{"id":9111,"date":"2025-05-24T09:55:59","date_gmt":"2025-05-24T09:55:59","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=9111"},"modified":"2026-07-19T06:28:49","modified_gmt":"2026-07-19T06:28:49","slug":"guidance-by-peer-review-board-for-peer-reviewers","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/","title":{"rendered":"Guidance by Peer Review Board for Peer Reviewers"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9113\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn.png\" alt=\"Peer Review\" width=\"1119\" height=\"839\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn.png 864w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn-300x225.png 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn-768x576.png 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn-800x600.png 800w\" sizes=\"(max-width: 1119px) 100vw, 1119px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a608480e3296\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a608480e3296\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Comprehensive_Guidance_by_Peer_Review_Board_for_Peer_Reviewers\" title=\"Comprehensive Guidance by Peer Review Board for Peer Reviewers\">Comprehensive Guidance by Peer Review Board for Peer Reviewers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#BEFORE_STARTING_THE_REVIEW\" title=\"BEFORE STARTING THE REVIEW\">BEFORE STARTING THE REVIEW<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#PEER_REVIEW_PROCESS\" title=\"PEER REVIEW PROCESS\">PEER REVIEW PROCESS<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Stage_I_Planning\" title=\"Stage I: Planning\">Stage I: Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Stage_II_Execution%E2%80%94DURING_THE_REVIEW\" title=\"Stage II: Execution\u2014DURING THE REVIEW\">Stage II: Execution\u2014DURING THE REVIEW<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Special_Provisions_for_Newly_Established_Firms_Less_than_1_Year\" title=\" Special Provisions for Newly Established Firms (Less than 1 Year)\"> Special Provisions for Newly Established Firms (Less than 1 Year)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#General_Guidelines_for_Sample_Selection_Applicable_to_All_Firms\" title=\" General Guidelines for Sample Selection (Applicable to All Firms)\"> General Guidelines for Sample Selection (Applicable to All Firms)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Determining_Review_Approach\" title=\"Determining Review Approach:\">Determining Review Approach:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Stage_III_Reporting-_REPORTING_PHASE\" title=\"Stage III: Reporting- REPORTING PHASE\">Stage III: Reporting- REPORTING PHASE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Illustrative_Time_Schedule_of_Peer_Review_Process\" title=\"Illustrative Time Schedule of Peer Review Process\">Illustrative Time Schedule of Peer Review Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Documents_Required_in_Final_Submission\" title=\"Documents Required in Final Submission:\">Documents Required in Final Submission:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Issuance_of_Peer_Review_Certificate\" title=\"Issuance of Peer Review Certificate:\">Issuance of Peer Review Certificate:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Launch_of_PRB_Web_Portal_for_the_Peer_Review_Process\" title=\"Launch of PRB Web Portal for the Peer Review Process\">Launch of PRB Web Portal for the Peer Review Process<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Portal_Access_Peer_Review_process\" title=\"Portal Access Peer Review process.\">Portal Access Peer Review process.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.caindelhiindia.com\/blog\/guidance-by-peer-review-board-for-peer-reviewers\/#Key_Implications_for_Chartered_Accountants_after_the_Launch_of_the_New_Peer_Review_Process\" title=\"Key Implications for Chartered Accountants after the Launch of the New Peer Review Process.\">Key Implications for Chartered Accountants after the Launch of the New Peer Review Process.<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Comprehensive_Guidance_by_Peer_Review_Board_for_Peer_Reviewers\"><\/span><span style=\"color: #000080;\"><strong>Comprehensive Guidance by Peer Review Board for Peer Reviewers<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The list you&#8217;ve shared outlines comprehensive advisories issued by the Peer Review Board for Peer Reviewers. This framework ensures you conduct peer reviews with integrity, quality assurance, and adherence to standards, while fulfilling all requirements of the ICAI Peer Review Board. Here&#8217;s a structured summary and practical interpretation to help ensure compliance and efficiency throughout the peer review process:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BEFORE_STARTING_THE_REVIEW\"><\/span><span style=\"color: #000080;\"><strong>BEFORE STARTING THE REVIEW<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Know the Basics:<\/p>\n<ul>\n<li>Always mention the correct RE\/PU number.