Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

Peer Review benefits for Practicing CA Firms

Peer Review benefits for Practicing CA Firms

We, the Chartered Accountants Fraternity, are all aware of the peer review process undertaken by the Peer Review Board of ICAI for the practicing member. With recent development in the reporting requirement of the financial statements, the peer review exercise helps the members of the profession at large on the following fronts:

  1. Ensure compliances with the recent amendments in The Companies Act, 2013.
  2. Ensure compliances of TDS, Service Tax and other Tax Laws which have become part of reporting by practicing Chartered Accountants.
  3. Adherence of the Auditing and Accounting Standards which is mandatory for preparation and presentation of financial statements.
  4. In meeting pre-selection criteria for allotment of audit by various public sector undertakings (PSUs), banks and other institutions and audit by way of open tender process by public sector undertakings.
  5. In complying with the circular issued by the Securities & Exchange Board of India (SEBI) for audit of listed companies’ requirements and C&AG of India for Statutory Audit of Public Sector Companies.

It is to clarify that the Peer Review Exercise is never a burden on the practicing member/CA firm in view of the following:

  1. Peer Review is done by the member itself of same standing and mostly from the same area/city in which the auditee firm is located.
  2. The consolidated fees for 3 years’ peer review exercise is very nominal which is given below:
Total Revenue from Attestation service clients of practice unit (Per Annum)Cost
Less than Rs 10 lacs p.a.Rs 15,000/-
From Rs 10 lacs to 50 Lacs p.a.Rs 25,000/-
From Rs 50 lacs to 1 crore p.a.Rs 40,000/-
From Rs 1 crore to 3 crore p.a.Rs 60,000/-
From Rs 3 crore to 5 crore p.a.Rs 75,000/-
Above Rs 5 crore p.a.Rs 1,00,000/-

The fees for peer review per year comes only 1/3rd of the above in case selection is made by the peer review board for a normal peer review cycle of three years as per para 3.3 of The Statement on Peer Review. The above said fees is including honorarium and TA/DA for reviewer and his/her qualified assistant as provided in the notification no. PRB/Notfn./008/11-12, issued on August 2011. The above fee is per review in case of those firms who voluntary request for Peer Review of their firms to the Board.

  1. The deficiencies pointed out and rectified in the course of peer review are not part of the final report by the peer reviewer.
  2. For any firm, it is very difficult to review its own work and get the file updated which now-a-days is required to have the records for reference and evidence for any further enquiries/investigations/cases whenever and wherever it takes place.

The Board also undertakes the workshop on Technical Standards, The Companies Act, 2013, Tax Laws and other applicable laws to update the members in general for timely compliance and quality of reporting.

You are requested to spare some time and also post your suggestions to make Peer Review exercise more meaningful and beneficial to the members.

Peer Review benefits for Practicing CA Firms


At CAKART you will get everything that you need to be  successful in your CA CS CMA exam – India’s best faculty video classes (online or in  pen drive) most popular books of best authors (e-books hard copies) best scanners  and all exam related information and notifications.Visit and chat  with our counsellors any time. We are happy to help you make successful in your  exams.

Click Here to download FREE CA CS CMA Text Books

Leave a comment

Your email address will not be published. Required fields are marked *