Widening the scope of mandatory applicability of Audit Quality Maturity Model
(AQMM) and disclosure of AQMM Levels on ICAI Website and Peer Review
Certificates
At present the Audit Quality Maturity Model is mandatory for Firms auditing the following
entities excluding the Firms conducting only branch audit:
a) A Listed Entity
b) Banks other than Co-Operative banks (Except multi- state Co-operative banks)
c) 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:
Disclosure of AQMM Levels on ICAI Website and Peer Review Certificates:
The level of the Firm assessed under AQMM is currently being hosted by the Peer Review
Board on the ICAI website, alongside the date of validity of the Peer Review Certificate. It has
now been decided that the list of AQMM v. 2.0 reviewed Firms will be hosted level-wise on
the ICAI website by the Peer Review Board, and the AQMM v. 2.0 level of the Firm will also
be mentioned on the Peer Review Certificate issued to the Firms.