The Ministry of Corporate Affairs (MCA) has enhanced the Quality Review Board (QRB) of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI) vide notifications no. S.O. 4455(E) and G.S.R. 734(E) issued on 12th October 2023.
Key Changes
The following are the key changes that have been made to the QRB:
- The number of members of the QRB has been increased from 11 to 15.
- The QRB will now have a separate panel for each of the following areas:
- Audit
- Company secretarial services
- Consulting services
- The QRB will now have a dedicated chairman.
- The QRB will now be able to appoint experts to help it with its reviews.
Impact
The MCA expects that the enhanced QRB will be able to more effectively review the quality of services provided by members of ICAI and ICSI. This will help to improve the quality of corporate governance in India and protect the interests of investors.
Conclusion
The enhancement of the QRB is a welcome step by the MCA. It is expected to help in improving the quality of corporate governance in India and protecting the interests of investors.
Additional Information
The QRB is a body that is responsible for reviewing the quality of audit and other assurance services provided by members of ICAI and ICSI. The QRB also reviews the quality of other professional services provided by members of ICAI and ICSI, such as company secretarial services and consulting services.
The QRB is an important body in the corporate governance landscape in India. It plays a key role in ensuring that members of ICAI and ICSI provide high-quality services to their clients.
The enhancement of the QRB is part of the MCA’s ongoing efforts to improve the quality of corporate governance in India. The MCA expects that the enhanced QRB will be able to more effectively review the quality of services provided by members of ICAI and ICSI. This will help to improve the quality of corporate governance in India and protect the interests of investors.
