ICAI-Recognised Peer Review Firm
Peer Review is a quality assurance mechanism mandated by the
Institute of Chartered Accountants of India (ICAI)
to ensure that audit and assurance services rendered by Chartered
Accountant firms comply with prescribed technical standards,
ethical requirements, and documentation norms.
N D Savla & Associates is an eligible and experienced
Peer Review Firm, appointed to conduct Peer Reviews in accordance
with the Peer Review Guidelines issued by ICAI.
What Is Peer Review?
Peer Review is an independent examination of the systems, procedures,
and audit documentation of a Practice Unit to assess whether the firm
has complied with:
- Standards on Auditing (SAs)
- Quality control standards and policies
- Professional ethics and independence requirements
- Engagement acceptance and continuance procedures
- Audit documentation and working paper standards
Applicability of Peer Review
- Firms undertaking statutory audits under Companies Act
- Auditors of listed companies
- Auditors of banks, NBFCs, insurance companies and PSUs
- Firms empanelled with regulators or government authorities
- Any Practice Unit notified by ICAI from time to time
Objective of Peer Review
- To ensure compliance with auditing and assurance standards
- To enhance audit quality and professional discipline
- To promote consistency in audit practices
- To strengthen confidence of regulators and stakeholders
- To identify areas for improvement in quality control systems
Peer Review Process
1. Planning & Scope
Understanding the Practice Unit, scope of review and engagements selected.
2. Documentation Review
Examination of audit files, working papers and quality control systems.
3. Interaction
Professional discussions with partners and staff of the Practice Unit.
4. Observations
Identification of areas of non-compliance or improvement.
5. Reporting
Preparation of Peer Review Report as per ICAI format.
6. Compliance Outcome
Submission of report to ICAI Peer Review Board.
Why Choose N D Savla & Associates as Peer Reviewer
- Extensive experience in audit and assurance engagements
- In-depth knowledge of ICAI Peer Review Guidelines
- Objective, independent and confidential approach
- Professional and transparent review methodology
- Focus on quality enhancement and compliance