The Audit Quality Maturity Model (AQMM v 1.0) is a cross-functional evaluation model developed with an objective to enable the Audit firms to evaluate their current level of Audit Maturity and also identify areas where competencies need to be strengthened.

The AQMM v 1.0 is mandatory w. e. f. April 1, 2023 to the firms auditing the following entities:

• a) a Listed Entity
• b) Banks other than Co-Operative banks (Except multi- state Co-operative banks)
• c) Insurance Companies

However, the firms conducting only branch audits are not covered.

The level of the firm obtained using AQMM v 1.0 is being reviewed by a peer reviewer and recorded on the website of ICAI against the validity of the firms’ peer review certificate.

The Centre for Audit Quality proposes to bring out version 2.0 of the Audit Quality Maturity Model. The same was considered by the Council at its 432nd meeting and as decided, the same is being issued for public comments. The Exposure Draft and the related files can be accessed at the following links:

• 1. AQMM v 2.0 https://rb.gy/4gpnvs
• 2. Presentation summarizing the proposed changes https://rb.gy/qksppp
• 3. Comparison of AQMM v 1.0 and AQMM v 2.0 https://rb.gy/l23c0o

The comments on the above mentioned Exposure Draft may be sent at the following link https://forms.gle/4iWG8oHzgBERRTPi8 latest by 2nd August, 2024.