.