Peer review is a process designed to ensure that a practice unit adheres to the technical and ethical standards set by the ICAI. It covers various aspects of operations, including staff supervision, administration, client handling, fees, and the quality of work. While based on specific factors, firms can also opt for a voluntary peer review by contacting the ICAI.
Peer review is done to ensure that whether the practice unit is conducting their working activities including staff supervision, administration, clients handling, fees charged to clients, engagement of articled assistants, their quality of work etc. are followed as per Technical and Ethical Standards issued by ICAI