PEER REVIEW (INTERNAL ) OF AUDIT ASSIGNMENTS

Is this first year of Audit of this client ?

In case of Change of Auditors whether NOC held on record?

Check Auditors Independence : (Fee outstanding, Financials transactions with Client, Relatives etc)

Rotation of Signatory (Compulsory rotation after 5 Years)

Check - Audit Plan

Check compliance of basic accounting concepts - Accounting System, Going Concern, Materiality

Check - Sampling data / method

Check - Audit Checklist

Check - Audit Documentations/ confirmation balances etc

Check - Audit Notes issued

Check – Audit Qualifications, if any proposed in the Draft Audit Report

Check – Emphasis of Matters, if any proposed in the draft audit report

Check – Disclaimers, if any proposed in the draft audit report

Check – Compliance to AS or Ind As

Check – Compliance to Auditing standards and Reporting standards, Formats etc.,

Check – Compliances to reporting matters required under CARO

Check - Compliances under Companies Act

Check – Compliances under Income Tax Act, 1961

Check – Compliances under GST Act

Any other Regulatory Non compliances like RBI, SEBI, Pollution, Environment clearance

Check - Off Balance Sheet Disclosures like Contingent Liabilities

Check compliances to relevant ICAI Guidance Notes issued

Check – Compliances Received from the Client

Check Draft Notes on Accounts and disclosures

Whether draft report shared with the Client ?

Whether MRL obtained

Whether draft letter to the management prepared for points/ matters needs managements attention but not covered in the Audit report?

Any matter requiring attention of senior partners for opinion / expert opinion

Other Matters ..