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Selection of the Practice Unit

Peer review would be introduced in three stages with different types of practice units being included at each stage. At each stage, certain practice units, satisfying the criteria laid down in the Statement, would be selected for peer review on a random sample basis. The Board is empowered to decide the proportion of practice units to be included in the selection during each phase of implementation. It is noteworthy that practice units falling under Stage-I (Refer to link Introduction/ Members/ firms Subject to Review) would be subjected to peer review at least once in three years. However, if the Board so decides or otherwise at the request of the practice unit, the peer review for a practice unit can be conducted at shorter intervals in respect of practice units falling under Stage-I, while practice units falling under Stages-II and III may not be subjected to review every three years. Therefore, the Statement provides that a practice unit may also, suo motu, apply to the Board for conducting it's peer review. Such a provision has been included in the Statement to ensure that all practice units may like to undergo periodic review in view of the benefit accruing out of such a process. Similarly, an auditee concern may also request the Board for the conduct of peer review of its auditor, i.e., practice unit.

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