"A Peer Reviewer has to report under certain guidelines as prescribed by ICSI. The reporting is to done in three different forms". Discuss in brief the statement as given in the guidelines.

The Peer Review Guidelines contains following provisions for reports of Peer Reviewer. The reporting is to be done in three different forms explained as under: (i) Preliminary Report of Reviewer 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 he/she finds any deficiency in the systems and procedures of the Practice Unit in rendering Professional Services to the clients). The Reviewer shall report on the areas where systems and procedures had been found to be deficient or where noncompliance with reference to any other matter was noticed. The Practice Unit shall make submissions or representations, in writing to the Reviewer, concerning the preliminary report within 15 (fifteen) days from the date of receipt of preliminary report from Reviewer. (ii) Final Report of Reviewer The Reviewer will submit a Final Report to the Board with a copy to the Practice Unit (the Reviewer's Report), incorporating the findings. The Final Report will be examined/inspected by the Board in terms of the degree of compliance with the Technical Standards by the reviewed Practice Unit. The model forms of such Final Reports shall be communicated to the Reviewer by the Board. The Board may, if deems fit, issue Peer Review Certificate to the Practice Unit. OR The Board, having regard to the Report and any submissions or representations attached to it, may make recommendations to the Practice Unit concerned regarding the application by it of Technical Standards; if it is of the opinion that: In case the review is related to a firm, any one or more or all of the partners in the firm may have failed to observe, maintain or apply, as the case may be, Technical Standards; In case the review is related to a member practicing on his own account, the member may have failed to observe, maintain or apply, as the case may be, Technical Standards; Then; Issue instructions to the Reviewer to carry out, within such period as may be specified in the instructions (which period shall not commence earlier than six months after the date on which the instruction is issued), a further Peer Review as regards the Practice Unit to which the report relates; and Specify in the instruction, the matters as regards which the review is to be carried out; The Board will make recommendations to the Practice Unit where: Based on the report of the Reviewer, it appears that the Practice Unit has satisfied all key control objectives, which the Board has determined and/or prescribed in respect of maintenance of/ adherence to Technical Standards but where further improvements could be made to internal quality control systems; and Based on the report of the reviewer, it appears that the Practice Unit has satisfied the major key control objectives but some weaknesses exist in others. The Practice Unit is expected to consider the recommendations for rectifying the weaknesses thus identified and informed by the Board and take all necessary actions to ensure that all key control areas are addressed. A follow up review will be required where the Practice Unit has not satisfied the Board that all the key control objectives have been maintained and where, in the view of the Board the deficiencies are likely to materially affect the overall quality of engagements of the Practice Unit. In such cases the Board will also make recommendations, which it expects the practice unit to implement in order to ensure the maintenance of Technical Standards. The implementation of these recommendations will be examined during the follow up review. (iii) The Reviewer shall not communicate any Report(s) unless the examination of such Report(s) and related records has been made by him/her or by a partner or an employee of his/her firm.