<\/li>\n<li>Do not use the firm\u2019s letterhead.<\/li>\n<li>Avoid names of clients, employers, or partners in communications.<\/li>\n<li>Understand the Framework:<\/li>\n<li>Study the Peer Review Manual and the Statement on Peer Review thoroughly.<\/li>\n<li>Follow the Illustrative Time Schedule.<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Adhere to applicable Standards on Auditing (SAs):<\/strong><\/span><\/p>\n<ul>\n<li>SA 230 \u2013 Audit Documentation<\/li>\n<li>Next SA 580 \u2013 Written Representations<\/li>\n<li>SA 210 \u2013 Engagement Terms<\/li>\n<\/ul>\n<p>Accepting the Assignment:<\/p>\n<ul>\n<li>Send the consent or refusal letter (with reasons) to the Board\u2014not to the PU.<\/li>\n<li>If using an assistant, send their Confidentiality Declaration too.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"PEER_REVIEW_PROCESS\"><\/span><span style=\"color: #000080;\"><strong>PEER REVIEW PROCESS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Stage_I_Planning\"><\/span><span style=\"color: #000080;\"><strong>Stage I: Planning<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Peer Review Board (Board) selects the Practice Unit (PU) for Peer Review <em>or <\/em>The PU voluntarily applies for Peer Review.<\/li>\n<li>The PU is notified and requested to submit a duly filled Declaration to confirm its level.<\/li>\n<li>Based on the PU&#8217;s level, the Board selects a panel of three eligible reviewers.<\/li>\n<li>The Board seeks acceptance from the selected reviewers.<\/li>\n<li>Upon receiving confirmation from all three reviewers, the Board sends the following to the PU:\n<ul>\n<li>The panel of three reviewers<\/li>\n<li>prescribed Questionnaire<\/li>\n<li>Notification regarding Peer Review Fees<\/li>\n<\/ul>\n<\/li>\n<li>The PU selects one reviewer from the panel and informs the Board within 10 days.<\/li>\n<li>PU sends the completed Questionnaire, along with a complete list of Assurance Services clients, to the selected reviewer within 15 days.<\/li>\n<li>The PU provides any additional information requested by the reviewer.<\/li>\n<li>Reviewer selects an initial sample representative of the PU\u2019s Assurance Services portfolio.<\/li>\n<li>The PU is notified of the selected sample at least two weeks before the commencement of the review.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Stage_II_Execution%E2%80%94DURING_THE_REVIEW\"><\/span><span style=\"color: #000080;\"><strong>Stage II: Execution\u2014DURING THE REVIEW<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #000080;\"><strong>Sample Selection Guidelines for Peer Review<\/strong><\/span><\/p>\n<p><span style=\"color: #000080;\"><strong>Engagement Sampling:<\/strong><\/span><\/p>\n<ul>\n<li>Select engagements based on PU\u2019s size and receipts, ensuring:<\/li>\n<li>Representative cross-section<\/li>\n<li>Tender-based assignment<\/li>\n<li>Largest turnover engagement<\/li>\n<li>One per category (30A to R)<\/li>\n<li>Branch samples if they exceed HO in turnover or have &gt; \u20b925 lakh in assurance services.<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Sample Size Criteria (for 3-4 year validity):<\/strong><\/span><\/p>\n<ul>\n<li>Defined in relation to PU\u2019s gross receipts.<\/li>\n<li>If not met: 1-year certificate only.<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>Newly established firms<\/strong><\/span><\/p>\n<ul>\n<li>&lt;1 year: 3 samples (1-year certificate)<\/li>\n<li>1\u20133 years: 5 samples (3-year certificate if criteria met)<\/li>\n<\/ul>\n<p><strong>Exclusions:<\/strong> Do not review assignments under disciplinary or judicial proceedings.\u00a0 <strong>Execution Methodology: <\/strong><\/p>\n<ul>\n<li>Use both compliance and substantive procedures.<\/li>\n<li>Follow SA-based documentation practices.<\/li>\n<li>Inform the PU and Board if the review exceeds 2 days (limit: 72 hours).<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Special_Provisions_for_Newly_Established_Firms_Less_than_1_Year\"><\/span><span style=\"color: #000080;\"><strong> Special Provisions for Newly Established Firms (Less than 1 Year)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Minimum Sample Size: At least 3 (three) samples must be selected.<\/li>\n<li>Certificate Validity: Only a 1-year validity Peer Review Certificate will be issued, regardless of the firm&#8217;s level (L1, L2, L3).<\/li>\n<li>Reapplication: After expiry of the 1-year certificate, the firm may suo motu reapply for Peer Review.<\/li>\n<li>Full Validity Certificate: Granted only if the firm has completed 3 years of existence and undergoes a successful review covering 3 years.