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Handbook on PEER REVIEW of Practice Units
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| Attribute | Details |
| Author | CA. Kamal Garg |
| Edition | 1st edn. 2024 |
| ISBN | 978-81-972724-3-1 |
| Pages | 264 |
| Publisher | Bharat Law House |
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Description
Discover the comprehensive “Handbook on Peer Review of Practice Units” authored by CA. Kamal Garg. This 1st edition book spans 264 pages, ISBN 978-81-972724-3-1 and is published by Bharat Law House. It delves into the applicability and phases of peer review, qualifications for peer reviewers, the peer review process, model forms and reports, and the code of ethics. Avail a flat 27% discount for a limited time, with free shipping included. Perfect for professionals and students alike, this handbook navigates the complexities of peer review with clarity and depth.
| Sr No. | Description | Page Number |
| Bharat? | 5 | |
| Preface | 9 | |
| Contents at a glance | 13 | |
|
Chapter 1: Introduction |
1 | |
|
Chapter 2: Applicability of Peer Review and its Mandate Roll Out in Phases |
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| 1 | Submission of periodic limited review and audit reports by listed entities | 3 |
| 2 | Eligibility requirements for an initial public offer on SME Exchange | 4 |
| 3 | Rotation of audit partners | 5 |
| 3.1 | Peer review applicability of sole practitioner/proprietorship | 5 |
| 4 | Peer Review Mandate – Roll Out Phases for various Practice Units | 5 |
| 4.1 | Deferment of second phase of Peer Review Mandate | 7 |
| 4.2 | Peer Review applicability coincides with classes of companies and bodies corporate governed by NFRA | 8 |
| 4.3 | Certificates issued by Peer Review Board to Practice Units without end date | 9 |
|
Chapter 3: How to become Peer Reviewer |
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| 1 | Peer Reviewer needs to be member in practice | 11 |
| 2 | Ineligibility | 12 |
| 3 | Professional association with the Practice Unit | 12 |
| 3.1 | Cooling off period before and after appointment as peer reviewer | 12 |
| 3.2 | Independence and conflict of interest | 12 |
| 3.3 | Confidentiality | 12 |
| 4 | Training and Test for Peer Reviewers | 13 |
| 4.1 | Empanelment remains in force for three years | 13 |
| 5 | Appointment of Peer Reviewer and his obligations | 13 |
| 5.1 | Can any assistant be appointed for conducting peer review | 14 |
| 5.2 | Obligations | 14 |
|
Chapter 4: Peer Review Process |
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| 1 | Objective | 16 |
| 1.1 | Technical, Professional and Ethical Standards | 16 |
| 1.2 | Technical Guides, Practice Manuals, Studies and Other Papers Published by AASB have no authority of the Council attached to them | 17 |
| 2 | Coverage of Peer Review | 17 |
| 2.1 | Elements to be covered in peer review to include Standards, Reporting Quality, AQMM, ICAI Guidelines and Directions, Training programmes, Articleship engagements, etc.: Guideline 4(4) provides that the Peer Reviewer shall cover: | 17 |
| 2.2 | Practice Unit having branch office(s) | 18 |
| 2.3 | Sample checking by peer reviewer and criteria thereof | 18 |
| 2.4 | Whether assurance engagements which have been subjected to any Regulatory Review should be selected in sampling | 19 |
| 2.5 | Minimum sample size and consequent validity of Peer Review Certificate | 19 |
| 2.6 | Suggested Format for List of Samples Selected to be submitted to the Board | 20 |
| 3 | Assurance Engagements to be covered by the Peer Reviewer during the peer review process | 21 |
| 4 | Procedure for Initiating Peer Review | 23 |
| 5 | Peer Review Procedure to be followed by the Peer Reviewer | 23 |
| 6 | Compliance Review | 24 |
| 7 | Reviewer to adopt a combination of Compliance Approach and Substantive Approach | 24 |
| 8 | Procedure for Peer Review of a New unit | 24 |
| 9 | Reporting by the Peer Reviewer | 25 |
