ICAI working on audit quality norms to boost Indian firms' global standing

Quality parameters can be applied suo moto by ICAI's 80,000 member firms; best practices to include creation of supervising partner position, audit rotation, among others

The institute of chartered accountants of India (ICAI) is developing an audit quality maturity model to bring global standards for all its member firms and provide them with a score on achieving the required benchmarks. 

The quality parameters can be applied suo moto by the 80,000 member firms of the ICAI. 

“The idea is to improve the inherent capabilities of auditors...While a lot of the quality parameters are already there, we are putting things in black and white to help make our firms become globally competitive,” Atul Gupta, president ICAI said. 

Some of these best practices would include creating a