Page 106 - Quick Insights Book 2022

Chap. 30 – Opportunities available at ICAI

Scale Of Honorarium (iv) he has been convicted by a competent court whether
within or outside India, of an offence involving moral
Currently, honorarium Rs. 1.25 lacs is being paid for each turpitude and punishable with imprisonment,
review.
(v) He has undergone training/articleship under any of the
3. PEER REVIEWER partner of Practice Unit

Engagement As Peer Reviewer Scale of reimbursement
Peer Review entails a review of attestation engagement records In exercise of power vested in the Peer Review Board by the
and related financial and other statements to ascertain that the Statement on Peer Review, the Board has in its 64th Meeting
Practice Unit is adhering to Technical Standards already issued held on 4th June, 2020 notified the fees of Peer Review for
by the Institute. The main objective of Peer Review is to ensure Level -I and II Practice Units including honorarium and TA/DA
that in carrying out the assurance service assignments, the for reviewer and his qualified assistant, shall be as under:
members of the Institute (a) comply with Technical, Professional
and Ethical Standards as applicable including other regulatory Total Revenue from Attestation service clients of
requirements thereto and (b) have in place proper systems practice unit (Per Annum) Cost
including documentation thereof, to amply demonstrate the
quality of the assurance services. The Statement on Peer Average gross receipts/ Revenue from Fees
Review was released to meet the demands of high quality assurance service Clients of Practice Unit `
assurance, consistency and greater transparency. The purpose (Per Annum) for the period under review
of the Peer Review statement is to provide a framework for, Less than ` 10 lacs p.a. 15,000
planning, performing, reporting and administration of the Peer
Review process. From ` 10 lacs to 50 Lacs p.a. 25,000
From ` 50 lacs to 1 crore p.a 40,000
Eligibility Criteria To Be Peer Reviewer
From ` 1 crore to 3 crore p.a. 60,000
Peer Review of a Firm (referred to as a Practice Unit) is
conducted by a member empanelled as a Peer Reviewer From ` 3 crore to 5 crore p.a. 75,000
with the Peer Review Board of ICAI. As per Para 10 of the From ` 5 crore p.a. to 10 crore p.a 1,50,000
Statement on Peer Reviewer, eligibility to be a reviewer is that
a member be a member; From ` 10 crore p.a. to 20 crore p.a 2,00,000
(a) shall be in practice with at least 7 years of audit From ` 20 crore p.a. to 30 crore p.a 3,00,000
experience. be currently active in the practice of Above ` 30 crore p.a. 5,00,000
assurance service engagements; and
The fees of Peer Review is to calculated on the basis of
(b) In case he has moved from industry to practice and is average gross receipts/ Revenue earned by the Practice Unit
currently in practice he should have at least 10 years of during the period of review at all its units i.e. Head Office and
audit experience in industry and at least 3 years audit Branches. The average gross receipts/revenue from assurance
experience in practice..
services during the period under review will determine the
(c) Should have undergone the requisite training and cleared fees of peer review as per the table above. Peer Review is a
the requisite test for Peer Review as prescribed by the one-time procedure for the period covered under review and
Board. therefore the fees payable for the services is a one-time fees
payable for the review.
Further, a member shall not be eligible for being appointed as
a Reviewer of a Practice Unit, if -. For empanelment please visit :

(i) any disciplinary action / proceeding is pending against https://www.icai.org/post/peer-review-board
him
4. BOARD OF STUDIES
(ii) he has been found guilty of professional or other
misconduct by the Council or the Board of Discipline or Opportunities In Board Of Studies
the Disciplinary Committee at any time.
Visiting faculty in IT labs run by Board of Studies.
(iii) he has been convicted by a competent court whether
within or outside India, of an offence involving moral Video lecturing to Students of CPT, Inter and Final –
turpitude and punishable with imprisonment,

Quick Insights on Professional Opportunities for Chartered Accountants 93