What is peer review ??
Spirit (Learner) (450 Points)
10 December 2013
What is PEER REVIEW ??
CAN ANYBODY EXPLAIN BRIEFLY WITH EXAMPLE ??
2 Replies
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.
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