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Expert Panel for Statutory Audit Related Queries To Auditing Aspects

Expert Panel for Statutory Audit launched by Auditing and Assurance Standards Board (AASB) of ICAI, stands as a guiding light for members grappling with complexities of statutory audits. Check here details.
authorImageMridula Sharma16 May, 2024
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Expert Panel for Statutory Audit Related Queries To Auditing Aspects

ICAI Expert Panel for Statutory Audit: As businesses evolve, regulatory requirements multiply, and new challenges emerge, auditors face an increasingly complex environment. To address these challenges and enhance audit quality, the Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has taken a proactive step by establishing an Expert Panel.

This panel aims to provide technical support to practitioners regarding auditing aspects, offering guidance and clarity on intricate audit matters.

Role of Expert Panel for Statutory Audit

The Institute of Chartered Accountants of India (ICAI) stands as a premier accounting body, fostering the growth and development of the accountancy profession in India. With the nation's economic progress at its core, ICAI has continuously adapted to meet the evolving needs of the industry. As businesses diversify, start-ups proliferate, and regulatory frameworks expand, the role of auditors becomes increasingly significant.

ICAI Expert Panel for Statutory Audit

The Expert Statutory Audit Panel , initiated by the Auditing and Assurance Standards Board (AASB) of ICAI, serves as a beacon of guidance for members navigating the intricacies of statutory audits. Led by CA. (Dr.) Sanjeev Kumar Singhal, Chairman, AASB, and CA. Vishal Doshi, Vice Chairman, AASB, the panel comprises seasoned professionals equipped with extensive experience and expertise in auditing.

Objective of the Expert Panel

The primary objective of the Expert Panel is to bolster audit quality by providing timely and accurate technical support to practitioners. In a landscape marked by rapid regulatory changes and heightened expectations, the panel aims to offer clarity on auditing standards, procedures, and best practices.

Scope of Expert Panel Assistance

The Expert Panel caters to queries related to auditing aspects encountered during statutory audits of entities. From interpreting complex accounting standards to resolving practical audit challenges, the panel endeavors to address a wide spectrum of queries.

Expert Panel Dates

The Expert Panel will be operational from 16th April 2024 to 30th September 2024, ensuring an extended period for members to seek assistance and guidance.

How to Seek Assistance from Expert Panel

Members seeking assistance from the Expert Statutory Audit Panel can submit their queries via email to auditfaq[at]icai[dot]in. To facilitate efficient resolution, members are encouraged to provide concise yet comprehensive information, ensuring clarity and relevance.

Guidelines for Query Submission in Expert Panel

To optimize the query resolution process and uphold professional standards, members are advised to adhere to the following guidelines:
  • Brevity and Completeness : While being concise, ensure that queries are accompanied by all relevant information and facts necessary for a thorough understanding of the issue.
  • Confidentiality : Refrain from disclosing the names of clients or entities to maintain compliance with ICAI's Code of Ethics regarding client confidentiality.
  • Avoidance of Redundancy : Submit unique queries and refrain from resubmitting the same query multiple times.
  • Independent Drafting : Craft queries independently, leveraging professional judgment and expertise to articulate the issue effectively.
  • Non-Binding Nature : Acknowledge that the views expressed by experts are personal opinions and do not necessarily reflect those of AASB or ICAI. Querists are urged to exercise discretion and not rely on expert advice as evidence in judicial proceedings.
It is imperative for members to acknowledge the disclaimer provided by the AASB and exercise caution in interpreting and implementing expert advice. The AASB reserves the right to withhold responses to queries without prior notice or justification. The Expert Panel for Statutory Audit Queries emerges as a beacon of support for practitioners navigating the intricate landscape of auditing. By fostering collaboration, knowledge-sharing, and adherence to professional standards, the panel aims to elevate audit quality and uphold the integrity of financial reporting. As members engage with the Expert Panel, it is essential to approach queries with diligence, professionalism, and a commitment to excellence, thereby contributing to the collective advancement of the auditing profession.
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Expert Statutory Audit Panel FAQs

How can I submit my queries to the Expert Panel?

Queries can be submitted via email to auditfaq[at]icai[dot]in, ensuring concise yet comprehensive information.

What is the duration of the Expert Panel's operation?

The Expert Panel will be operational from 16th April to 30th September 2024.

Are the views expressed by experts binding?

No, the views expressed are personal opinions and do not necessarily reflect those of AASB or ICAI.

Can I disclose client names in my queries?

No, to maintain client confidentiality, refrain from disclosing client or entity names.

What happens if my query is not answered?

The AASB reserves the right to withhold responses without prior notice, ensuring adherence to professional standards.
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