About the Peer Review Board of the Institute
(As per the Council approved Peer Review Statement)

Peer Review Board

1. A Peer Review Board shall be formed and empowered by the Council which will formulate, implement and oversee the Peer Review System under the overall supervision of the Council.
2. The objectives, powers, scope and the duties of the Board will be formulated and distinctly laid down by the Council which may be reviewed and modified as and when required.
3. The Board shall be composed of 4 members with equal representation from the Council and other nominees from different sectors so as to have a wide knowledge and exposure base.
4. The Council shall authorize the Board to elect amongst its members for the day to day functionality of the Board a Chairperson and Vice Chairperson and an Institute official may be deputed as Secretary to the Board or any other person (not below the rank of Joint Director) to extend technical and secretarial assistance to the Board.
5. The tenure of Chairperson / Vice Chairperson and members of the Board shall be for 2 years, though the Council can reconstitute partly or fully the Board members as and when required.
6. Any vacancy on the Board shall be filled in by the Council.
7. Members of the Board of Discipline, Disciplinary Committee, Appellate Authority and Quality Review Board of the Institute shall not concurrently serve on the Board.
8. No business shall be transacted at a meeting of the Board unless there are 3 members present including the Chairperson or, in his absence, the Vice Chairperson.
   
   If the Chairperson is not present in a meeting, the Vice Chairperson shall Chair the meeting.
   
   Provided that if the Chairperson and Vice Chairperson are not present in a meeting the members may elect anyone member as Chairperson of the meeting to transact the business of the Board;
   
   If there is no quorum within half an hour of the time fixed for the meeting, the meeting shall be adjourned to a date, time and place fixed by the Chairperson.
   
   Provided that in the adjourned meeting, the quorum will be the members present in the meeting or two members present in the meeting, whichever is more.
   
   
9. The Board shall meet at least 4 times in a year, provided that not more than 120 days shall elapse between two consecutive meetings of the Board.
10. The Board shall submit a report to the council within 21 days of its meeting or such extended time by Council.

Duties and power of the Board

1. The duty of laying down the Peer Review System and its functionality shall be vested in the Board.
2. The duties of the Board shall include:
   1. To maintain a panel of Reviewers.
   2. To define the terms of appointment of the Reviewers.
   3. To arrange for interactive sessions to further fine tune the Peer Review process.
   4. The process of peer review will cover the following:
      1. The Reviewer shall send his report to the Board with a copy marked to the firm advising the firm to respond to the report within the stipulated time frame directly to the Board with a copy marked to the Reviewer.
      2. The Board after studying the report of the Reviewer and the rejoinder by the firm will decide whether to call the firm and Reviewer for a discussion or not.
      3. In case there exists any difference of opinion between the firm and the Reviewer the Board may issue necessary recommendations accordingly.
      4. If found necessary, to order a further peer review to be carried out
      5. To issue Peer Review Certificate after the peer review process is successfully completed;
      6. To guide the prospective Reviewers on best practices on peer review.
3. Where deemed appropriate, after the conclusion of a cycle of reviews or at the end of each such period as may be determined, the Board shall have the powers to make a Special Report to the Council on:
   1. General issues regarding the level of implementation and adherence to Technical, professional and Code of Ethics amongst Firms.
   2. Its own suggestions for further improvement in quality of audit and assurance services.
   3. Such other related matters and or information it may deem fit.
4. The Board may perform any other thing or act as may be incidental to, or which it considers necessary or expedient for the performance of its functions, or exercise of its powers as delegated to it by the Council, including the formation of subcommittees for specific tasks.