The Quality Review Board appreciates the need to establish international linkages and co-operation with the counterpart international bodies and organisations with a view to sharing knowledge of the audit market environment and practical experience of independent audit regulatory activity. Being an independent body charged with the responsibility under Sec. 28 B of the Chartered Accountants Act, 1949 to review the quality of services provided by the members of the Institute of Chartered Accountants of India including audit services, the Board is of the view that knowledge and experience may be shared on a range of issues such as frameworks for audit regulation, the environment for such regulation and regulatory practices. All this would aim to serve the public interest and enhance investor protection by improving audit quality, including through independent inspections of auditors and/or audit firms. Such framework might include:
a. The drivers of audit quality
b. Accessing and sharing information between audit oversight bodies
c. Showing knowledge about inspection techniques and experiences
d. Financial stability issues arising from concentration in the audit market

Archives