Kolkata April 03, 2023: The Eastern India Regional Council (EIRC) of The Institute of Chartered Accountants of India (ICAI) recently hosted a one-day training program for peer reviewers at the ICAI premises in Kolkata. The event was organized by the Peer Review Board, ICAI, which was established in 2002 to oversee the peer review process for Chartered Accountancy firms.
During the inaugural session, CA. (Dr.) Anuj Goyal, Chairman of the Peer Review Board, highlighted the importance of being a peer reviewer and the need for Chartered Accountancy firms to undergo peer review. He also stressed the importance of periodic training for peer reviewers and explained how peer review has gained relevance since 2010, when SEBI made it mandatory for CA firms to conduct assurance functions for Listed Companies.
CA. (Dr.) Debashis Mitra, the Immediate Past President of ICAI, spoke about ICAI’s efforts to ensure the quality of audits. He emphasized the importance of studying ICAI publications, such as Auditing Standards and Accounting Standards, to become a good peer reviewer. He also discussed the preconditions for auditors, such as understanding Audit Trail, and announced that firms with five or more partners would be required to undergo peer review.
CA. Sushil Kr. Goyal, Central Council Member, ICAI, in his speech, while briefing about the initiatives of ICAI in popularising Peer Review, also informed that in order to ensure unstinted services to the members and students, ICAI Call Sahayata at +919997599975 has been initiated by ICAI while E-Sahayata can also be used by members and students to raise their queries.
CA. Debayan Patra, Chairman of EIRC of ICAI, in his own characteristic way explained the purpose and significance of the training program and its benefits.
The event was attended by a large number of Chartered Accountants. CA. Vivek Agarwal, CA. Himanshu Agarwal, CA. Ankit Maheshwari and CA. Sonu Jain, Past Chairperson, EIRC of ICAI deliberated on diverse nuances and intricacies of Peer Review. Also present during the event was CA. Sanjib Sanghi, Vice Chairman, CA. Vishnu K Tulsyan, Secretary and CA Mayur Agrawal, Treasurer of the EIRC of ICAI.
The training program aimed to equip Chartered Accountants with the knowledge and skills necessary to become effective peer reviewers and to ensure the quality of audits. It is part of ICAI’s ongoing efforts to promote trust and respect for the profession.