Chapter 1

                                      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

2.     Eligibility requirements for an initial public offer on SME Exchange

3.     Rotation of audit partners

3.1. Peer review applicability of sole practitioner/proprietorship

4.     Peer Review Mandate - Roll Out Phases for various Practice Units

4.1. Deferment of second phase of Peer Review Mandate

4.2. Peer Review applicability coincides with classes of companies and bodies corporate governed by NFRA

4.3. Certificates issued by Peer Review Board to Practice Units without end date

Chapter 3

How to become Peer Reviewer

1.     Peer Reviewer needs to be member in practice

2.     Ineligibility

3.     Professional association with the Practice Unit

3.1.                           Cooling off period before and after appointment as peer reviewer:

3.2.                                                                              Independence and conflict of interest

3.3. Confidentiality

4.     raining and Test for Peer Reviewers

4.1.                                                               Empanelment remains in force for three years

5.     Appointment of Peer Reviewer and his obligations

5.1. Can any assistant be appointed for conducting peer review

5.2. Obligations

Chapter 4

Peer Review Process

1.     Objective

1.1. Technical, Professional and Ethical Standards

1.2. Technical Guides, Practice Manuals, Studies and Other Papers Published by AASB have no authority of the Council attached to them

2.     Coverage of Peer Review

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:

2.2. Practice Unit having branch office(s)

2.3. Sample checking by peer reviewer and criteria thereof

2.4. Whether assurance engagements which have been subjected to any Regulatory Review should be selected in sampling

2.5. Minimum sample size and consequent validity of Peer Review Certificate

2.6. Suggested Format for List of Samples Selected to be submitted to the Board

3.     Assurance Engagements to be covered by the Peer Reviewer during the peer review process

4.     Procedure for Initiating Peer Review

5.     Peer Review Procedure to be followed by the Peer Reviewer

6.     Compliance Review

7.     Reviewer to adopt a combination of Compliance Approach and Substantive Approach

8.     Procedure for Peer Review of a New unit

9.     Reporting by the Peer Reviewer

10.  Fees for Peer Review

11.  Issuance of Peer Review Certificate

12.  Validity of Peer Review Certificate

13.  Duplicate/Amendment of Peer Review Certificate

14.  Disciplinary Action against PU

15.  Check List for submitting documents to PRB

16.  Various action points

16.1. Form 9 – Peer Review Report

16.2. Applicability of Annexure III

16.3. Submission of DoC in Form 2 to the Practice Unit

16.4. Accompaniments with Peer Review Report

17.  Illustrative Time Schedule

18.  Functions of the Peer Review Board Secretary and Secretariat

19.  What Peer Review Board can do on considering the report of the Peer Reviewer

19.1. Revocation of peer review certificate