CARO 2020 | Summary of Observations Identified and Guidance Provided by QRB of ICAI
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- By Chetan Kulasri
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- Last Updated on 17 May, 2024
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Quality Review Board (QRB) of ICAI conducts quality reviews of audit services of audit firms which are covered under its domain. These quality reviews involve the assessment of the work of statutory auditors so that QRB is able to assess (a) the quality of audit and reporting by the statutory auditors; and (b) the quality control framework adopted by the audit firms in conducting the audit.
These quality reviews bring out instances of various non-compliances regarding Standards on Quality Control, Standards on Auditing, audit reports, CARO, Accounting Standards, Indian Accounting Standards, Schedule VI of the Companies Act, 1956/Schedule III of Companies Act, 2013.
In this story, we have summarised the instances of various non-compliances regarding the Companies Auditing and Reporting Requirements Order (CARO), 2020 and its related suggested guidance provided by QRB of ICAI.
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