| 10 | Fees for Peer Review | 26 |
| 11 | Issuance of Peer Review Certificate | 28 |
| 12 | Validity of Peer Review Certificate | 29 |
| 13 | Duplicate/Amendment of Peer Review Certificate | 29 |
| 14 | Disciplinary Action against PU | 30 |
| 15 | Check List for submitting documents to PRB | 30 |
| 16 | Various action points | 33 |
| 16.1 | Form 9 – Peer Review Report | 33 |
| 16.2 | Applicability of Annexure III | 33 |
| 16.3 | Submission of DoC in Form 2 to the Practice Unit | 33 |
| 16.4 | Accompaniments with Peer Review Report | 33 |
| 17 | Illustrative Time Schedule | 34 |
| 18 | Functions of the Peer Review Board Secretary and Secretariat | 37 |
| 19 | What Peer Review Board can do on considering the report of the Peer Reviewer | 38 |
| 19.1 | Revocation of peer review certificate | 39 |
|
Chapter 5: Model Forms and Reports with illustrative submissions |
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| 1 | Notice by Peer Reviewer for visiting office of the Practice Unit | 40 |
| 2 | Format for seeking additional information | 41 |
| 3 | Preliminary Report | 42 |
| 4 | Peer Review Report – Form 9 | 44 |
| 5 | Form 1 – Application cum Questionnaire | 83 |
|
Chapter 6: Illustrative Format of Quality Control Manual |
||
| 1 | Quality Control Manual | 138 |
| 1.1 | Preface | 138 |
| 1.2 | About this Manual | 138 |
| 1.3 | Important notices | 138 |
| 2 | Abbreviations used in the IQCM | 139 |
| 2.1 | Abbreviations for key roles | 139 |
| 3 | General Policy Statement | 140 |
| 4 | Mission Statement | 140 |
| 5 | Roles and Responsibilities of Partners and Staff | 140 |
| 6 | Leadership Responsibilities for Quality within the Firm | 141 |
| 7 | Relevant Ethical Requirements | 145 |
| 8 | Acceptance and Continuance of Client Relationships and Specific Engagements | 152 |
| 9 | Engagement Performance | 165 |
| 10 | Monitoring | 175 |
|
Chapter 7: Code of Ethics |
||
| 1 | Code of Ethics | 185 |
| 2 | The Chartered Accountants Act, 1949 | 186 |
| 3 | Functions of Council (Section 15) | 186 |
| 4 | Committees of the Council (Section 17) | 187 |
| 4.1 | Functions of Executive Committee (Regulation 175 of the Chartered Accountants (Amendment) Regulations, 2008, w.e.f. 25-09-2008) | 188 |
| 4.2 | Functions of Finance Committee (Regulation 176A of the Chartered Accountants (Amendment) Regulations, 2008, w.e.f. 25-09-2008) | 188 |
| 5 | Membership of ICAI | 189 |
| 6 | Removal from the Register (Section 20) | 190 |
| 6.1 | Cancellation of Certificate of Practice (The Chartered Accountants (Amendment) Regulations, 2008, w.e.f. 25-09-2008) | 190 |
| 7 | Other Services [Section 2(2)(iv)] | 190 |
| 8 | Corporate Form of Practice | 193 |
| 9 | Director of a Company | 193 |
| 10 | Disabilities [Section 8] | 194 |
| 11 | Certificate of Practice [Section 6] | 195 |
| 12 | Members acting as Direct Selling Agents | 196 |
| 13 | Maintenance of Branch Offices [Section 27] | 196 |
| 14 | Professional Misconduct and Other Misconduct | 197 |
| 15 | Penalty for falsely claiming to be a member, etc | 198 |
| 16 | Clarifications of ICAI as published in the publication “Code of Ethics Plus” and its Website | 199 |
| 16.1 | Recent Decisions of Ethical Standards Board [ESB] | 202 |
| 17 | New Disciplinary Mechanism | 206 |
| 18 | Disciplinary Directorate (Section 21) | 207 |
| 19 | Board of Discipline (Section 21A) | 207 |
| 20 | Disciplinary Committee (Section 21B) | 208 |
| 21 | Authority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court (Section 21C) | 208 |
| 22 | Constitution of Appellate Authority (Section 22A) | 209 |
| 23 | Term of office of Chairperson and members of Authority (Section 22B) | 209 |
| 24 | Appeal to Authority (Section 22G) | 209 |
| 25 | Quality Review Board (Section 28A to 28D of Chapter VIIA) | 210 |
| 26 | Schedules to the Chartered Accountants Act, 1949 | 211 |
| FIRST SCHEDULE | 212 | |
| SECOND SCHEDULE | 228 |
Additional information
| Publisher | Bharat |
|---|
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