Icai To Make Peer Review Mandatory

The Institute of Chartered Accountants of India (Icai) has decided to implement the concept of peer review in India from April 1, 2003. The decision comes at a time when there are fears of chartered accountancy losing credibility in the eyes of the society following the questionable role of auditors in the Enron debacle.

The Icai has also decided to put a cap on auditors fees for rendering services besides statutory audit from April 1, 2002.

The newly-elected president of ICAI, Ashok Chandak said the Institute had taken two major decisions aimed at