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Handbook on PEER REVIEW of Practice Units

by CA Kamal Garg

Handbook on PEER REVIEW of Practice Units

by CA Kamal Garg

DETAILED CONTENTS

Bharat? 5
Preface 7
Contents at a glance 13

CHAPTER II

Introduction

CHAPTER 2

Applicability of Peer Review and its Mandate Roll Out in Phases

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

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
 �
  • 3.2. Independence and conflict of interest
 �
  • 3.3. Confidentiality
 12
4. raining and Test for Peer Reviewers 13
  • 4.1. Empanelment remains in force for three years
 �
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

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

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

Quality Control Manual 138
Preface 138
About this Manual 138
Important notices 138
Abbreviations used in the IQCM 139
Abbreviations for key roles 139
General Policy Statement 140
Mission Statement 140
Roles and Responsibilities of Partners and Staff 140
  • 1. Leadership Responsibilities for Quality within the Firm
 141
  • 2. Relevant Ethical Requirements
 145
  • 3. Acceptance and Continuance of Client Relationships and Specific Engagements
 152
  • 5. Engagement Performance
 165
  • 6. 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. (Section 24) 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

About the Author

CA Kamal Garg

CA Kamal Garg

Handbook on PEER REVIEW of Practice Units
Publisher: Bharat Law House
Pages: 264
Language: English
ISBN: 9788197272431
₹ 505 Price : ₹ 695
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