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ICAI expects to complete peer review in 3 years
Our Bureau
Hyderabad
,
Jan. 30
THE Institute of Chartered Accountants of India (ICAI), which has taken up the proactive measure of peer review of its members by an independent team, expects to complete the review process for all its 65,000 plus practicing members in the next three years, the Peer Review Board Chairman, Mr Shanti Lal Daga, said.
Addressing the National Conference on `Quality and Professional Excellence' here on Saturday, Mr Daga said the process involved the review of auditing work done by ICAI members by other members of a similar standing.
According to him, the peer review process, essentially a self-regulatory mechanism, is aimed at maintaining and enhancing the quality of attest services and strengthening public confidence in financial reporting. The Peer Review Board certification signifies a hallmark of professional excellence, he said.
Stating that the accounting profession across the globe had come under spotlight following major accounting scams such as Enron and Xerox, Mr Daga said it was in this backdrop that ICAI had mandated its members to undergo peer review. Having roped in and trained 972 reviewers so far, the Peer Review Board has recently completed the first phase of peer review involving 231 large practicing units.
The Board proposes to take up peer review of 268 large practicing units in the second phase, 1,576 practicing units in the third phase and the balance in the last phase.
The Board has issued certificates to 85 practicing units.
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