Peer review a systematic tool for quality control: CA Bagdia
   Date :30-Dec-2021

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Business Bureau :
 
THE Institute of Chartered Accountants of India is a regulatory organisation which monitors its members through various regulatory frame works. It also ensures quality of work performed by its members through mechanisms like peer review. Peer review is one of the finest system of review the work done by a Chartered Accountant (CA) firm by another CA duly empaneled and authorised for it, said CA Saket Bagdia, Chairman, Nagpur Branch of WIRC of ICAI while speaking at a programme for peer review organised by Peer Review Board of ICAI. “Peer review is a systematic tool for quality control of works done by Chartered Accountant firms,” said CA Bagdia. He further said that every listed company needs to get its financials certified by peer review firm of Chartered Accountants. By a peer to peer review, shortcomings if any in documentation is checked and proper guidance is provided to update CA offices workings while conducting attest functions.
 
The Institute of Chartered Accountants of India as regulatory body monitors the attest functions of firms, which is categorised based on its standings into Level I, Level II & Level III firms. Nagpur Branch of ICAI in order to equip its members intricacies and requirements of Peer Review mechanism organised this refresher course for peer reviewers. The training programme covered topics with learned speakers. Basic background, significance of peer review and overview of peer review statement was covered by CA Swapnil Agrawal, Past Chairman Nagpur ICAI.
 
The topic for compliances and framework of quality control and specific controls was covered by CA Vivek Agrawal from Kolkata. The topic ‘Review procedure and reporting’ was covered by CA Anil Sharma, New Delhi. Next day the topic on ‘Compliance with standards and ethical standards’ was covered by CA Himanshu Sarpal, New Delhi and topic on ‘Compliance with audit documentation’ was covered by CA Sunil Bajaj from Gurgaon. The speakers deliberated thoroughly on the subject and guided the member participants on how to conduct the Peer Review process, what are the objective and what is to be kept in mind while conducting peer review. Earlier, Chairman (CCM) of the Peer Review Board also guided the members and appreciated efforts of Nagpur Branch of ICAI for organising such training programme. The event was coordinated by CA Jiten Saglani, Vice Chairman, CA Sanjay M Agrawal, Secretary, CA Akshay Gulhane, Treasurer and Past Chairman CA Kirit Kalyani and CA Suren Duragkar. The event was attended by CAs from all over the country.