In a training programme exclusively being conducted for the Peer Reviewers, you are asked as a Practicing Company Secretary (PCS) to explain them the guidelines for reporting of Peer Review including components of Review

Guidelines for Peer Review Guidelines for Peer Review contains provisions for the report of Peer Reviewer. It has been provided that at the end of an on-site review, the Reviewer shall, before making his report to the Board, communicate a preliminary report to the Practice Unit, in case the Reviewer observes any deficiency in the systems and procedures of the Practice Unit. The Reviewer shall report on the areas where systems and procedures had been found to be deficient or where he has noticed non-compliance with reference to any other matter. The basic components of a Reviewer's Report are as under: Scope of Peer Review; Reference to the quality control standards; A statement indicating that the quality control is the responsibility of the reviewed firm; Limitations if any on the review conducted; A reference to the preliminary report; Description of why modified report is required, instead of clean report. Situations when a reviewer can qualify the report: Non-compliance with quality control policies and procedures; Any deficiency found in quality control procedures; Non-adherence to ICSI Auditing Standards, Guidance Notes, Manuals, References and advisories issued by the Institute; No internal control systems prevail in the Practice Unit; Current and permanent files were not maintained as per standards laid down; Adequate training programmes were not organized for the staff. In arriving at this conclusion, the Reviewer shall be expected to examine the materiality of the non-compliance or deficiency, the number of occasions when such non-compliance was noticed and its overall impact on the quality of professional service rendered by the Practice Unit.