{"id":30401,"date":"2025-11-08T18:56:22","date_gmt":"2025-11-08T13:26:22","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=30401"},"modified":"2025-11-14T14:06:23","modified_gmt":"2025-11-14T08:36:23","slug":"all-about-the-peer-review-pr-process","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/all-about-the-peer-review-pr-process\/","title":{"rendered":"All about the Peer Review (PR) Process"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a02e82a398b9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a02e82a398b9\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/all-about-the-peer-review-pr-process\/#All_about_the_Peer_Review_PR_Process\" title=\"All about the Peer Review (PR) Process \">All about the Peer Review (PR) Process <\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/all-about-the-peer-review-pr-process\/#Care_to_be_Taken_in_filling_of_Point_5_of_Form_1_Option_for_Appointment_of_Peer_Reviewer\" title=\"Care to be Taken in filling of Point 5 of Form 1 (Option for Appointment of Peer Reviewer)\">Care to be Taken in filling of Point 5 of Form 1 (Option for Appointment of Peer Reviewer)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/all-about-the-peer-review-pr-process\/#Guidelines_for_Correct_Selection_of_Peer_Reviewer\" title=\"Guidelines for Correct Selection of\u00a0Peer Reviewer\">Guidelines for Correct Selection of\u00a0Peer Reviewer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/all-about-the-peer-review-pr-process\/#Important_Points_to_Note_%E2%80%93_Annexure_A_of_Form_1_Peer_Review\" title=\"Important Points to Note \u2013 Annexure A of Form 1 (Peer Review)\">Important Points to Note \u2013 Annexure A of Form 1 (Peer Review)<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-29360\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn.png\" alt=\"peer_review_lisa_dorn\" width=\"1105\" height=\"829\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn.png 864w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn-300x225.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn-768x576.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/05\/peer_review_lisa_dorn-800x600.png 800w\" sizes=\"(max-width: 1105px) 100vw, 1105px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"All_about_the_Peer_Review_PR_Process\"><\/span><span style=\"color: #000080;\"><strong>All about the Peer Review (PR) Process <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong> Preliminary Preparation : <\/strong><\/li>\n<\/ol>\n<ul>\n<li>Download the complete UDIN list of all attest\/signing assignments done during the last three financial years (01.04.2022 to 31.03.2025). Fill the UDIN details carefully in the Annexure format of Form 1. Complete Form 1 thoroughly : Parts A, B, and C, as applicable. Select top 10 samples from the UDIN list as per the sample selection criteria prescribed in the Peer Review Board (PRB) Guidelines. Keep all audit and assurance files corresponding to the selected samples ready for verification.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li><strong> Initiating the Peer Review Process : <\/strong><\/li>\n<\/ol>\n<ul>\n<li>Send a request email to PRB to initiate the Peer Review process. <em>(Form 1 is not required at this stage.) <\/em>The next day, PRB will respond requesting submission of Form 1. Email Form 1 along with the UDIN Annexure to PRB as per the instructions received.<\/li>\n<\/ul>\n<ol start=\"3\">\n<li><strong> Appointment of Peer Reviewer : <\/strong><\/li>\n<\/ol>\n<ul>\n<li>After receipt of Form 1, PRB will provide a list of three empanelled Peer Reviewers. Select one Peer Reviewer from the list and communicate your choice to PRB via email. Contact the selected Peer Reviewer and schedule the visit to your firm.<\/li>\n<\/ul>\n<ol start=\"4\">\n<li><strong> During the Review : <\/strong><\/li>\n<\/ol>\n<ul>\n<li>Obtain a Confidentiality Declaration from the Peer Reviewer in Form 2 before the commencement of the review. Provide the Sample List to the Peer Reviewer in Form 5. The Peer Reviewer will conduct the review and prepare the Peer Review Report in Form 9.<\/li>\n<\/ul>\n<ol start=\"5\">\n<li><strong> Completion and Certification : <\/strong><\/li>\n<\/ol>\n<ul>\n<li>The Peer Reviewer will submit the report to PRB. The PRB Committee will evaluate the report and, upon approval, issue the Peer Review (PU) Certificate to your firm.