ICAI approves Audit Quality Maturity Model version 2.0 for Auditing Selected Firms

The Institute of Chartered Accountants of India (ICAI) has approved the Audit Quality Maturity Model Version 2.0, which will be implemented in auditing selected firms. This updated model aims to enhance audit quality by providing a comprehensive framework that auditors can use to assess and improve their processes. The model includes various metrics and benchmarks that firms can adopt to ensure they meet the highest standards of audit quality. The introduction of this model is part of ICAI's continuous efforts to uphold and improve auditing standards in India, ensuring the reliability and credibility of financial reporting.