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"General_Guidelines_for_Sample_Selection_Applicable_to_All_Firms\"><\/span><span style=\"color: #000080;\"><strong> General Guidelines for Sample Selection (Applicable to All Firms)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>Minimum Sample Criteria: <\/strong>If Average Gross Receipts &gt; \u20b950 Lakhs: Minimum 10% of assurance services from each category (Clause 30 A to Q of Part A of the Questionnaire) must be selected.<\/li>\n<li><span style=\"color: #000080;\"><strong>Mandatory Inclusions in Sample<\/strong><\/span>\n<ul>\n<li>Highest Turnover Assignment: The assurance assignment with the highest turnover must be included in the sample.<\/li>\n<li>Tender-Based Assignment: At least 1 assurance engagement obtained via tender must be included.<\/li>\n<li>Branch Services: If a branch\u2019s turnover exceeds head office OR exceeds \u20b925 Lakhs, at least 1 sample from the branch must be selected.<\/li>\n<li>Category-Wise Coverage: At least one sample from each category under Clause 30 A to Q must be selected. And At least one sample from each type of Assurance Engagement (e.g., audit, review, certification) is required.<\/li>\n<li>Representative Sampling: Selected samples must be representative of the total population of assurance services.<\/li>\n<li><strong> Exception Handling: <\/strong>If minimum sample size cannot be met, the Reviewer must:\n<ul>\n<li>Perform 100% selection of assurance assignments.<\/li>\n<li>Inform the Peer Review Board of the deviation.<\/li>\n<li>Such a case (even for L1 or L2 or new PUs) will lead to issuance of 1-year validity Peer Review Certificate only.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>Fixation of the initial meeting date between the PU and the reviewer. Initial meeting is held. Reviewer conducts a Compliance Review of General Controls, covering the following five key areas:\n<ul>\n<li>Independence<\/li>\n<li>Maintenance of Professional Skills &amp; Standards<\/li>\n<li>Outside Consultation<\/li>\n<li>Staff Supervision &amp; Development<\/li>\n<li>Office Administration<\/li>\n<\/ul>\n<\/li>\n<li>Reviewer performs a final selection of Assurance Engagements and Client Files using random sampling.<\/li>\n<li>Review of records begins.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 120px;\"><strong>Focus Areas: Compliance with:<\/strong><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"4\">\n<li>Technical, professional, and ethical standards<\/li>\n<li>Quality of reporting<\/li>\n<li>Office systems and controls<\/li>\n<li>Staff training practices<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h3 style=\"padding-left: 40px;\"><span class=\"ez-toc-section\" id=\"Determining_Review_Approach\"><\/span><span style=\"color: #000080;\"><strong>Determining Review Approach:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Proper control procedures exist?\n<ul>\n<li>Yes \u2192 Intend to rely on control procedures?\n<ul>\n<li>then Yes \u2192 Perform less extensive substantive procedures.<\/li>\n<li>No \u2192 Perform more extensive substantive procedures.<\/li>\n<\/ul>\n<\/li>\n<li>if No \u2192 Perform more extensive substantive procedures.<\/li>\n<\/ul>\n<\/li>\n<li>Approach Types:<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Compliance Approach: Tests control effectiveness and efficiency<\/li>\n<li>Substantive Approach: Focuses on detailed examination of records<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Stage_III_Reporting-_REPORTING_PHASE\"><\/span><span style=\"color: #000080;\"><strong>Stage III: Reporting- REPORTING PHASE<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li><strong>Start &#8211; Reviewer<\/strong> sends a preliminary report to the PU. Preliminary Report:<\/li>\n<\/ol>\n<ul>\n<li>Issued after on-site visit.<\/li>\n<li>Must not contain advice\/suggestions.<\/li>\n<li>PU\u2019s written response must be obtained.<\/li>\n<li>Final (Clean\/Qualified) Report:<\/li>\n<li>Discuss draft with PU.<\/li>\n<li>Incorporate and deal with objections.<\/li>\n<\/ul>\n<p><strong>Should:<\/strong><\/p>\n<ul>\n<li>Be on the reviewer&#8217;s personal letterhead<\/li>\n<li>Include RE\/PU number<\/li>\n<li>Be addressed to the Board and dated as of review conclusion<\/li>\n<li>Follow prescribed format (Manual)<\/li>\n<li>Be clear, specific, and unambiguous<\/li>\n<li>Include suggestions where necessary<\/li>\n<li>This includes an Annexure describing the review process<\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>PU may submit a written representation on deficiencies or non-compliance (if any) within 15 days of receiving the preliminary report.<\/li>\n<li>The reviewer considers the representation and submits the Final Report to the Board.