Regulatory updates

The Quality Review Board (QRB), recently issued a report on Audit Quality Review, thereby compiling the results and observations of various audit quality reviews undertaken during FY 2021-22. The report explains the basis of selection of audit firms for review, overall process of conducting such reviews and also highlights some of the key takeaways for the audit firms. The report also summarises different observations encountered during the course of the reviews. The report includes:

• Observations relating to Standards on Auditing (SAs)
• Observations relating to Accounting Standards (AS) and Indian Accounting Standards (Ind AS)
• Observations relating to other relevant laws and regulations.

To access the text of the report, please click here

Recently, ICAI issued the Revised November 2022 version of the Ind AS: Disclosures checklist.

To access the text of the Revised checklist, please click here

Peer Review Guidelines 2022 replace the Statement on Peer Review. It comprises a complete code relating to peer review, including the terms of reference of such reviews and roles and responsibilities of the parties concerned (i.e., the practice units as well as the reviewers).

To access the text of the guidelines, please click here

The handbook incorporates the recent amendments made in the provisions relating to various returns prescribed under GST law and payment of taxes. The various forms for filing GST returns and making payment have been discussed in the handbook.

To access the text of the handbook, please click here

The handbook explains various provisions relating to annual return. Topics such as – who is required to file annual return, explains mandatory and optional fields and from where details may be captured to fill a particular field, etc. have been discussed in the handbook.

To access the text of the handbook, please click here

The handbook contains provisions of composition levy that have been included in the GST law to provide simple and easy compliance for small taxpayers. All the significant aspects of composition scheme, i.e., meaning of aggregate turnover, treatment of interest and discounts while calculating aggregate turnover, availability of the scheme to mixed suppliers and service providers, accounts and records required to be maintained, applicable returns, etc. have been discussed in the handbook.

To access the text of the handbook, please click here

The handbook aims to explain the complex law relating to inspection, search, seizure and arrest, as well as the various legal issues associated with such provisions.

To access the text of the handbook, please click here