Question

What is a Peer Review and how and when are they performed?

Answer 1

Peer review is auditing or reviewing the work of the auditors In the same industry having same expertise. It is a form of self regulation by qualified members.

It is required to be performed once in a year. The process of peer review:

1. Reviewing the work or audit of financial statements done by a CPA Firm.

2.Ensuring that the firm has performed the work following the prescribed mandatory standards.

3. Auditing the financials of the firm and their reporting standards.

4. Recommending changes if any observed during the process.

5. Publishing the peer review article.