Auditing and Assurance Standards Board (AASB) of ICAI has formed an ‘Expert Panel’ to provide technical support to the members with respect to their queries and concerns on statutory audit aspects/ issues/ concerns. The queries on audit issues can be sent by the Members via email to the Expert panel at [email protected], during the period 16/04/2022 to 30/09/2022.
It may be noted that AASB of ICAI has recently decided to provide necessary technical/ professional support to the practicing members with respect to the audit issues to enhance audit quality while conducting the Statutory Audit of Entities, in view of the changing ecosystem, i.e. manifold increase in role of auditors, enhanced expectations from auditors, increasing regulatory and reporting requirements, etc.
As usual, ICAI has disclaimed any responsibility on the views expressed by the ‘experts panel’ and hence Members should exercise their own judgement while proceeding with the technical advice provided by the said panel. Further, ICAI had advised the Members to be brief while sending in the queries with full information and facts, take care of confidentiality requirements of client information under the ICAI’s Code of Ethics, etc.
This is one of the best initiatives taken by the ICAI so far and it is desirable that such type of support activities should be provided on regular basis for small and medium sized practitioners, i.e. beyond 30/09/2022 as well.
ICAI Announcement dt. 15/04/2022: Expert Panel for Addressing queries related to Statutory Audit pertaining to Auditing Aspects