The Institute of Chartered Accountants of India has introduced the ‘Audit Quality Maturity Models’ in its module. Owing to the advancement of new technologies especially Data Analytics and Robotic Process Automation, The Institute of Chartered Accountants of India (ICAI) President, CA Nihar N. Jambusaria pinpointed on the significance of Quality Audit. He further commented that quality audit is an important essential ingredient of an organisational’s ‘Quality Management System’ and is of paramount importance in the organisation’s ‘Quality System Standards’. Consequently, if any organisation wants to excel in the above-mentioned scenarios, it needs to improve its Audit Quality matrix.
- It is worth mentioning here that The Audit Quality Maturity model, Version 1(AQMM v1,0), is basically a capacity building measure that has been initiated by the ICAI, and the sole objective of the aforesaid Evaluation matrix is meant for:
- Sole Proprietors and the Audit firms so as to estimate their current level of Audit Maturity
- Pinpoint the competencies which are apt or weak
- And then Finally develop a plan for the purpose of uplifting to a higher level of maturity.
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“I am pleased to note that it is a cross-functional model and covers operations, HR and functional setup of the firm. It also covers engagement teams, firm leadership, IT helpdesk, audit tools, human resources team, administration department, legal cell, networking, and the management information systems desk of the firm. I compliment CA. Durgesh Kumar Kabra, Convenor, CA. Shriniwas Y. Joshi, Deputy Convenor, and other members of the Centre for Audit Quality for bringing out this Model to assist the members in evaluating and then enhancing their audit quality delivery. I am confident that the members and other stakeholders would find this AQMM highly useful in their professional journey,” the ICAI President said.
In a meeting held by the council on January 9,2021, the decision was taken that both:
- Centre for Audit Quality
- Peer Review Board
Should design a mechanism that is approved/given a green signal by both thus having a symbiotic effect to improve Quality Management System.
