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.
Independent review of CA firms' audit practice as empanelled Peer Reviewer under the ICAI Peer Review Board.
Diagnostic assessment of firm's quality systems, documentation, and audit files before the actual peer review visit.
Design and rollout of Standard on Quality Control (SQC 1) policies and procedures across the firm.
Review of audit files for compliance with SAs, ethical standards, and ICAI's Engagement & Quality Control framework.
Customised audit programs, working paper templates, and review checklists aligned with peer review expectations.
Workshops for partners and staff on audit quality, SAs, documentation, and common peer review observations.
Action plans to address gaps identified in initial reviews and support for re-review or follow-up visits.
Periodic internal quality reviews to ensure that audit quality remains consistent between peer review cycles.
Understanding firm size, services, client base, and identifying assurance engagements covered under review.
Evaluation of SQC 1 policies, independence, ethics, HR, and engagement performance procedures.
Selection and detailed review of sample audit files for compliance with SAs and documentation standards.
Discussion of preliminary observations with the firm, evaluation of responses, and conclusion on systemic issues.
Submission of final report to the Peer Review Board and issuance of Peer Review Certificate on satisfactory closure.
Partner with empanelled Peer Reviewers to strengthen audit quality, secure your certificate, and stay regulator-ready.
Talk to a Peer Reviewer