Audit Quality Maturity Model – Revised Version 1.0

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Audit Quality Maturity Model Revised Version 1.0 (AQMM Rev v1.0) AQMM its purpose The AQMM is a model developed to enable the audit firms to self-evaluate their level of Audit Maturity, identify strength and lacking areas, and

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Audit Quality Maturity Model – Revised Version 1.0 (AQMM Rev v1.0)<br>
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AQMM & its purpose The AQMM is a model developed to enable the audit firms to self-evaluate their level of Audit Maturity, identify strength and lacking areas, and accordingly develop a road map for upgrading to a higher level of maturity.

It is a cross-functional evaluation model covering key areas of not only audit engagements but also audit practice at the firm level. It includes operations of the firm include revenue budgeting and pricing, audit practice manual, budgeting of engagements, time sheet, use of technology adoption, quality control for engagements, Human Resource Management including resource planning and monitoring, performance evaluation and compensation, physical and IT infrastructure.<br>
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Entities to which AQMM apply The AQMM mandatorily applies to the firms auditing the following entities from the 1st April 2023:

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.<br>