ICAI News: ICAI to open ‘Centre for Audit Quality’

ICAI News

ICAI to open ‘Centre for Audit Quality’ | ICAI News

The profession of accountancy and auditing throughout the world is regulated and licenses are granted by the regulator/sovereign to the auditors to ensure probity in financial statements. The Institute of Chartered Accountants of India (ICAI) is a statutory body set up in 1949 by an Act of Parliament to regulate the profession of Chartered Accountancy in India. In a recent major the decision, the Institute has decided to open Centre for Audit Quality at ICAI’s Centre of Excellence, Jaipur which would enable the Institute to make an available conducive environment for research and develop a systematic audit quality framework.

CA Atul Kumar Gupta, President of ICAI said, “The Centre for audit quality will aim at the continuous investment in the contemporary education and training for prospective accountants and auditors, developing guidance and training programmes to assist audit teams and offices to undertake effective root cause analysis, conducting group learning sessions to discuss identified causes of findings and the solutions to be implemented, establishing audit quality indicators, thus will work for audit quality maturity model.“ CA Atul Kumar Gupta further added, “India is on the cusp of a huge data revolution.

It has become essential to advocate the position of the auditors to the various stakeholders to fill in the expectation gaps. In such changing times, a Centre for Audit quality can play an important role that would further build investor’s confidence and develop public trust at large”. The Centre of Quality will aim for:- To develop a framework for audit quality, to develop audit quality maturity model, to conduct contemporary education and training in the area of audit and allied areas for continuous improvement of audit quality. To conduct CPD specialised training programmes for professional accountants to enable them to perform the audit in full compliance with principles of audit standards.

To pursue research and innovation in the area of audit for improving audit quality. To deliberate on the experience of audit committees for improving audit quality. To develop and promote audit quality indicators. To invest and enable access to cost-effective digital and on-line resources for accountants /accounting firms for high audit quality, informs a press release issued.

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