The Cost Auditing and Assurance Standards Board (CAASB), the standard-setting body of the Institute, in its 39th meeting finalised the Exposure Draft of Standard on Quality Control (ED SQC) and approved its release seeking views of all stakeholders.
The Standard on Quality Control (SQC) deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost statements, cost records and other related documents, and other assurance and related services engagements and applies to all firms of Cost Accountants. The objective of the cost accounting firm is to establish and maintain a system of quality control to provide it with reasonable assurance that the firm and its personnel comply with professional standards and applicable legal and regulatory requirements and reports issued by the firm or engagement partners are appropriate in the circumstances.
The Standard shall be finalised by the CAASB in the light of the suggestions/ comments received from the stakeholders. Please submit your views / comments / suggestions on the Exposure Draft Standard in the following format (last date being extended upto 17th March 2021) through email at caasb@icmai.in
To download the Exposure Draft, please click here
With best regards, CMA Ashwin G Dalwadi Council Member and Chairman, CAASB
