What are the areas excluded from the scope of peer review?
Pls answer , as asked in May 14 exams..
Saurabh Maheshwari (B.com,ACA) (5923 Points)
18 June 2014What are the areas excluded from the scope of peer review?
Pls answer , as asked in May 14 exams..
Vikram Bhatia
(CA Final)
(122 Points)
Replied 19 June 2014
Dear Saurabh,
Following services will not come under the scope of peer review :
(i) Management Consultancy Engagements;
(ii) Representation before various Authorities;
(iii) Engagements to prepare tax returns or advising clients in taxation matters;
(iv) Engagements for the compilation of financial statements;
(v) Engagements solely to assist the client in preparing, compiling or collating
information other than financial statements;
(vi) Testifying as an expert witness; (vii) Providing expert opinion on points of principle, such as Accounting Standards or the applicability of certain laws, on the basis of facts provided by the client; and (viii) Engagement for Due diligence
(Reference: As given in Auditing Module II BY ICAI)
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