In the wake of ongoing pandemic and lockdown situation in various states ICAI has provided extension for peer review certificate issued to various CA firms. Extract of the notification is as under:
“It has been noted that Practice Units are facing operational break-down due to lockdown imposed by several State Governments across various parts of the country owing to pandemic. Therefore, in order to mitigate the hardship, the Peer Review Board has decided to grant extension to the Peer Review Certificates expiring during the period from 1st April, 2021 to 30th June 2021 up to 31st July 2021. Accordingly, The validity of such certificates shall now be treated as 31st July 2021. However in order to maintain the continuity of validity of certificate, the Practice Units are requested to ensure the submission of completed Final Clean Report to the Board well in advance before 31st July 2021.”
To read full notification CLICK HERE.
To whom peer review is applicable?
Peer Review is applicable to all practicing Chartered Accountants and firms/Practice Unit.
What is the benefit of peer review?
Some of the areas which may provide/ enhance professional growth/ opportunities both for Reviewer and Reviewee could be as under:
(i) Training of Reviewer and Reviewee would lead to updating of knowledge and consequently expansion of horizon of professional opportunities.
(ii) Incentive for implementation of the best professional practices by a practice unit (PU), (i.e. an individual or a firm in practice that is being subjected to peer review), since one’s internal policies and procedures are subject to an independent review.
(iii) Enhancement in the competence of members since such a process greatly increases the awareness about the
implementation of Technical Standards both on the part of Reviewer and Reviewee.
(iv) Facilitates networking and affiliation for small and medium PUs.
(v) Peer Review serves as a quality assurance certificate and invites preference from regulatory and other authorities while assigning professional work to CAs.
(vi) Reviewer earns fees as per prescribed scale for the review of practice unit.
To read more about peer review CLICK HERE.