Large number of mid-term resignations by auditors this year has become matter of concern for various stakeholders. To examine the reasons and circumstances leading to resignation of auditors, a Group was constituted and it was decided to issue guidance for the members on the matter. The task of developing guidance for the members was entrusted to the Auditing and Assurance Standards Board (AASB).
It gives me immense pleasure to place in hands of the members, this “Implementation Guide on Resignation/Withdrawal from an Engagement to Perform Audit of Finance l Statements brought out by AASB. The Implementation Guide contains guidance on various aspects of auditors’ resignation like circumstances leading to withdrawal/ resignation, procedure to be followed by auditors in case of resignation, auditors responsibilities, professional obligations to be complied with by auditors. The Appendix to the Implementation Guide contains references of relevant paragraphs of various Standards on Auditing, SQC 1 and ICAI’s Code of Ethics which deal with auditors resignation.