The Institute of Chartered Accountants of India (ICAI) established the Centre for Audit Quality (CAQ) to enhance audit standards among Chartered Accountant firms, aiming to boost stakeholder trust and transparency. To assist firms in evaluating their "Audit Maturity" and identifying areas for improvement, the CAQ introduced the Audit Quality Maturity Model (AQMM). Based on extensive research into Audit Quality Indicators (AQI), this model assesses key areas such as Practice Management, Human Resource Management, and Digital Competence, assigning firms up to 600 points. Firms are then classified into four maturity levels based on their scores. This article explores several key focus areas, including:
‣ Background of the Audit Quality Maturity Model (AQMM)
‣ Applicability of AQMM
‣ AQMM v 2.0 – Sections and Scores
‣ Firm Maturity Level
‣ Interpretation of the Firm's Level
‣ Who Shall Conduct the AQMM?
