26 November 2010
http://icai.org/post.html?post_id=2594
Q18. Qualifications to perform functions of a Reviewer 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
09 August 2024
Getting a firm registered on the panel of Peer Review of the Institute of Chartered Accountants of India (ICAI) involves several steps. Peer Review is a process where the quality and standards of a firm's work are evaluated by peers to ensure compliance with ICAI's professional standards and guidelines. Below is a detailed procedure to get a firm registered on the Peer Review panel:
### **1. Understand Peer Review Requirements**
Before starting the registration process, familiarize yourself with the ICAI's Peer Review process and requirements. This includes understanding the Peer Review Board’s guidelines and the criteria for the review process.
### **2. Register the Firm with ICAI**
**1. Membership and Firm Registration:** - Ensure that the firm is registered with ICAI and that all partners are members of ICAI. - Confirm that the firm has an active ICAI membership and that it is in good standing.
**2. Update Firm Information:** - Ensure that the firm’s details, such as address, partners, and contact information, are updated with ICAI.
### **3. Apply for Peer Review Registration**
**1. Submit an Application:** - Obtain and fill out the Peer Review Registration Form. The form is available on the ICAI website or can be requested from the ICAI office. - Ensure that all required information and documents are provided in the application.
**2. Required Documents:** - Details of the firm, including its structure, number of partners, and areas of specialization. - Proof of compliance with ICAI’s professional standards. - Details of the firm’s quality control procedures.
**3. Application Fee:** - Pay the prescribed fee for the Peer Review Registration. The fee details can be obtained from ICAI.
### **4. Peer Review Process**
**1. Peer Review Committee:** - Once the application is submitted, it will be reviewed by the Peer Review Committee of ICAI. - The committee may request additional information or documentation to complete the review.
**2. Peer Review Assignment:** - If the application is approved, a Peer Reviewer will be assigned to the firm. - The Peer Reviewer will conduct the review according to ICAI’s guidelines and standards.
**3. Conducting the Review:** - The Peer Reviewer will evaluate the firm’s adherence to professional standards, quality control processes, and compliance with ICAI’s guidelines. - The review involves examining the firm’s working papers, client files, and internal procedures.
**4. Peer Review Report:** - After the review, the Peer Reviewer will prepare a report detailing the findings, observations, and recommendations. - The firm will receive the report and may be required to address any issues or deficiencies identified.
**5. Follow-up Actions:** - The firm must address any recommendations or corrective actions suggested by the Peer Reviewer. - A follow-up review may be conducted if necessary.
### **5. Maintain Compliance**
**1. Regular Updates:** - Ensure that the firm continues to adhere to ICAI’s standards and guidelines. - Keep the Peer Review Board updated on any significant changes in the firm’s structure or operations.
**2. Renewals and Re-evaluation:** - The firm may be required to undergo periodic re-evaluation or renew its registration to remain on the Peer Review panel.
### **6. Contact ICAI for Assistance**
- For specific queries or assistance with the Peer Review process, contact the ICAI Peer Review Board or the ICAI regional office. - The ICAI website and local chapters can provide additional guidance and support.
### **Summary**
To get a firm registered on the panel of Peer Review of ICAI, ensure that the firm is an active ICAI member, submit a detailed application along with required documentation, and follow the Peer Review process, including review and corrective actions. Regularly update the firm’s information and comply with ICAI standards to maintain the registration. For detailed and up-to-date information, always refer to the ICAI’s official guidelines and website.
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