Page 105 - Quick Insights Book 2022

Chap. 30 – Opportunities available at ICAI

The Secretary, the aforesaid three statutory audit assignments, at least
Financial Reporting Review Board, one must be in respect of entities other than Private
The Institute of Chartered Accountants of India Limited Companies;
ICAI Bhawan, Plot No A-29
Hostel Block, 6th Floor,  You should not have any disciplinary proceeding under
Sector-62, Noida- 201309 the Chartered Accountants Act, 1949 pending against
you or any disciplinary action under the Chartered
Scale Of Honorarium Accountants Act, 1949 / penal action under any other
law taken/pending against you during last three financial
There is a provision for payment of an honorarium of ` 20,000/- years and/or thereafter.
as well as 3 CPE Hours per annual report reviewed.
 You should not currently be a Member of the QRB Board
2. QUALITY REVIEW BOARD or ICAI’s Central Council/Regional Council/Branch level
Management Committee.
Engagement Of Technical Reviewers with the Quality Review
Board Government of India has in exercise of the powers The Board may specify any other criteria, from time to
conferred under Section 28A of the Chartered Accountants time, apart from the aforesaid basic minimum criteria for
Act, 1949 constituted a Quality Review Board (the ‘Board’) to empanelment of TRs with the Board. The Board reserves the
recommend to the Council, review and guide the members right to reject any application for empanelment as TR without
regarding the quality of services provided by the members of assigning any reason whatsoever.
the Institute including audit services as per Section 28B of the The empanelment of TRs, so made, shall be for the on-
Chartered Accountants Act, 1949. going block period of three years subject to obtaining annual
Further, the Chartered Accountants, the Cost and Works declarations from each of the empanelled TR for continuing to
Accountants and the Company Secretaries (Amendment) meet the basic criteria of empanelment. However, it may be
Act, 2022 has inserted another clause (d) to Section 28B of noted that empanelment as a TR with the Quality Review Board
the Chartered Accountants Act, 1949 mandating the Board to does not, in any way, guarantee allotment of quality review
forward cases of non-compliance with various statutory and work to TR which shall be at the sole discretion of the Quality
regulatory requirements by the members of the Institute or firms, Review Board.
noticed by it during the course of its reviews, to the Disciplinary TRs shall be required to undergo training on emerging areas
Directorate for its examination. such as Ind-AS, Amendments in Companies Act, other

The Board in order to discharge its functions has issued the technical standards, Valuation Standards, other relevant laws
‘Procedure for Quality Review of Audit Services of Audit Firms’ and regulations etc. TRs shall regularly participate in training
(the ‘Procedure’). However, keeping in view the experience workshops/programmes organized by various POUs on the
gained during the process of reviews, changes to the regulatory aforesaid areas and will update their knowledge. Further, they
framework and international best practices and requirements, shall submit annual declarations alongwith relevant evidences,
this Procedure was revised in October, 2019. to the QRB regarding their participation in such training
workshops/programmes.
In terms of the aforesaid Procedure, since FY 2012-13 the
Board has initiated a system of review of statutory audit After completion of the initial block period of empanelment,
services of the audit firms including selection of Audit firms for the Board may decide to offer renewal of empanelment to
review and engagement of Technical Reviewers (TRs) TR, subject to his consent, for another block period and so
on based upon assessment of the quality of review work
Eligibility Criteria To Be Empanelled As Technical performed by the TR during the period, if any, his meeting the
basic minimum criteria for empanelment, participation in training
Reviewers
workshops and other such factors as may be considered
The Board has specified the following basic minimum criteria for appropriate by the Board.
empanelment of TRs:-
Currently more than 80 Chartered Accountants are already
 You should have minimum fifteen years of post- empanelled as Technical reviewers with the Quality
qualification experience as a chartered accountant and Review Board for the Block period of Financial years 2020-21
be currently active in the practice of accounting and to 2022-23.
auditing;
How To Register
 You should have handled as a signing partner/proprietor
at least three statutory audit assignments as a Central For empanelment the eligible member can fill the online
Statutory Auditor of Banks/Public Limited Companies/ form available at QRB website http://www.qrbca.in/ for the
Government Companies/Private Limited Companies consideration of the Board.
having annual turnover of rupees fifty crore and above
during the last ten financial years; Provided that out of

92 Quick Insights on Professional Opportunities for Chartered Accountants