First Notes - 13 December 2017 | KPMG | IN

First Notes - 13 December 2017

First Notes - 13 December 2017

QRB issued its report on audit quality review of top listed and public interest entities in India

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Background

The Quality Review Board (QRB) was formed by the Central Government (CG) in 2007 to perform audit quality review function of top listed and other public interest entities in India. Since August 2012, the QRB has selected 585 quality review assignments for initiating reviews of statutory audits of 443 companies. These companies represent more than 85 per cent market capitalisation of the stocks listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The QRB has finalised 383 review reports till date. Out of these 383 reports, review findings of 257 reports were presented in earlier reports of the QRB.

New development

On 10 November 2017, the QRB issued the ‘Report on Audit Quality Review’ (2016-17) (the QRB report). The report comprise of key findings of 74 reviews which were completed by the QRB till June 2017. Out of these 74 reviews, 69 reviews pertained to the financial statements for the year ended 31 March 2014 and 5 reviews pertained to the financial statements for the year ended 31 March 2015.

The findings in the report relate to compliance with the requirements prescribed under:

  • Standards on Auditing (SA)
  • Accounting Standards (AS) and
  • Other relevant laws and regulations including Schedule III to the Companies Act, 2013.

This issue of First Notes provides an overview of the observations of the QRB with respect to AS and Schedule III to the 2013 Act as provided in the report.

To access the text of the QRB report, please click here.

 

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