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Care_to_be_Taken_in_filling_of_Point_5_of_Form_1_Option_for_Appointment_of_Peer_Reviewer\"><\/span><span style=\"color: #000080;\"><strong>Care to be Taken in filling of Point 5 of Form 1 (Option for Appointment of Peer Reviewer)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While filling Point 5 of Form 1, special attention must be given to the selection of the option for appointment of the Peer Reviewer, as this determines the pool from which PRB will propose names. <strong>Available Options in Point 5<\/strong><\/p>\n<p>(i) <strong>Same City<\/strong><br \/>\n(ii) <strong>From Outside City<\/strong><br \/>\n(iii) <strong>Either Option (i) or (ii)<\/strong><br \/>\n(iv) <strong>Preferred City (in case of Option ii)<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Guidelines_for_Correct_Selection_of_Peer_Reviewer\"><\/span><span style=\"color: #000080;\"><strong>Guidelines for Correct Selection of\u00a0<\/strong><strong>Peer Reviewer<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li><strong> If \u2018Same City\u2019 is selected: <\/strong>PRB will send three Peer Reviewer names from the same city as the firm\u2019s Head Office (HO), or nearest available on the Peer Review Panel. &amp; Suitable for firms preferring local reviewers for ease of logistics and scheduling.<\/li>\n<li><strong> If \u2018From Outside City\u2019 is selected: <\/strong>PRB may send names of reviewers from any city across India, except the city where the firm\u2019s Head Office is located. For example : If the firm\u2019s HO is in Kanpur, you may choose this option and specify a preferred city (e.g., <em>Delhi\/Noida\/Ghaziabad<\/em>) under point (iv).This is useful when firms prefer a reviewer from a specific metro or neutral location.<\/li>\n<\/ol>\n<p><strong>iii. If \u2018Either Option (i) or (ii)\u2019 is selected: <\/strong><\/p>\n<ul>\n<li>PU must still mention a preferred city under point (iv). PRB will then issue three names \u2014 which could be a combination of reviewers from the same city, nearby cities, or the preferred city mentioned.<\/li>\n<li>This option offers flexibility and is suitable if the firm has no strict city preference. PU Ensure that the \u201cPreferred City\u201d field (point iv) is always filled, regardless of which option is selected. Leaving it blank may delay the reviewer nomination process by PRB.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Important_Points_to_Note_%E2%80%93_Annexure_A_of_Form_1_Peer_Review\"><\/span><strong>Important Points to Note \u2013 Annexure A of Form 1 (Peer Review)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When preparing <strong>Annexure A<\/strong> of <strong>Form 1<\/strong>, the following points must be carefully observed to ensure accuracy and compliance with PRB requirements:<\/p>\n<p><strong>Period to be Covered \u2013 Based on <em>Signing Dates<\/em>, Not UDIN Dates : <\/strong><\/p>\n<p>The Peer Review period of three financial years (e.g., 01.04.2022 to 31.03.2025) should be determined based on the date of signing of audit\/assurance reports : not the UDIN generation date. Illustration: If the firm signed a client\u2019s financials on 31.03.2022, but the UDIN was generated on 10.04.2022, the signing pertains to FY 2021\u201322, and therefore should not be included in the Annexure A list for the review period FY 2022\u201323 to FY 2024\u201325. The cut-off must always align with the signing date, since the signing of reports determines the audit activity period.<\/p>\n<p><strong>Mention Only One Relevant Financial Figure (Turnover \/ Borrowings \/ Net Worth) : <\/strong><\/p>\n<p>In Annexure A, only one relevant figure : <em>Turnover<\/em>, <em>Borrowings<\/em>, or <em>Net Worth<\/em> : should be filled in, as per the nature of the assurance engagement. Do not fill all three figures simultaneously. Examples:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Statutory Audit of Financial Statements : Mention Turnover.<\/li>\n<li>Certificate of Net Worth : Mention Net Worth.<\/li>\n<li>Certification of Borrowing\/Utilisation : Mention Borrowings.<\/li>\n<\/ul>\n<\/li>\n<li>The selection should be logical and engagement-specific, ensuring that the number presented is meaningful for the purpose of the audit\/assurance assignment.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>All about the Peer Review (PR) Process Preliminary Preparation : Download the complete UDIN list of all attest\/signing assignments done during the last three financial years (01.04.2022 to 31.03.2025). Fill the UDIN details carefully in the Annexure format of Form 1. Complete Form 1 thoroughly : Parts A, B, and C, as applicable. Select top &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10103],"tags":[10363],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/30401"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=30401"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/30401\/revisions"}],"predecessor-version":[{"id":30404,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/30401\/revisions\/30404"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=30401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=30401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=30401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}