By: CA. Kamal Garg [B. Com(H), FCA, DISA (ICAI),

Transcript:By: CA. Kamal Garg [B. Com(H), FCA, DISA (ICAI),:
By: CA. Kamal Garg [B. Com(H), FCA, DISA (ICAI), M. Com] Insolvency Professional Theme Peer Review refers to an examination of a professional’s performance or practices in a particular area by other experienced professionals in the same area. However, it is not a hearing by a superior body but discussion among equals, which makes it a flexible tool. The policy relies heavily on mutual trust among the professional involved, as well as their shared confidence in the process. Mindset The concept of peer review is quite old. A competent professional always thinks that there is a scope for improvement in his performance. Naturally, the source of improvement can be another professional from his own field. Practical examples of peer review are generally seen in the field of education and medicine although they are referred to differently: In the field of education, when a moderator rechecks the answer papers evaluated by one paper checker, what the moderator is doing is nothing but a peer review; Secondly, it is not uncommon for a senior teacher to sit in the last row and evaluate the performance of the new teacher. These are commonly seen examples of peer review, although not termed that way; In the field of medicine also, such examples are seen. When a doctor refers a patient to another doctor for second opinion, what the second doctor is doing is nothing but peer review; In the field of medicine and scientific research, peer review is very commonly done in case of professional journals before publishing any article or research paper. Before the article is published, it is subjected to review by a panel of reviewers The phrase 'Assurance Services' is used in the Guidelines interchangeably with Audit Services, Attestation Functions and Audit Functions Services of PU not subjected to Peer Review How about “Internal Audit Services” Background The Council at its 407th Meeting held from 7th – 9th January 2022 decided to mandate the Peer Review process for coverage of more firms under Peer Review process; An Announcement dated 12th February, 2022 in this regard was also hosted on the website; Certain aspects required revision to bring in more clarity e.g., the time limit for compliance of the mandate, qualifications of reviewer of listed entity auditors, etc.; The same is addressed by the Council at its 410th Meeting held on 24th – 25th March 2022; It was clarified that holding a