28A. Establishment of Quality Review Board
(1) The Central Government shall, by notification,
constitute a Quality Review Board consisting of
a Chairperson and ten other members.
(2) The Chairperson and members of the Board
shall be appointed from amongst the persons
of eminence having experience in the field of
law, economics, business, finance or
accountancy.
(3) Five members of the Board shall be
nominated by the Council and other five
members shall be nominated by the Central
Government.
28B. Functions of Board
The Board shall perform the following functions,
namely :−
(a) to make recommendations to the
Council with regard to the quality of
services provided by the members of
the Institute;
(b) to review the quality of services
provided by the members of the
Institute including audit services; and
(c) to guide the members of the Institute
to improve the quality of services and
adherence to the various statutory and
other regulatory requirements.
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28C. Procedure of Board
The Board shall meet at such time and place and
follow in its meetings such procedure as may be
specified2.
28D. Terms and conditions of services of Chairperson
and members of Board and its expenditure
(1) The terms and conditions of service of the
Chairperson and the members of the Board,
and their allowances shall be such as may be
specified3
.
(2) The expenditure of the Board shall be borne
by the Council.]
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1 Inserted by the Chartered Accountants (Amendment) Act, 2006
and came into force w.e.f. 17th November, 2006.
2&3 Rules made by the Central Government, called `The Chartered
Accountants (Procedures of Meetings of Quality Review Board,
and Terms and Conditions of Service and allowances of the
Chairperson and members of the Board) Rules, 2006’ have been
published in the Gazette of India, Extraordinary, Part II, Section
3, sub-section (i) dated 5th December, 2006 and have come into
force from that date.