ICAI releases drafts of amendments to various engagement and quality control standards
Over the years, the Institute of Chartered Accountants of India (ICAI) has issued a number of Engagement and Quality Control Standards. These standards include provisions/references to relevant Acts, Rules, Regulations, Accounting Standards, and other Pronouncements issued by ICAI at the time these standards were issued. Furthermore, the Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has determined that, in the current scenario, these standards require some amendments in light of current prevailing provisions/references of relevant Acts, Rules, Regulations, Accounting Standards, and other Pronouncements issued by ICAI.
Accordingly, AASB has made some amendments to these standards and has finalised the Exposure Drafts of these standards.
Consequently, it has also been observed by AASB that some amendments are required in other documents (i.e. Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, Glossary of Terms and Framework for Assurance Engagements) as well. Accordingly, AASB has made some amendments in the abovementioned documents.
The Exposure Drafts of Amendments to various Engagement and Quality Control Standards and Other Documents have been issued for public comments.