Peer Review Auditor
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, conducting Peer Reviews in accordance with the Peer Review Guidelines issued by ICAI, with an objective, independent, and professional approach.
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 policies and procedures
Professional ethics and independence requirements
Engagement acceptance and continuance policies
Audit documentation and working paper standards
The objective of Peer Review is not fault-finding, but to enhance audit quality and professional discipline across the profession.
Peer Review is applicable to Practice Units undertaking specified audit and assurance engagements, including:
Statutory audits under the Companies Act
Audits of listed companies
Audits of banks, NBFCs, insurance companies, and public sector entities
Firms empanelled with regulatory or government authorities
Any Practice Unit notified by ICAI from time to time
The key objectives of Peer Review are to:
Ensure compliance with auditing and assurance standards
Promote consistency and quality in audit practices
Strengthen confidence of regulators, stakeholders, and users of financial statements
Identify areas requiring improvement in quality control systems
Enhance overall professional credibility of the Practice Unit
Peer Review Process
- Planning and Scope Determination
Understanding the Practice Unit, nature of engagements, and scope of review.
- Review of Systems and Documentation
Examination of audit files, working papers, quality control policies, and procedures.
- Professional Interaction
Discussions with partners and key personnel of the Practice Unit for clarification and understanding.
- Identification of Observations
Identifying areas of non-compliance, improvement, or strengthening of systems.
- Reporting
Preparation of the Peer Review Report in the prescribed format.
- Submission to ICAI
Submission of the report to the Peer Review Board of ICAI.
Our Approach as a Peer Review Firm
We conduct Peer Reviews with:
Independence and objectivity
Confidential and professional handling of information
Strict adherence to ICAI Peer Review Guidelines
Focus on quality enhancement and compliance
Transparent and structured review methodology
Why Choose N D Savla & Associates as Peer Reviewer
Extensive experience in audit and assurance engagements
Strong understanding of ICAI standards and Peer Review framework
Objective, unbiased, and ethical approach
Clear documentation and professional communication
Commitment to strengthening audit quality across the profession
When Is Peer Review Initiated?
Peer Review is initiated when:
A Practice Unit becomes applicable under ICAI norms
A firm is selected or notified by ICAI for Peer Review
Peer Review is required for empanelment or regulatory purposes
Frequently Asked Questions
No. Peer Review is applicable to Practice Units undertaking specified audit and assurance engagements as prescribed by ICAI.
Peer Reviewers are appointed in accordance with ICAI Peer Review Guidelines.
No. Peer Review is limited to audit and assurance services.
Systems, procedures, quality controls, and audit documentation related to selected engagements.
Yes. The Peer Review process is conducted with strict confidentiality as prescribed by ICAI.
