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On intimation by the Board, of the Reviewer’s consent, the Practice Unit shall within 2 days provide the Information to be furnished by Practice Unit
The Reviewer shall within ________ of receiving the information from the Practice Unit select a sample of the assurance services that he would like to Review and intimate the same to the Practice Unit and the Peer Review Board.
The Reviewer shall plan for an on–site Review visit or initial meeting in consultation with the Practice Unit. The Reviewer shall give the Practice Unit at least ______ time to keep ready the necessary records of the selected assurance services.
The term of Peer Review Visits shall:
The number of assurance service engagements to be reviewed shall depend upon:
In case the Reviewer is of the opinion that the response by the Practice Unit is not satisfactory, the Reviewer shall accordingly submit a modified Report to the Board incorporating his reasons for the same. The Reviewer shall submit:
In case of a modified report, The Board shall order for a “Follow On” Review after a period of:
It is the responsibility of the Practice Unit to complete the Peer Review of the firm and submit all necessary documents at least ______ before the date of expiry of the previous certificate.
A Practice Unit cannot continue with the existing certificate, whose validity has expired. All documents signed by the Practice Unit during the intervening period (i.e. expiry of previous certificate and issuance of new certificate) will be invalid.
‘_______ means doing it right when no one is looking.’ -Henry Ford.
Every audit firm is required to establish a system of quality control designed to provide it with reasonable assurance that
_____________ prescribes that every firm’s system of quality control should include policies and procedures addressing the specified elements.
SQC 1 requires that every firm’s system of quality control should include policies and procedures addressing each of the following elements:
a – Leadership responsibilities for quality within the firm
b – Ethical requirements
c – Acceptance and continuance of client relationships and specific engagements
d – Human resources
e – Engagement performance
f – Teamwork and cooperation
Which one of the above is NOT an element?
Quality review is directed towards:
Scope & objective of the quality review includes ascertaining compliance with:
The review would encompass AFUR’s working papers of selected audit file/s:
The review undertaken by QRB covers:
The Quality Review Board has been set up by:
The Quality Review Board has been set up under section ___ of the Chartered Accountants Act, 1949.
The Board of quality review comprises of:
6 out of 11 Members of the Board, including Chairperson, are nominated by:
_________ of the Chartered Accountants Act, 1949 prescribes the functions to be performed by the Board.
The Board shall perform the following functions, namely:
The issue of QRB reviewing audits of the companies/bodies corporate specified under Rule 3 of the NFRA Rules, 2018 will only arise in case:
Rule 3 (1) of NFRA Rules, 2018, inter alia, provides that the Authority (read NFRA) shall have power to:
Coverage of Services for Quality Review would not extend to: