Appeal for Empanelling as a Peer Reviewer with the Peer Review Board of ICAI

Dear Professional Colleague,

Warm greetings to you,

*Sub* : Appeal for Empanelling as a Peer Reviewer with the Peer Review Board of ICAI

As you would be aware, the Council of the Institute introduced the concept of Peer Review by issuing the Statement on Peer Review in the year 2002.  The primary objective behind this was to conduct Peer Review of CA firms (Practice Units) for ensuring as well as improving the quality of Attestation services being rendered by the members in Practice thereby enhancing the confidence of the various stakeholders.

I am happy to share with you that this concept of Peer Review has got wide acceptance and recognition from regulators like SEBI, C&AG etc. who have made Peer Review mandatory for CA firms for being eligible to carry out audits of listed entities, large Public Sector undertakings etc.  Keeping in mind the onerous responsibility cast upon our fraternity, the Council has revised the Statement of Peer Review to make it more contemporary with today’s requirements.

As on date we have 4284 trained Peer Reviewers on our panel.  However looking to the large number of Practice Units to be reviewed at periodic cycles a larger pool of reviewers is required for a better & smoother conduct of peer review of the Practice Units.

For empanelling as a Peer Reviewer a member needs to satisfy the following conditions:-

1. Possess at least 10 years experience of audit and also be currently active in the practice.
2. Attend one-day training programme for Peer Reviewers conducted by the Peer Review Board.

Apart from the inherent advantage of furthering one’s own Technical knowledge in the field of attestation services, the fees payable to the Reviewer have also become very attractive.

Recently, the fees to be paid by the Practice Unit to the reviewer has been revised by the Peer Review Board as under:-

*Total Revenue from Attestation services of Practice Unit (Per Annum) **	*Fees to be paid to Peer Reviewer* (in Rs.)
Less than Rs 10 lacs	15,000
From Rs 10 lacs to 50 Lacs	25,000
From Rs 50 lacs to 1 crore	40,000
From Rs 1 crore to 3 crore	60,000
From Rs 3 crore to 5 crore	75,000
Above Rs 5 crore	1,00,000

**   *In any of the previous three years under review.

In case you are meeting the minimum requirements as mentioned above and have not yet applied as a Peer Reviewer, I humbly request you to fill the enclosed application form and send it at the earliest to : 

The Secretary,
Peer Review Board,
ICAI Bhawan, Plot No A-29,
Administrative Block, 2nd Floor,
Sector-62,
Noida –201 309.
Tel. No.   :0121-3045941/970
Email ID : trainingprb@icai.org

Yours sincerely,


CA. Pankaj I.C. Jain,
Chairman, Peer Review Board