\n<ul>\n<li>If there is dissatisfaction or disagreement, the final report should include\n<ul>\n<li>The Preliminary Report<\/li>\n<li>PU&#8217;s written submission<\/li>\n<li>Reviewer\u2019s reasons for dissatisfaction<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Submission Requirements: Submit to the Board:<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Final Report<\/li>\n<li>Annexures I &amp; II<\/li>\n<li>PU&#8217;s questionnaire<\/li>\n<li>Preliminary Report<\/li>\n<li>PU\u2019s response<\/li>\n<li>How PU\u2019s response was dealt with<\/li>\n<li>Send a copy to PU as well<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>FOLLOW-ON REVIEWS (if directed by Board) : Cover New Period: Only review the period after the one covered in the previous report. Same as Final Report, with references to Board&#8217;s direction. Include how earlier deficiencies were addressed.<\/li>\n<li>COST &amp; ETHICS: Cost Recovery:the final report,ge TA\/DA and review costs as per Board\u2019s notified rates. and Confidentiality: REVIEWS Maintain strict confidentiality. Do not extract client files\/records into your working papers.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Illustrative_Time_Schedule_of_Peer_Review_Process\"><\/span><span style=\"color: #000080;\"><strong>Illustrative Time Schedule of Peer Review Process<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<td>Sr. No.<\/td>\n<td>Review Process<\/td>\n<td>Time Limit<\/td>\n<td>Cumulative Days<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1<\/td>\n<td>PU is notified of selection and asked to submit Declaration.<\/td>\n<td>Within 3 days<\/td>\n<td>Day 3<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>\u00a0board selects panel of 3 reviewers based on PU level.<\/td>\n<td>Within 2 days<\/td>\n<td>Day 5<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>The ICAI Board seeks acceptance from the reviewers.<\/td>\n<td>Within 2 days<\/td>\n<td>Day 7<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>A panel of 3 reviewers sent to PU along with a questionnaire and fee notification.<\/td>\n<td>Within 1 day<\/td>\n<td>Day 8<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>PU to choose and inform the name of the reviewer.<\/td>\n<td>Within 2 days<\/td>\n<td>Day 10<\/td>\n<\/tr>\n<tr>\n<td>6A<\/td>\n<td>The reviewer is to submit consent, confidentiality declaration.<\/td>\n<td>Within 7 days<\/td>\n<td>Day 17<\/td>\n<\/tr>\n<tr>\n<td>6B<\/td>\n<td>The board issues confirmation to PU and Reviewer.<\/td>\n<td>Within 3 days<\/td>\n<td>Day 20<\/td>\n<\/tr>\n<tr>\n<td>6C<\/td>\n<td>PU submits filled questionnaire to the reviewer and board.<\/td>\n<td>&#8211;<\/td>\n<td>Day 25<\/td>\n<\/tr>\n<tr>\n<td>7<\/td>\n<td>The reviewer may call for more info after reviewing Questionnaire.<\/td>\n<td>Within 5 days<\/td>\n<td>Day 30<\/td>\n<\/tr>\n<tr>\n<td>8<\/td>\n<td>PU submits additional info to Reviewer.<\/td>\n<td>Within 5 days<\/td>\n<td>Day 35<\/td>\n<\/tr>\n<tr>\n<td>9<\/td>\n<td>Reviewer selects initial sample from client list.<\/td>\n<td>Within 7 days<\/td>\n<td>Day 42<\/td>\n<\/tr>\n<tr>\n<td>10<\/td>\n<td>The ICAI reviewer notifies PU and PRB about selected sample (5-day notice before visit).<\/td>\n<td>&#8211;<\/td>\n<td>Day 47<\/td>\n<\/tr>\n<tr>\n<td>11<\/td>\n<td>On-site review visit at PU\u2019s office.<\/td>\n<td>Within 23 days<\/td>\n<td>Day 70<\/td>\n<\/tr>\n<tr>\n<td>12<\/td>\n<td>The reviewer sends Preliminary Report to PU.<\/td>\n<td>Within 5 days of visit<\/td>\n<td>Day 75<\/td>\n<\/tr>\n<tr>\n<td>13<\/td>\n<td>PU submits a representation on the preliminary report.<\/td>\n<td>Within 5 days<\/td>\n<td>Day 80<\/td>\n<\/tr>\n<tr>\n<td>14<\/td>\n<td>The reviewer submits the final report and annexures, including the sample list, conclusions, confirmations, and Questionnaire copy.<\/td>\n<td>Within 10 days<\/td>\n<td>Day 90<\/td>\n<\/tr>\n<tr>\n<td>15<\/td>\n<td>Board considers the final report and issues a certificate or gives rectification suggestions (quarterly meeting).<\/td>\n<td>Next PRB Meeting<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Documents_Required_in_Final_Submission\"><\/span><span style=\"color: #000080;\"><strong>Documents Required in Final Submission:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Final Report with Annexure I<\/li>\n<li>Annexure II (mandatory for Level I &amp; II)<\/li>\n<li>Client sample list and selection basis<\/li>\n<li>Preliminary Report, if any, with PU\u2019s response<\/li>\n<li>Final Report conclusion rationale<\/li>\n<li>Completed Peer Review Questionnaire<\/li>\n<li>Reviewer may need to produce working papers if asked by the PRB<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Issuance_of_Peer_Review_Certificate\"><\/span><span style=\"color: #000080;\"><strong>Issuance of Peer Review Certificate:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Clean Report: Certificate issued in the next PRB meeting (held quarterly or by subcommittee).