| In March 2002, a Peer Review Board was constituted with provision for adequate representation to such outside bodies as Department of Company Affairs, Comptroller and Auditor General of India, Reserve Bank of India, Securities & Exchange Board of India and Federation of Provision has also been made for eminent personalities as special invitees which include a former President of the Insititute, Chairman IR&DA, former Judge of Rajasthan High Court, CMD of Bank of Maharashtra. |
Later,a Statement on Peer Review was issued under the autority of the Council. The main objective of Peer Reivew is to ensure that in carrying out theier professional attestation services assignments, the members of the ICAI (a) comply with the Technical Standards laid down by the ICAI and (b) have in place proper systems (including decoumentation systems) for maintaining the quality of the attestation services work they perform. Peer Review will be introduced in three stages with different types of practice units to be included in each stage. The first stage will be initiated from 1st April, 2003 |
The Board has so far, held two meetings. At its first meeting, the Board constituted groups for preparation of Peer Review Manual. Groups have also been set up to consider laying down Board's Procedure and Rules as well as Selection, Training and Regulation of Peer Reviewers. |
| At the second meeting, the draft of the Peer Review Manual was considered and the same is under finalisation. Manual on Quality Control Standards for compliance with the Statement on Peer Review has also been prepared and the same is under the consideration of the Board. |
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