Do You Know how ICAI supervises the Quality of Services provided by CA firms?

Large CA firms are subject to Peer Review!!

Objective here is not to find out deficiencies but to improve the quality of services rendered by the members of the profession.

Peer Reviewers are members with more than 10 years of experience and they also undergo requisite training & have to clear requisite test for Peer Review as prescribed by the Board.

Eligibility criteria is divided in 2 parts…

Level 1 Entities: (to be reviewed once in 3 years)

1. Central Stat Audit (CSA) of Banks (Public, Pvt., Foreign, Coop, PFI, Regional Rural Banks)
2. CSA of PSU & Coop societies
3. CSA of Insurance Co.
4. NBFC (as defined by Board)
5. SA of Mutual Funds/ Asset Mgt. Co.
6. Listed enterprises (in India/ Abroad)
7. Body Corporate including trust covered under public interest entities
8. Entities raised funds/ donations of over 50 Cr
9. Networth > 250 Cr anytime during period under review
10. Funding by CG/ SG of over 50 Cr
11. SA of holding/ subsidy/ associate/ JV of any of above entities.

Level II Entities: (once in 4 years): Others as prescribed