QRB Celebrates 10th Anniversary

PRESS RELEASE QRB Celebrates 10th Anniversary Quality Review Board (QRB), established by the Government of India u/s 28A of the Chartered Accountants Act, 1949, celebrated 10th Anniversary of its establishment on 28th June, 2017 with great fervor. In terms of the mandate provided u/s 28B of the Chartered Accountants Act, 1949, QRB makes recommendations to the Council of the Institute of Chartered Accountants of India (ICAI) with regard to the quality of services provided by the members of the ICAI; reviews the quality of services provided by the members of the ICAI including audit services; and guides the members of the ICAI to improve the quality of services and adherence to the various statutory and other regulatory requirements. Since FY 2012-13, QRB has initiated a system of independent review of statutory audit services of the Audit firms auditing accounts of top listed and other public interest entities in India pursuant to a process comprising selection of the Audit firms for review and engagement of Technical Reviewers. Results of reviews are also published and hosted at QRB website (www.qrbca.in) by way of QRB Reports on Audit Quality Review as necessary guidance to CAs for improving quality of their services. Over these years, QRB has built a robust and insightful audit oversight program to promote high-quality, independent audits and has also undertaken number of other key activities and initiatives designed to enhance audit quality.