CA Firm Audit

[Shahbaz]

Assalamoalaikum,

I have this innocent question in my mind since I started this certification.
CA firms perform audit of different companies. My question is who perform their(CA firms) audit? )

Regards,

Syed Muhammad Shahbaz

[kamranACA]

Dear,

Normally the firms submit their tax returns supported by audited accounts (though not required by law) that are audited by other firms of chartered accountants. This is related to financial side. Sometimes firms also have to attach their audited accounts, with proposals and expressions of interest, as a proof of their financial worth and existence.

If we talk about quality of audit work, ICAP conducts quality control review after every 2.50 years covering each office of each firm on the parameters laid down by IFAC and issue a certificate of "in accordance" on satisfactory review.

In addition, the firms having international affiliations also have to undergo the review by the foreign delegates and this happens almost every year. Apart from it some firms also arrange office to office peer reviews.

Hope you have been answered.

Regards,


KAMRAN.

[oalevel]

Thnx Kamran bhai for such a useful reply