QRB Report on Audit Quality Review –

QRB Report on Audit Quality Review – 2021-22 – (02-11-2022)

Contents
From the Chairperson’s Desk 3
Composition of the Board 6
Our Approach 7
Our Expectations 7
How We Select Audit Firms for Review 8
How We Conduct Audit Quality Review 9
Overall Trend of Audit Engagements Reviewed
FY 2012-13 to FY 2021-22
11
Key Highlights – FY 2021-22 12
Summary of Observations 15
a) Standards on Auditing 15
b) Accounting Standards and Ind AS 21
c) Other Relevant Laws and Regulations 27
Key Takeaways for Audit Firms 32
Annex A: Number and % of Audit Firms having
observations on SAs in reviews during FY 2021-22
34
Annex B: Number and % of Audits having
observations on AS and Ind AS in reviews during FY
2021-22
35
Annex C: Number and % of Audits having observations
on Other Relevant Laws and Regulations in reviews
during FY 2021-22
37
Annex D: Meetings Organised during FY 2021-22 38
Glossary 39