Peer Review not only identifies the area where a practicing member may require guidance in improving the quality of his/her performance but also it provides adherence to various regulatory requirements. Elucidate and giv

Peer Review mainly considers examination of the systems and approach of a Practice Unit (PU) by another member of the Institute with the objective of identifying the areas, where the member may require guidance in improving the quality of his performance and adherence to the requirements of various technical standards. The focus lies on the promotion of continuing quality improvement in an atmosphere of openness and mutual trust that contributes to enhancing transparency and comparability. Good practice is valued and mutual learning is encouraged in a dynamic and motivating process, from which both the Practice Unit and the Reviewer get benefit. The main objectives of Peer Review: The main objectives of Peer Review is to ensure that while rendering Professional Services, the members in practice would: (a) comply with the Technical Standards laid down by the Institute; and (b) have in place proper systems (including documentation systems) for maintaining the quality of services they perform. Peer Review is directed towards enhancement of quality of professional services by providing guidance to members to improve their performance and adhere to various statutory and other regulatory requirements. Significant Benefits of Peer Review: There are significant benefits which a Practice Unit will obtain in undergoing a Peer Review: A successful Peer Review will provide comfort to the Practice Unit that it has adhered to various statutory, documentary and other' regulatory requirements. If deficiencies are noticed and corrective measures suggested, the Practice Unit will have an opportunity to correct the deficiencies and thereby enhance professional competence. If a Peer Review Certificate is issued to the Practice Unit it enhances credibility of the Practice Unit in the eyes of the general public. Since a Chinese Wall exists between the Peer Review Process and the Disciplinary Proceedings. The Practice Unit will benefit from Peer Review without any apprehension of any disciplinary proceedings being initiated against for any deficiencies noticed on its part. Clients of the Practice Unit will benefit from knowing that their Practice Unit is periodically reviewed by the ICSI. Furthermore, the benefits of getting Peer Reviewed Units can be seen by Guidelines Issued by Council of the Institute from time to time. Conclusion: Peer Review identifies the areas through review of professional services engagement records, where a practicing member may require guidance in improving the quality of his/her performance and adherence to various regulatory requirements.