Clause 21 of the Peer Review Guidelines prescribes the Functions of the Board
- (1) The Board shall be vested with the powers to enforce compliance of the provisions of these Guidelines by the Practice Units and others.
- (2) Without prejudice to the generality of the provisions of clause (1) of clause 21 of the Guidelines, the powers and duties of the Board shall include the following:
- (i) To call for such information and / or records from Practice Units / Reviewers in such form and manner as may be decided by the Board from time to time.
- (ii) To arrange for orientation and periodic training programmes for Reviewers and/ or Practice Units.
- (iii) To conduct empanelment tests for empanelling the Peer Reviewers.
- (iv) To conduct advanced empanelment test for empanelment of Peer Reviewers for undertaking Peer Review of Practice Unit conducting statutory audit of listed entities.
- (v) To prescribe the procedures to be followed in relation to Peer Review.
- (vi) To register and/or remove Peer Reviewers and maintain a panel of Reviewers.
- (vii) To fix the ceiling on number of yearly reviews to be conducted by the Reviewer.
- (viii) To fix the terms and conditions of appointment of the Reviewers.
- (ix) To prescribe the formats for maintenance of records by Peer Reviewers and to examine the same.
- (x) To make changes in the Forms prescribed under these Guidelines. The changes so made shall be noted by the Council.
- (xi) To reject any incomplete application, documents or forms as prescribed in these Guidelines as received by it.
- (xii) To Review the work performed by a Reviewer.
- (xiii) To define the scope of selection of Practice Unit for Peer Review as the Board may deem fit.
- (xiv) To collect information to determine whether the Practice Unit is covered under the Peer Review mandate as notified by the Council.
- (xv) To prescribe such criteria of selection of Practice Unit for Peer Review as the Board may deem fit.
- (xvi) To select and notify the Practice Unit for Peer Review to be conducted during the year.
- (xvii) To select three Reviewers and intimate their names to the Practice Unit and allow the Practice Unit to choose any one Reviewer therefrom within one working day or such other period as may be decided by it from time to time Provided that, the Board shall, for reasons to be recorded in writing, appoint a Reviewer for the Practice Unit if: -
- a) the Practice Unit does not select Reviewer within a period of one working day or such other period as may be fixed, from the date of service of the intimation; or
- b) the Reviewer selected by the Practice Unit does not give his confirmation within seven working days of being intimated by the Peer Review Board.
- c) the Practice Unit on its own requests the Board to appoint a Reviewer.
- (xviii) To call for such information on regular intervals from UDIN Directorate as may be considered necessary.
- (xix) To prescribe a register to be maintained by the Practice Unit for assurance services rendered during the year.
- (xx) On considering the report of a Reviewer:
- a) issue such advisory to the Practice Unit and/or Peer Reviewer as may be considered appropriate; or
- b) order a “Follow On” Peer Review to be carried out; or
- c) issue Peer Review Certificate in the format as the Board may decide.
- d) To examine that the Practice Units comply with appropriate Audit Assurance Quality Index or such other criteria as may be specified by the Center for Audit Quality or such other Committees as may be constituted by the Council.
- (xxi) To frame Rules for assigning grades to the Practice Units based on such criteria as may be decided by it and to provide suitable grading to the Practice Units. The Practice Units shall inform the grading to the Board in the application Form while applying for the next cycle of Peer Review.
- (xxii) To publish the grades so allotted on such platforms as the Board may decide for the purpose of reporting to appropriate Authorities or for such other purpose as may be decided by the Board.
- (xxiii) To Note and issue the Certificates to the Practice Units on the basis of report submitted by the Reviewer.
- (xxiv) To form such sub groups of the Board, as may be necessary to discharge its various functions.
- (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 powers to make a Special Report to the Council on:
- (i) the level of implementation and adherence to Technical, Professional and Ethical Standards amongst Practice Units,
- (ii) its suggestions for further improvement in quality of Peer Review and
- (iii) such other related matters and/or information it may be deemed fit.
- (4) (i) Pursuant to a follow on review carried out in terms of Clause 13(3), if the report of the reviewer continues to be adverse then the deficiencies as reported shall be referred to a Sub Committee of the Board. The Sub Committee shall consider the nature and materiality of the deficiencies contained in the follow on review and give its findings to the Board within thirty days from the date the said matter was referred to it.
- (ii) The Board shall consider the findings of the Sub Committee on the nature and materiality of the deficiencies which the Board after due deliberations may either accept or reject for reasons to be recorded in writing. If the Board is of the opinion that the findings of the Sub- Committee have observations on material deficiencies in the Practice Unit, then the Board shall refer the matter to the Council for considering whether the same may be referred to the Disciplinary Directorate for initiating disciplinary action.
- (5) The Board may perform such other functions or acts 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 Sub-Committees and Regional Benches of the Board for specific tasks.
- (6) If the Peer Reviewer does not carry out Peer Review in terms of these Guidelines, the Board may, after giving him an opportunity of being heard, take action in the matter including recommending case to the Council for taking such action.
- (7) The Board shall appoint a Peer Reviewer and bear the cost of Peer Review in case the Reviewer appointed dies after submission of the report to the Board and the report is not complete in all aspects as reviewed by the Peer Review Secretariat. The Board shall bear the cost only if the Practice Unit has made payment in terms of the invoice of the deceased Peer Reviewer.
- (8) To review the Practice Unit with a view to check the appropriateness of the Peer Review report issued by the Reviewer and after giving an opportunity of being heard to the Reviewer, take appropriate action for deficiencies/ limitations noticed in the Peer Review Report.
- (9) For the purpose of clause 21(8), the Board can get the review done through its own resource or can appoint any one or more Peer Reviewer(s). The Cost of such Review shall be borne by the Board.
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