Meaning Of Peer Review
To raise the standards of the profession and with a view to enhance the quality of attestation services rendered by Practising Company Secretaries (PCS) in the public interest, ICSI issued the Guidelines for Peer Review of Attestation Services by Practising Company Secretaries ("the Guidelines") effective from 1st October 2011.
Peer Review is a process used for examining the work performed by one's equals (peers) and to understand the systems, practices and procedures followed by the Practice Unit and to give suggestions, if any, for further improvement.
Meaning Of Attestation Services
It is pertinent to note the definition of "attestation services" as provided in the Guidelines. The phrase "attestation services" have been used in the Guidelines interchangeably with secretarial or compliance audit services, attestation functions and secretarial audit functions. As per the Guidelines, attestation services include secretarial audit, issuing of various certificates,
But does not include the following:
1. Management consulting engagement
2. Representing a client before the Authorities
3. Testifying as expert witness
4. Providing expert opinions on points of principle, such as Secretarial Standards or the applicability of certain laws based on the facts provided by the clients
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Need Of Peer Review
1. Evaluation of attestation services provided by the PCS.
2. Maintenance and enhancement of the quality of attestation services.
3. Assurance of compliance with the Technical Standards issued by ICSI from time to time and other regulatory and statutory requirements.
4. Assisting members in identifying the areas of improvement and receiving guidance from their peer members.
5. Upholding the standards of the profession and building greater faith and confidence in the eyes of the stakeholders.
6. Sharing of good practices, experience and mutual learning among peer members of ICSI.
7. Recognition of quality performance by PCS in the form of issue of Peer Review Certificate.
8. Improving global presence of the members of ICSI in practice
Periodicity Of Peer Review
Every Practice Unit shall be mandatorily subject to peer review at least once in a block of five years. However, a Practice Unit may be subjected to peer review at a shorter interval also either at its own request or at the instance of the Peer Review Board
Eligibility Of A Peer Reviewer
Peer review of a Practice Unit shall be carried out by Reviewers empanelled with the Peer Review Board. The criteria for empanelment as a Reviewer is that a person should be
(i) a member of ICSI having at least ten years of post membership experience and
(ii) should currently be in whole time practice as a Company Secretary.
It has been clarified that a member of ICSI who has been under employment for a decade can also seek empanelment as a Reviewer provided the member is holding a certificate of practice from ICSI on the date of making of application for empanelment as a reviewer.
While conducting peer review, the reviewer must remember that every peer review could not be the same because they all include a level of professional judgement and subjectivity depending on the nature and complexity of the peer review.
Process Of Peer Review
(B)
1.Reviewer Shall Communicate A Preliminary Report To The PU Pointing Out The DeficienciesAnd Non-Compliances Observed In Systems And Procedures
2. PU Shall Make Submissions/ Representations In Writing To The Reviewer Within 21 Days
3. whether reviewer is satisfied with the representation made by the pu?
If yes - Than submit report to board
If no - Then follow below process
4. Reviewer Shall Submit Interim Report To The Board
5. Board May Make Recommendations To The Pu And Give Instructions To The Reviewer To Conduct A Follow-Up Review After A Period Of Six Months
6. Whether reviewer is satisfied with the follow up Review ?
If yes - Than submit the report to the Board
If no than follow the below procedure
7. Reviewer Shall Submit Final Report To The Board Incorporating Reasons For Dissatisfaction
8. Board shall consider the reviewer's final report and the pu's submissions and issue recommendations to The pu and instruct the reviewer to perform follow-up action
9. Is the board satisfied?
If yes - Than board will issue Peer Review certificate
If no - Than No Peer Review certificate will be issued
Area Of Prctice For Peer Review
1) Annual Returns Certified/Signed under Companies Act, 2013
2) Certificates Issued under Regulation 40 (9) of SEBI (LODR) Regulations, 2015
3) Secretarial Audit Reports issued Section 204 of the Companies Act, 2013 / Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
4) Annual Secretarial Compliance Reports under SEBI (LODR) Regulations, 2015
5) Internal Audits under Section 138 of the Companies Act, 2013
6) Audit Reports issued under Clause 76 of SEBI (Depositories & Participant Regulations) 2018
7) Certificate issued under Regulation 56 of LODR Regulation 34(3) read with Schedule V, Para C, Clause (b) (i)
8) Compliance Certificates issued under Clause E, Schedule V of SEBI (LODR) Regulations, 2015
9) Internal Audit of Registrar and Share Transfer Agent (RTA) under SEBI Circular No. SEBI/HO/MIRSD/CIR/P/2018/73
10) Internal Audit of Credit Rating Agencies under SEBI Circular No. SEBI/MIRSD/CRA/Cir-01/2010
11) Issuance of Internal Audit Certificate for operations of the Depository Participants
12) Half yearly bank due diligence certificates issued
Records of how many years are subject to peer review by the reviewer?
The Engagement records of immediately preceding financial Years shall be subject to peer review
How Much Will It Cost Me To Get Peer Reviewed
Rs. 10000 or as decided by Board
I have been peer reviewed can i disclose this on my website?
Only the fact of being Peer Reviewed can be stated. However, neither the Certificate nor the Peer Review Report may be display on the website.
what will the validity of peer review certificate issued?
The validity of the Peer Review Certificate is five years from the date of its issue.
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