What the notification does
The Auditing and Assurance Standards Board (AASB) releases exposure proposals to elevate quality control across member practices:
- Expands mandatory documentation on automated IT general controls (ITGC) for mid-market and listed audits.
- Reinforces standards on testing management estimates and valuation methodologies.
- Provides structured templates for engagement quality reviews (EQR) in multi-partner firms.
Who it affects
Practicing Chartered Accountants, statutory auditors, and internal audit teams.
Points for finance teams
| ACTION | BY WHEN | OWNER |
|---|---|---|
| Review firm audit checklists against proposed AASB documentation standards | Before comment deadline | Audit partner |
The firm's note
ICAI invites public remarks on the revised standard regarding auditor risk assessment and automated internal controls documentation. Practitioners in statutory audit should review the draft provisions.
Disclaimer. This note is a summary prepared by M Rishabh & Associates for general information as on 26 October 2026. It is not professional advice. Refer to the official notification for the full text, which prevails in case of any difference. See the full disclaimer.