For the purpose of peer review, the Statement on Peer Review defines:

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.

Attestation Services - Means services involving the auditing or verification of financial transactions, books, accounts or records, or the preparation, verification or certification of financial accounting and related statements as defined under Section 2(2)(ii) of the Chartered Accountants Act, 1949 but does not include :

1. Management Consulting Engagements;
   
   

2. Representing a client before the Authorities;
   
   

3. Engagements to prepare tax returns or advising clients in taxation matters;
   
   

4. Engagements for the compilation of financial statements;
   
   

5. Engagements solely to assist the client in preparing, compiling or collating information other than financial statements;
   
   

6. Testifying as expert witness; and
   
   

7. Providing expert opinion on points of principle, such as Accounting Standards or the applicability of certain laws, on the basis of facts provided by the client.

Technical Standards - Mean and include :

1. Accounting Standards issued by the Institute of Chartered Accountants of India;
   
   

2. Statement on Standard Auditing Practices issued by the Institute of Chartered Accountants of India;
   
   

3. Framework for the Preparation and Presentation of Financial Statements and Framework of Statements on Standard Auditing Practices and Guidance Notes on Related Services issued by the Institute of Chartered Accountants of India;
   
   

4. Statements issued by the Institute of Chartered Accountants of India;
   
   

5. Compliance of the Guidance Notes issued by the Institute of Chartered Accountants of India;
   
   

6. Notifications/Directions issued by the Institute of Chartered Accountants of India including those of a self-regulatory nature; and
   
   

7. Compliance of the provisions of the various relevant Statutes and/or Regulations which are applicable in the context of the specific engagements being reviewed.

Reviewer - Means any member engaged to carry out peer review of practice unit from the panel of reviewers.