ANNOUNCEMENT

                                               Subject: Audit Quality Maturity Model version 2.0 (AQMM v 2.0) 

The Council of the Institute of Chartered Accountants of India has approved the Audit
Quality Maturity Model version 2.0 (AQMM v 2.0). The same is available at
https://resource.cdn.icai.org/81585caq65805.pdf
Applicability
The AQMM v 1.0 has been made mandatory w. e. f. April 1, 2023, to the firms auditing the
following entities:
(a) a listed entity; or
(b) Banks other than co-operative banks (except multi-state co-operative banks);  or
(c) Insurance Companies
However, firms doing 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.
There is no change regarding the applicability of AQMM v 2.0. Therefore, AQMM v
2.0 is also mandatory for firms auditing the aforesaid entities.