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Peer Review Auditor
Peer review is an independent examination of a Chartered Accountant firm's audit practice and quality control framework, conducted by another empanelled CA known as a Peer Reviewer, to confirm adherence to ICAI's professional and ethical standards.
With SEBI, RBI, and the ICAI Peer Review Board mandating peer review certificates for firms auditing listed entities, banks, NBFCs, mutual funds, and other public-interest entities, every practising firm must build and demonstrate strong audit quality systems.
We act as empanelled Peer Reviewers under the ICAI Peer Review Board and also assist firms preparing for review — covering documentation, SQC 1 compliance, audit working papers, and remediation — so that firms obtain and retain a clean Peer Review Certificate.
Our Peer Review Services
Peer Review as Reviewer
Independent review of CA firms' audit practice as empanelled Peer Reviewer under the ICAI Peer Review Board.
Pre-Review Readiness
Diagnostic assessment of firm's quality systems, documentation, and audit files before the actual peer review visit.
SQC 1 Implementation
Design and rollout of Standard on Quality Control (SQC 1) policies and procedures across the firm.
Audit Documentation Review
Review of audit files for compliance with SAs, ethical standards, and ICAI's Engagement & Quality Control framework.
Templates & Checklists
Customised audit programs, working paper templates, and review checklists aligned with peer review expectations.
Training & Capacity Building
Workshops for partners and staff on audit quality, SAs, documentation, and common peer review observations.
Remediation Support
Action plans to address gaps identified in initial reviews and support for re-review or follow-up visits.
Ongoing Quality Monitoring
Periodic internal quality reviews to ensure that audit quality remains consistent between peer review cycles.
Our Peer Review Process
1
Engagement & Scoping
Understanding firm size, services, client base, and identifying assurance engagements covered under review.
2
Quality Framework Review
Evaluation of SQC 1 policies, independence, ethics, HR, and engagement performance procedures.
3
Sample Engagement Review
Selection and detailed review of sample audit files for compliance with SAs and documentation standards.
4
Discussion & Findings
Discussion of preliminary observations with the firm, evaluation of responses, and conclusion on systemic issues.
5
Reporting & Certificate
Submission of final report to the Peer Review Board and issuance of Peer Review Certificate on satisfactory closure.
Why Peer Review Matters
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Mandatory for listed company and PIE auditors
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Required for SEBI, RBI, and IRDA empanelment
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Strengthens audit quality and methodology
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Improves SQC 1 and SA compliance
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Reduces risk of disciplinary and NFRA action
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Builds confidence with clients and regulators
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Supports tendering and large client onboarding
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Enhances brand and professional reputation
FAQs on Peer Review
What is peer review under ICAI?
Peer review is an independent review of a Chartered Accountant firm's assurance engagements and quality control systems by another qualified Peer Reviewer empanelled with the ICAI Peer Review Board. Its objective is to ensure that the firm consistently complies with technical, professional, and ethical standards of the profession.
Which firms are required to undergo peer review?
Firms auditing listed entities, banks, insurance companies, NBFCs, mutual funds, and other public-interest entities are required to hold a valid Peer Review Certificate. Several regulators including SEBI, RBI, and ICAI have made it a precondition for signing audit reports of such entities.
Who can act as a Peer Reviewer?
Only Chartered Accountants empanelled with the ICAI Peer Review Board can act as Peer Reviewers. They must meet eligibility criteria around years of experience, audit signing record, training requirements, and continuing professional education prescribed by the Board.
What is SQC 1 and how is it linked to peer review?
SQC 1 is the Standard on Quality Control issued by ICAI that requires firms to establish a system of quality control for engagements. Peer reviewers evaluate the design and operation of SQC 1 policies covering leadership, ethics, independence, HR, engagement performance, and monitoring.
How long is a Peer Review Certificate valid?
A Peer Review Certificate is generally valid for a fixed period as prescribed by the Peer Review Board, after which the firm has to undergo a fresh review. Firms are expected to apply well before expiry to ensure continuity for regulatory and listed audit assignments.
What are common issues observed in peer reviews?
Frequent observations include inadequate audit documentation, gaps in risk assessment, weak engagement quality control review, missing independence confirmations, insufficient SQC 1 manual, and absence of ongoing monitoring of completed engagements.
How can firms prepare for peer review?
Firms can prepare by implementing SQC 1, standardising audit working papers, maintaining engagement letters and independence declarations, conducting internal file reviews, and addressing observations from prior reviews. A pre-review readiness assessment can identify and fix gaps in advance.
Get Peer Review Ready with Confidence
Partner with empanelled Peer Reviewers to strengthen audit quality, secure your certificate, and stay regulator-ready.
Talk to a Peer Reviewer