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    34.peer Reveiw

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    mercatuz
    Peer review is an examination and review of a professional's systems and procedures to determine if quality standards are being met. It involves the review of a professional's work by another of similar standing. To be a reviewer, one must be a member of the professional body, have at least 10-15 years of audit experience, and currently be active in accounting and auditing. Peer review will be implemented in three stages, starting with large public interest entities in Stage I, then other regulated entities and some private companies in Stage II, and finally all other firms in Stage III.

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    34.peer Reveiw

    Uploaded by

    mercatuz
    39 views7 pages
    Peer review is an examination and review of a professional's systems and procedures to determine if quality standards are being met. It involves the review of a professional's work by another of similar standing. To be a reviewer, one must be a member of the professional body, have at least 10-15 years of audit experience, and currently be active in accounting and auditing. Peer review will be implemented in three stages, starting with large public interest entities in Stage I, then other regulated entities and some private companies in Stage II, and finally all other firms in Stage III.

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    34.Peer Reveiw

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    Peer review is an examination and review of a professional's systems and procedures to determine if quality standards are being met. It involves the review of a professional's work by another of similar standing. To be a reviewer, one must be a member of the professional body, have at least 10-15 years of audit experience, and currently be active in accounting and auditing. Peer review will be implemented in three stages, starting with large public interest entities in Stage I, then other regulated entities and some private companies in Stage II, and finally all other firms in Stage III.

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    Download as docx, pdf, or txt
    39 views7 pages

    34.peer Reveiw

    Uploaded by

    mercatuz
    Peer review is an examination and review of a professional's systems and procedures to determine if quality standards are being met. It involves the review of a professional's work by another of similar standing. To be a reviewer, one must be a member of the professional body, have at least 10-15 years of audit experience, and currently be active in accounting and auditing. Peer review will be implemented in three stages, starting with large public interest entities in Stage I, then other regulated entities and some private companies in Stage II, and finally all other firms in Stage III.

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    PEER REVIEW

    Meaning The term "peer" means a person of similar standing. The term "review" means conduct of reexamination or retrospective evaluation of the subject matter. In generality, for a professional, the term "peer review" would mean review of work done by a professional by another professional of similar standing. Peer Review - Means an examination and review of the systems and procedures to determine whether they have been put in place by the practice unit for ensuring the quality of attestation services as envisaged and implied/mandated by the Technical Standards and whether these were effective or not during the period under review. Member - Means a member of the Institute of Chartered Accountants of India. Practice Unit - Means members in practice, whether practicing individually or a firm of Chartered Accountants. Qualifications of the Reviewer The nature and complexity of peer review require the exercise of professional judgement. Accordingly, an individual serving as a reviewer shall: 1. Be a member; 2. Possess at least ten/fifteen years' experience of audit; and 3. Be currently active in the practice of accounting and auditing. Note that 10/15 years audit experience need not be continuous but cumulative; but any block of less than 2 years experience in determining cumulative experience shall not be counted. Further note that Reviewers having 10 years or more audit experience but less than 15 years audit experience are considered for allotment of reviews of practice units falling under Stage III of peer review only and reviewers having 15 years or more audit experience are considered for allotment of reviews of practice units falling under all Stages of peer review. Members/ firms Subject to Review Peer review will be introduced in three stages with different types of practice units being included in each stage. Implementation will proceed on the basis of random selections from the practice units included in each stage. The Board shall decide the proportion of practice units to be included in the selection during each phase of implementation. Practice units, which shall be covered under each stage, are listed below: Stage I Practice Units (selected on random sample basis, from the following): i. which are Central Statutory Auditors of Public Sector Banks, Private Sector Banks, Foreign Banks and Public Financial Institutions; ii. which are Central Statutory Auditors of Central and State Public Sector up capital Undertakings and Central Cooperative Societies based on criteria such as turnover or paid up capital etc. as may be decided by the Board; iii. which are Central Statutory Auditors of Insurance Companies; iv. which are conducting audit of Companies having paid up capital of over Rs. Five crores and an annual turnover of more than Rs. Fifty crores and such other criteria as may be decided by the Board; v. which are conducting audits or rendering attestation functions for asset management

    companies and mutual funds schemes. The implementation of this stage commenced from 1st April 2003.

    Stage II Practice units (selected on random sample basis) conducting statutory audit of the following : i. Branches of Public Sector Banks; ii. Branches of Private Sector and Foreign Banks; iii. Regional Rural Banks/Co-operative Banks; iv. Non-Banking Financial Companies (NBFCs), based on such criteria as the Board may decide; v. Companies having paid-up capital of Rs. Five crores or less and such other criteria such as turnover etc. as may be decided by the Board; vi. Concerns which have raised funds from the public/Financial Institutions of over Rs. One crore at any time during the period covered by the review and satisfy such other criteria in these regards as the Board may decide, as well as concerns who have shown readiness to raise funds of the above amount or more as evidenced by their filing of prospectus. The implementation of this stage commenced from 1st April 2004. Stage III All other practice units selected on random sample basis. The implementation of this stage commenced from 1st April 2005. Provided that if a practice unit is not selected in any of the above three stages, it may suo moto apply to the Board for the conduct of its peer review, and the Board shall take due cognizance of such request. Provided further that if an auditee concern requests the Board for the conduct of peer review of its auditor (practice unit), the Board shall take due cognizance of such request and in that case the cost of the peer review shall be borne by such auditee concern.

    Questions 1.What is peer review? 2.What are the qualifications required of a reviewer in a peer audit review? 3.Write a short note on preliminary reports of peer review? Source:www.icai.org Complied by Fayaz Mohammed fayazmhd7@gmail.com,Mob 9995953636

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