Peer review query

What are the areas excluded from the scope of peer review?

Pls answer , as asked in May 14 exams..

Replies (1)

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)

HOPE, IT WILL HELP YOU..!

Thanxx..

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