<\/li>\n<li>Qualified Report: PU is advised to rectify deficiencies; reviewer must provide proof of fee receipt.<\/li>\n<\/ul>\n<div>\n<h2><span class=\"ez-toc-section\" id=\"Launch_of_PRB_Web_Portal_for_the_Peer_Review_Process\"><\/span><span style=\"color: #000080;\">Launch of PRB Web Portal for the Peer Review Process<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10564\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/05\/WhatsApp-Image-2026-07-02-at-9.40.03-PM_edited.jpg\" alt=\"Launch of PRB Web Portal for the Peer Review Process\" width=\"1196\" height=\"1595\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/05\/WhatsApp-Image-2026-07-02-at-9.40.03-PM_edited.jpg 720w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/05\/WhatsApp-Image-2026-07-02-at-9.40.03-PM_edited-225x300.jpg 225w\" sizes=\"(max-width: 1196px) 100vw, 1196px\" \/><\/p>\n<p>The Institute of Chartered Accountants of India (ICAI), through its Peer Review Board (PRB), has launched a fully integrated PRB Web Portal as part of its digital transformation initiative. ICAI has launched the PRB Web Portal for the Peer Review process.,\u00a0Effective 2 July 2026, Form 1 applications must be filed only through the portal.\u00a0Physical and email submissions will no longer be accepted.,\u00a0The portal will manage the entire Peer Review lifecycle, from application to certificate generation.\u00a0Website: https:\/\/prb.icai.org\/<strong>.<\/strong><\/p>\n<p>Effective Date:\u00a0With effect from <strong>2 July 2026<\/strong>, all new Peer Review applications (Form 1) must be submitted exclusively through the PRB Web Portal.<\/p>\n<p>ICAI has clarified that Applications submitted through physical mode will not be accepted.,Applications sent through email will not be entertained and Only applications filed through the designated web portal will be processed.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Portal_Access_Peer_Review_process\"><\/span><span style=\"color: #000080;\">Portal Access Peer Review process.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Practice Units and Peer Reviewers are required to log in to the portal for Filing new Peer Review Applications (Form 1), Submission of Peer Review Reports, Tracking of application status and Managing peer review-related compliances<\/p>\n<p>The newly developed portal is designed to automate, streamline, and digitize the entire peer review lifecycle, including:<\/p>\n<ul>\n<li>Submission of Peer Review applications<\/li>\n<li>Allotment of Peer Reviewers<\/li>\n<li>Submission of Peer Review Reports<\/li>\n<li>Processing and monitoring of review activities<\/li>\n<li>Generation and issuance of Peer Review Certificates<\/li>\n<\/ul>\n<p><strong>Portal URL: <\/strong>https:\/\/prb.icai.org\/<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Key_Implications_for_Chartered_Accountants_after_the_Launch_of_the_New_Peer_Review_Process\"><\/span><span style=\"color: #000080;\">Key Implications for Chartered Accountants after the Launch of the New Peer Review Process.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Complete digitization of the Peer Review process<\/li>\n<li>Faster processing and monitoring of applications<\/li>\n<li>Elimination of physical paperwork and email-based submissions<\/li>\n<li>Improved transparency and workflow management<\/li>\n<li>Centralized platform for Practice Units and Reviewers<\/li>\n<\/ul>\n<p>All members, practice units, and peer reviewers should take note of this development and ensure that all future peer review-related compliances are carried out only through the PRB Web Portal.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Comprehensive Guidance by Peer Review Board for Peer Reviewers The list you&#8217;ve shared outlines comprehensive advisories issued by the Peer Review Board for Peer Reviewers. This framework ensures you conduct peer reviews with integrity, quality assurance, and adherence to standards, while fulfilling all requirements of the ICAI Peer Review Board. Here&#8217;s a structured summary and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1116],"tags":[1181],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9111"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=9111"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9111\/revisions"}],"predecessor-version":[{"id":10565,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9111\/revisions\/10565"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=9111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=9111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=9111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}