Peer Review

Procurement and Audit notes revision

A practice monitoring program in which the audit documentation of one audit firm is periodically reviewed independent partners of other firms to determine that it conforms to the standards of the profession. The work of the review is limited to:
• Professional aspects of the practice.
• Overall total quality control policies.
• Professional aspects of firm’s procurement and auditing practices like maintenance of working papers and custody of procurement records.
Objectives/advantages of Peer Review
• To promote compliance with professional standards and other technical pronouncements.
• To provide reasonable assurance to users of procurement records that professional standards have been complied with in performance of audit and related services.
• To promote uniform application of generally accepted methods of professional practice.
• To gain increased user confidence in the reliability of audited procurement records.
• To establish a mechanism of continuous quality improvement in professional practice and a self -regulatory framework for policies and procedures.
• To enhance the status and image of accounts to the public through assurance of compliance and quality in performance of audit and related services.
• To help ensure that auditors are competent and independent and to identify potential problems in this regard at an early stage for necessary corrective actions.
• To help identify weaknesses in the audit process and provide technical assistance for professional development.

Procurement and Audit notes revision

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