How Chartered Accountant Can Become a Peer Reviewer?
Peer review is the evaluation of a professional's work by a peer to ensure quality and compliance. Check the pathway for Chartered Accountants to become Peer Reviewers.
Mridula Sharma30 Jul, 2024
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Becoming a Chartered Accountant Peer Reviewer is a significant milestone in the career of a CA, representing a high level of expertise and commitment to maintaining professional standards. This process is designed by the Institute of Chartered Accountants of India (ICAI) to ensure the quality and accountability of the chartered accountancy profession in India.
In this article, we'll explore the journey of a Chartered Accountant (CA) to becoming a Peer Reviewer, the qualifications required, the peer review process, and the benefits of this role. We'll also include some frequently asked questions to provide a comprehensive understanding of this important role.What is Peer Review?
Peer review is a mechanism that has been developed by the Institute of Chartered Accountants of India (ICAI) for the purpose of maintaining and guarding the reputation and accountability of the learned profession of chartered accountancy. The Institute has implemented a peer review system to ensure compliance with worldwide best practices. In India, it is regulated by The Chartered Accountants Act, 1949, as amended by the Chartered Accountants, The Cost and Works Accountants, and The Company Secretaries (Amendment) Act, 2022. It is also supervised by the Peer Review Guidelines, 2022 (PRG, 2022). The guidelines which are (PRG, 2022) is prescribed by the Council in the exercise of the powers conferred by Section 15(2) (fa) of the Chartered Accountants (Amendment) Act, 2022. In simple terms, peer review refers to the process of examining and reviewing the work done by a professional by another professional of similar standing or position. Peer review evaluates the Practice Unit’s PU processes and methods for quality assurance, including tendering services, by assessing the effectiveness of the technical, ethical, and professional standards of the course.Essential Qualifications for Becoming a Peer Reviewer
To become a Chartered Accountant Peer Reviewer, a CA must meet specific qualifications and criteria established by the ICAI. Here are the key requirements:- Membership and Experience : The reviewer must be a member of the ICAI and possess a minimum of ten years of practical experience. This ensures that the reviewer has substantial knowledge and experience in the field.
- Practice Compliance : The reviewer should be practicing according to the Chartered Accountants Act of 1949. This ensures that the reviewer is up-to-date with current practices and standards.
- Training : The reviewer must have completed the necessary training as directed by the board, which needs to be refreshed once every five years. This training equips the reviewer with the skills and knowledge required for conducting peer reviews effectively.
- Confidentiality Declaration : A declaration of confidentiality regarding the connected matters should be signed before taking the position. This is crucial to maintain the integrity and confidentiality of the review process.
- Audit Experience : The reviewer should have spent at least seven years doing audits of Level 1 entities. This experience is critical as it ensures that the reviewer has handled complex audit situations.
Also Check: Future of Chartered Accountant in India
Who is Not Eligible to Become a Peer Reviewer?
Not everyone can become a Chartered Accountant Peer Reviewer. Certain conditions disqualify a member from serving in this role:- Disciplinary Actions : If a disciplinary action has been taken or is pending against the person, they are not eligible to serve as a reviewer. According to Clause 10.2(i) of the Peer Review Statement, this ensures that only members with a clean disciplinary record can conduct peer reviews.
- Criminal Convictions : Members who have been found guilty by a competent court, whether located in India or not, of a crime involving moral turpitude that carries a jail or transportation sentence are also ineligible. This maintains the ethical standards of the profession.
- Guilty by ICAI Bodies : Members who have been found guilty at any point by the Committee, Disciplinary Board, or Council of ICAI are disqualified from becoming reviewers. This ensures that only members with an unblemished record can undertake peer reviews.
Peer Review Process
The process typically involves three stages:Stage I – Planning
Firms start by applying for voluntary peer review using a Declaration/Application form. Once accepted, the firm (PU) selects one reviewer from a provided panel of three. The chosen reviewer receives an appointment letter for their acceptance. Upon acceptance, the PU sends a filled questionnaire to the reviewer, who then selects a sample for review. This stage generally lasts for 90 days.Stage 2 – Execution
This stage occurs on-site, mutually agreed upon by all parties, and lasts up to seven working days. An initial meeting is held to verify the questionnaire's accuracy. The review focuses on five general controls: independence, professional skills and standards, outside consultation, staff supervision, and office administration. The initial sample is adjusted based on compliance with these controls. Records are reviewed either through a compliance or substantive approach, or a mix of both, as outlined in paragraph 4.19 of the Peer Review Manual.Stage 3 – Reporting
If the reviewer is satisfied with the findings, a final report is sent to the Board. If there are significant issues, a qualified report is issued. The reviewer discusses the findings with the PU before submitting the report to the Board. A preliminary report is sent within 10 days. If the Board approves the final report, a review certificate is issued. If not, the Board may recommend further review. Once the review is complete, the reviewer submits all necessary documents and explanations for any delays. In our country, the peer review system aims to educate and enhance the quality of assurance services provided by public practitioners. Peer reviewers identify weaknesses and provide guidance to improve work quality and ensure adherence to technical standards. To achieve your goals of becoming a Chartered Accountant Peer Reviewer and excel in your CA career, consider enrolling in PW CA Courses. Our courses are designed to help you crack the CA exams and achieve professional excellence. Join us and take the first step towards a successful CA career!| Also Check: |
| Career Paths for Chartered Accountants After CA Exams |
| CA Both Groups Vs Single Group |
| Tips to Enhance CV for CA Aspirants |
| 5 Effective Note Taking Methods for CA Aspirants |
Chartered Accountant Peer Reviewer FAQs
What is the main purpose of peer review for Chartered Accountants?
Peer review aims to ensure the quality and accountability of the chartered accountancy profession by having experienced CAs review the work of their peers to maintain high standards.
Who can become a Chartered Accountant Peer Reviewer?
To become a Chartered Accountant Peer Reviewer, a CA must be a member of the ICAI with at least ten years of practical experience, among other specific qualifications.
How long does the peer review process typically take?
The peer review process usually spans about 90 days, with different stages of planning, execution, and reporting.
Can a CA with disciplinary actions pending against them become a peer reviewer?
No, a CA with disciplinary actions taken or pending against them is not eligible to become a Chartered Accountant Peer Reviewer.
What benefits does a CA gain by becoming a peer reviewer?
Becoming a Chartered Accountant Peer Reviewer offers professional growth, knowledge enhancement, contribution to the profession, and valuable networking opportunities.
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