ICAI Broadens Scope of AQMM Implementation for Audit Firms

Print 11-Apr-2026 , 01:42:16 pm | By CASANSAAR

ICAI Broadens Scope of AQMM Implementation for Audit Firms

Widening the scope of mandatory applicability of Audit Quality Maturity Model (AQMM)

In partial modification of the Announcement dated 11th August 2025 hosted at https://resource.cdn.icai.org/87517caq-aps1943.pdf a clarification is hereby issued that the mandatory AQMM review shall be applicable to Practice Units undertaking audits of the holding/subsidiary/associates/ joint ventures of listed entity or banks other than Co-operative banks (except multi-state co-operative banks) or insurance companies which are subject to Peer Review.

The Revised Announcement should therefore be read as under:
At present the Audit Quality Maturity Model is mandatory for Firms auditing the following entities excluding the Firms conducting only branch audit:

A Listed Entity
Banks other than Co-Operative banks (Except multi- state Co-operative banks)
Insurance Companies

The scope of mandatory applicability of AQMM version 2.0 has now been widened and accordingly AQMM v. 2.0 has been made mandatory in a phased manner for the following categories of firms:

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