Stage – II of the Peer Review Process was to be implemented w.e.f. 1st April, 2004. Database of Practice Units (PUs) has been developed by means of (a) collecting data available with the Institute of statutory auditors of branches of Public Sector Banks; (b) calling mandatory declarations from PUs who are statutory auditors of branches of Private Sector and Foreign Banks, Regional Rural Banks/ Co-operative Banks, Non-Banking Financial Companies listed on the Stock Exchanges and not covered under Stage I and Companies having paid-up capital of Rs. two to five crores and turnover above Rs. twenty crores.

With a view to ensure objectivity in selection of Practice Units, the same have been selected through computerised random sample basis, based on globally acceptable software developed for this purpose. As a result of the computerised random selection, 1543 PUs which fall under various categories of Stage II of Peer Review (Phase I) were selected for undergoing the Peer Review. This list has already been hosted on the Institute’s website.

Enclosed is the list of 1305 PUs, which fall under various categories of Stage II of Peer Review (Phase II), which have been selected through computerized random selection for undergoing Peer review.

List of Practice Units selected for Peer Review under Stage II (Phase II)