R.N. Marwah & Company has successfully
obtained the Final Peer Review Report for the three year period
of 2006-07, 2007-08 and 2008-09 which has been issued on 27th
November 2010 without any qualifications and adverse comments.
Specifically, the Peer Reviewer has opined that
the quality control for the attestation services of the firm
has been designed so as to carry out professional attestation
service assignments in a manner that ensures compliances with
technical standard laid down by the Institute and maintenance
of the quality of attestation service work performed.
Peer review means an examination and review of the systems
and procedures to determine whether they have been put in
place by the Practicing Unit for ensuring the quality of attestation
services as envisaged and implied/mandated by the Technical
Standards, Ethical Standards and Professional standards and
whether these were effective
or not during the period under review. The reputation and
acceptability of a learned profession hinges on its ability
to render the highest quality of services to the society.
Towards this end, the Institute of Chartered Accountants of
India (ICAI) is using the concept of peer review as a tool
for enhancing the quality of services rendered by professional
accountants. The Institute, recognizing the need to observe
the best international practices, has established the system
of peer review. Peer review helps in reassuring the stakeholders
and the society at large that the profession is conscious
of its responsibilities and is always striving to ensure that
the highest standards are observed by all practicing members
rendering audit and attestations services to the society.
The main objective of the peer review is to ensure that in
carrying out their professional attestation services assignments,
the Institute’s members in practice: (a) comply with
the Technical Standards laid down by the Institute; and (b)
have in place proper systems (including documentation systems)
for maintaining the quality of the attestation services work
they perform for their clients.
Peer Review Process has become more significant, pursuant
to the recommendation of the ICAI to SEBI that from accounting
periods commencing on or after April 1,2009,
all Listed
Companies would be audited by only those Firms/Practice Units
that have been issued Peer Review Certificate by the Peer
Review Board of the Institute.
Further, it is worth mentioning that Comptroller & Auditor
General of India has recognized Peer Review Board’s
work; as it seeks additional details from the Chartered Accountants
firms about their Peer Review Status in the application form
for allotment of audit for Public Sector Undertakings. Furthermore
form last few years the C&AG annually seeks details from
the Institute of those firms which have been issued certificate
by the Peer Review Board.
For a copy of the Report
Click
Here
