We, the Chartered Accountants Fraternity, are all aware of the peer review process undertaken by the Peer Review Board of ICAI for the practicing member. With recent development in the reporting requirement of the financial statements, the peer review exercise helps the members of the profession at large on the following fronts:
It is to clarify that the Peer Review Exercise is never a burden on the practicing member/CA firm in view of the following:
|Total Revenue from Attestation service clients of practice unit (Per Annum)||Cost|
|Less than Rs 10 lacs p.a.||Rs 15,000/-|
|From Rs 10 lacs to 50 Lacs p.a.||Rs 25,000/-|
|From Rs 50 lacs to 1 crore p.a.||Rs 40,000/-|
|From Rs 1 crore to 3 crore p.a.||Rs 60,000/-|
|From Rs 3 crore to 5 crore p.a.||Rs 75,000/-|
|Above Rs 5 crore p.a.||Rs 1,00,000/-|
The fees for peer review per year comes only 1/3rd of the above in case selection is made by the peer review board for a normal peer review cycle of three years as per para 3.3 of The Statement on Peer Review. The above said fees is including honorarium and TA/DA for reviewer and his/her qualified assistant as provided in the notification no. PRB/Notfn./008/11-12, issued on August 2011. The above fee is per review in case of those firms who voluntary request for Peer Review of their firms to the Board.
The Board also undertakes the workshop on Technical Standards, The Companies Act, 2013, Tax Laws and other applicable laws to update the members in general for timely compliance and quality of reporting.
You are requested to spare some time and also post your suggestions to make Peer Review exercise more meaningful and beneficial to the members.
With Best Regards
CA Shyam Lal Agarwal
Chairman, Peer Review Board