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Peer review

Ravi Rajak (Student CA Final ) (97 Points)

23 February 2017

My firm has been selected for peer review and we have to fill a questionnaire, Is it possible for anyone to give a suggested answer or the way it needs to be filled? It will be a great help. Thank you in advance.

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CA Amrita Chattopadhyay (Audit & Assurance) (13029 Points)
Replied 27 February 2017

The questionnaire sent by ICAI or from QRB is based on the Auditing Standard issued by ICAI. To fill the questionnaire you need to refer to the Auditing Standards issued by ICAI.

Ravi Rajak (Student CA Final ) (97 Points)
Replied 27 February 2017

Thank you for your reply.

Is there not any filled in questionnaire or suggested answers to make the task easy?

CA Amrita Chattopadhyay (Audit & Assurance) (13029 Points)
Replied 27 February 2017

Many Chartered Accountant firm has gone through peer review. Thus they will have a filled questionnaire. But the same may not be applicable for your firm as standard answers are not prescribed. The answers varies from firm to firm.

Ravi Rajak (Student CA Final ) (97 Points)
Replied 27 February 2017

Well, thats true but still if I could get some answers then would be able get an idea of how to proceed. Thank you though, will go the standards as you suggested.

CA Amrita Chattopadhyay (Audit & Assurance) (13029 Points)
Replied 27 February 2017

The first phase contains the generic questions regarding the capacity of the firm like number of partners, branches, audits conducted etc. I hope you can fill this areas with the records maintained by your firm. In the second phase, you can send me the questionnaire and I can guide you how to fill it. It will not be advisable to share the responses of other firm.

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