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Peer Review has transitioned from a quality check to a regulatory imperative. With ICAI expanding the scope of its mandate through Phase II and III from April 2024, firms rendering assurance services must now hold a valid Peer Review Certificate to continue serving key client segments — including listed entities and regulated businesses.
This article outlines the essentials of the peer review framework, including applicability, process flow, documentation requirements, and the broader scope of technical, professional, and ethical standards under review. It also demystifies the steps involved in filing Form-1, engaging with reviewers, and securing certification within stipulated timelines.
More than a compliance requirement, Peer Review is an opportunity for firms to benchmark their quality controls, elevate audit standards, and enhance trust with clients and regulators alike. From SEBI mandates to C&AG empanelment points, the benefits are both strategic and reputational.
Whether you're initiating your first review or preparing for renewed certification, this piece is designed to offer actionable clarity in navigating the process — and in positioning your firm for the future of assurance.
The contributors to the Article are Sumit Mahajan, AccuWiz Consulting LLP along with inputs from CA Kapil Singhal.
Disclaimer: The content/information is only for general information of the user and shall not be construed as legal advice. The facts stated are based on information available in public domain. Views expressed above are personal.