What is peer review ??
Spirit (Learner) (450 Points)
10 December 2013
What is PEER REVIEW ??
CAN ANYBODY EXPLAIN BRIEFLY WITH EXAMPLE ??
CA Vijeta Verma
(ACA B.com job motivational speaker.)
(7730 Points)
Replied 10 December 2013
Examination of the functioning of a CA firm by any other practicising CA appointed by ICAI.
"Peer" means a person of same standing & reputation .
You must have seen that auditors at times write that audit may come under peer review.There are innumerous possibilities of frauds & other illegal tactful deeds,its not possible for auditors to highlight all posibilities but atleast his approach should provide a reasonable assurance.
Mainly ,to check whether not the CA/CA firm is adopting a right approach & discharging its responsibilities in a manner that would not bring any defamation to CA fraternit ,peer review is conducted.
It is not neccessarily a sign of wrong conduct on part of practicising CA that peer review is ordered.
Suresh Kumar
( )
(60 Points)
Replied 12 December 2013
Peer review means review of work done by a professional by another professional of similar standing.
Objectives:
a) Applies to all members of Institute in practice; to assure (stakeholders & society) that proffession is concious of its responsibilities.
b) Is a regulatory mechanism for monitoring the performance of professionals; for maintaining quality of service.
c) To ensure adherence to various statutory & other regulatory req.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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