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It is reported that peer review of audits, as an “evaluation of work” by another firm of auditors, will be introduced from this year onwards so as to ensure quality work. In the auditing profession, there are competing and “non-competing” groups, mostly based on size, educational qualifications of partners and associates, parentage of the audit firm, longevity in the field, and “reputation”.

That being the case, their activities will be watched with more than usual interest to see how the modus operandi for a peer review will evolve over time and to ensure that the system functions smoothly, proving to be beneficial as a systemic innovation that contributes to better corporate governance in the business world.

This is all the more important in the context of several new developments in the accounting field, such as “fair value” accounting, new auditing standards, and the International Financial Reporting System.

K. U. Mada Mumbai

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