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March 2023

Society News

By Kinjal Shah | Anand Bathiya
Hon.Jt. Secretaries
Reading Time 12 mins
LEARNING EVENTS AT BCAS
1. LECTURE MEETING ON CHALLENGES IN IMPLEMENTATION OF AQMM
 
Bombay Chartered Accountants’ Society organised an online lecture meeting on the topic ‘Challenges in Implementation of Audit Quality Maturity Model (AQMM) on 20th February. 2023. The meeting was attended by over 150 participants. CA Durgesh Kabra shared the history and need of AQMM, its phase-wise applicability to various firms, benefits of self-evaluation vis-à-vis evaluation by peer reviewer, overview and weightage of various sections and sub-sections in the AQMM. CA N. Jayendran, commenced his session by sharing the advantages of AQMM for practising units. He shared the process to re-assess AQMM, fees for review by peer reviewer. He shared his views on some of the challenges in the implementation of AQMM especially for SME firms:
  •     Weightage of various aspects in score card like HR, qualitative aspects, etc
 
  •     Negative scoring on regulatory action for unsatisfactory work by a regulator
 
  •     Same set of questions repeated leading to incorrect assessment
 
  •     Vision and mission statement may become surrogate advertising
 
  •     Low weightage of 1.33 per cent to audit manual despi
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