ICAI Mandates Peer Review for Certain Categories of Firms

ICAI Mandates Peer Review for Certain Categories of Firms The Institute of Chartered Accountant of India(ICAI) mandates peer review for certain categories of firms to improve Quality of Assurance services. The Institute continuously work towards improving the quality of assurance services rendered by its members. Peer Review is one such initiative, on which the ICAI has been working diligently to improve the quality of assurance services provided by its members. Recently, the Council has mandated the Peer Review mechanism for certain categories of firms rendering assurance services to specific class of entities which will go a long way in enhancing the audit quality. A detailed roadmap has been laid down which classifies Practice Units into four categories and prescribes the implementation of peer review process.