Google+
Search: Search
 
Follow us
   
Terms of Reference of the Taxation Audits Quality Review Board

Share this page:


Taxation Audits Quality Review Board

Formation of the Taxation Audits Quality Review Board
  • The Council of the Institute of Chartered Accountants of India, at its 373rd meeting, held in February, 2018 constituted the Taxation Audits Quality Review Board (hereinafter referred to as Board) as its non-standing committee.

Terms of Reference of the Taxation Audits Quality Review Board
  • To review any report prescribed under the Income-tax Act, 1961 and Rules framed thereunder and any report prescribed under the Indirect Tax Laws including Goods and Services Tax Law which are certified by a Chartered Accountant (tax auditor) in respect of certain enterprises with a view to determine, to the extent possible, compliance with the reporting requirements prescribed under the Income-tax Act, 1961 and Rules framed thereunder; compliance with the reporting requirements prescribed under the Indirect Tax Laws including Goods and Services Tax Law and compliance with the respective pronouncements, guidance notes of ICAI.

  • To review the various reports prescribed under the Income-tax Act, 1961 and Rules framed thereunder and under the Indirect Tax Laws including Goods and Services Tax Law either suo moto or on a reference made to it by any regulatory body including Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Ministry of Corporate Affairs, Comptroller and Auditor General of India, the Central Board of Direct Taxes, the Central Board of Indirect Taxes and Customs, State Commercial Tax Departments etc. The Board may also review the reports of the enterprises relating to which serious irregularities in taxation matters (Direct and Indirect) have been highlighted by the media reports.

  • The Board may interact with Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC)/State Commercial Tax Department to seek the reports and /or other information of the enterprises from the CBDT as well as CBIC /State Commercial Tax Department.

  • The Board may obtain the reports certified by the member (tax auditor) under the Income-tax Act, 1961 and Rules framed thereunder and under the Indirect Tax Laws including Goods and Services Tax Law and/or seek any other documents and information from the member (tax auditor) who has certified the report to be reviewed.
  • The Board wherever finds any material non-compliance with the factors stated at paragraph 2 above, it may refer the case to the Council of the Institute of Chartered Accountants of India for initiating appropriate action against the tax auditor under the Chartered Accountants Act, 1949. In so far as the management of the enterprise is concerned, pending the grant of relevant powers to the Board by the Government of India, the Board would inform irregularity so found to the regulatory body relevant to the enterprise.
  • In cases where no material non-compliances are observed by the Board, and only immaterial non-compliances are observed, the Board may not refer the case to the Council of the Institute of Chartered Accountants of India for initiating action against the tax auditor under the Chartered Accountants Act, 1949. In such cases, the Board would appropriately bring the non-compliance to the attention of the tax auditor by way of an advisory.
  • With a view to apprise the members of the Institute and others concerned about the major non-compliances observed during the review, the Board may compile such non-compliances or commonly found irregularities from time to time and publish the same in Journal/publication of the Institute, without mentioning the names of the enterprises concerned and/or their tax auditors. Publication may also be brought out to guide the members in respect of Direct and Indirect tax audits and diligence to be exercised thereof.
  • The enterprises within the purview of the Board include:
    • Entities whose equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India.
    • Banks (including co-operative banks), financial institutions or entities carrying on insurance business.
    • All commercial, industrial and business reporting entities, whose turnover (excluding other income) exceeds rupees one hundred crore in the financial year as may be decided by the Board.
    • Holding and subsidiary entities of any one of the above.
    • such other category of enterprises which in the opinion of the Board make the public interest vulnerable due to susceptibility to non-compliance of reporting requirements prescribed under the Income-tax Act, 1961 and/or under the Indirect Tax Laws including Goods and Services Tax Law relevant to the enterprise and non-compliance of the reporting obligations of the tax auditor.
  • The Board may also give suitable recommendations to the various Committees of ICAI.
  • The Board may organise webcasts and seminars/ conferences/ programmes with a view to educate the members and other stakeholders about the probable non-compliances which may occur while certifying the various reports under the Income-tax Act, 1961 and/or the Indirect Tax Laws including Goods and Service Tax Law and to organise training programmes for Members for training them as Technical Reviewers.
     
    Students
    ICAI Cloud Campus
    BoS Knowledge Portal
    BoS Announcements
    At a Glance: CA Course
    e-Sahaayataa
    Examinations
    e-Services
     
    Members
    Know Rules & Regulations
    Post-Qualification Courses
    Generously Contribute to CABF
    Know the CPE Hours credit status
    e-Sahaayataa
    Examinations
    Empanelment
    e-Services
    Become Examiner with ICAI
    Other Imp. Links
     
    Employers
    Understand benefits that you get/Register as an employer
    Upload Jobs & Training Assignments/Review CVs/Shortlist Applications/Search for Professional Assistance
     
    Resources
    Download Standards
    View Notifications
    Look up Guidance Notes & Interpretations
    Digital Learning Hub
    Centralized Distribution System
    Free Download - Publications
    Publications
    Committee Pages
    Other Useful Links
     
    Events
    View Committee Events
    Look up CPE Events in my location
    Report on an Event
    Photo Gallery
     
    Official Directory  |  Web Mail  |  Feedback  |  Contact Us
    Best viewed on screen resolution 1024x768 pixels