What is peer review ??

Examination of the functioning of a CA firm by any other practicising CA appointed by ICAI.

"Peer" means a person of same standing & reputation .

You must have seen that auditors at times write that  audit may come under peer review.There are innumerous possibilities of frauds & other illegal tactful deeds,its not possible for auditors to highlight all posibilities but atleast his approach should provide a reasonable assurance.

Mainly ,to check whether not the CA/CA firm is adopting a right approach & discharging its responsibilities in a manner that would not bring any defamation to CA fraternit ,peer review is conducted.

It is not neccessarily a sign of wrong conduct on part of practicising CA that peer review is ordered.

Peer review means review of work done by a professional by another professional of similar standing.

Objectives:

a) Applies to all members of Institute in practice; to assure (stakeholders & society) that proffession is concious of its responsibilities.

b) Is a regulatory mechanism for monitoring the performance of professionals; for maintaining quality of service.

c) To ensure adherence to various statutory & other regulatory req.