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Institutional Mechanism for Peer Review in IA&AD. Peer Review Board (PRB) at Headquarters: Composition Chair Person: ADAI (Inspection) Participating Members: Other ADAIs/DAIs

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Institutional Mechanism for Peer Review in IA&AD

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Institutional Mechanism for Peer Review in IA&AD

Peer Review Board (PRB) at Headquarters: Composition

Chair Person: ADAI (Inspection)

Participating Members:

Other ADAIs/DAIs

President, Institute of Public Auditors (IPA) or any member of the Central Council of IPA or any senior expert of the level of retired DG/PAG and above nominated by President, IPA

Secretary, Audit Advisory Committee (DG-Audit)

Secretary, Government Accounting Standards Advisory Board (DG-Accounts)

Economic Adviser to IA&AD

Deputy Director General, NIC on deputation to IA&AD

Director (Peer Review) to be the Secretary of PRB


Peer Review Board

  • PRB was kept under abeyance (for one year from 17-08-2005)

  • PRB revived by CAG with effect from 7-08-2006

  • All Final Review Reports directly submitted to CAG through ADAI (Inspection)


Functions of Peer Review Board

The Peer Review Board (PRB) may meet once in a year

PRB to review the final peer review reports and monitor signals received from field offices for planning both compliance and rectification measures

PRB may advise C&AG about measures to be taken to improve the effectiveness and efficiency of the field offices


Peer Review – Present Framework

Who will be peer reviewed and who will conduct peer review?

  • Any Office of IA&AD can be subjected to Peer Review.

  • The Chair Person, Peer Review Board (ADAI, Inspection) will select the offices to be subjected to Peer Review as well as the offices to conduct the Peer Review.

  • ADAI(Inspection) will inform the Office selected for Peer Review as well as the Team Leader of Peer Review Group about the selection.

  • Factors to be considered:

    • Independence

    • Competence

    • Credibility


Peer Review – Present Framework

What will be peer reviewed? (Broad Parameters for Peer Review)

In the case of an AUDIT OFFICE the following aspects will be reviewed.

  • Performance Measures, Effectiveness, General Quality Control and General Management Practices

  • Financial Statement Audits {Regularity (Financial) Audit}

  • Performance Audits/Reviews

  • Transaction Audits {Regularity (Compliance) Audit} and application of VLC system in auditing services


Peer Review – Present Framework

What will be peer reviewed? (Broad Parameters for Peer Review)

In the case of an ACCOUNTS OFFICE the following aspects will be reviewed.

  • Performance Measures, Effectiveness, General Quality Control and General Management Practices

  • Accounts, GPF and Pension Wings

  • Review of Application of VLC system in accounting services.


Peer Review Composition of PRG for Audit Offices

ADAI (Inspection) Coordinator

Director (Inspection) Secretary to Peer Review Board

PAG/AG/DGA/PDATeam Leader

Group Officer of the(If requested by the Team Leader

Team Leader to provide continuity)

Members of team

2 Assistant Audit OfficersTo be drawn from Office of Team Leader

1 Assistant Admn OfficerFrom Inspection Wing, Hqrs.

1 Assistant Audit OfficerFrom ITA Wing of the office under Review


Peer Review Composition of PRG for A&E Offices

ADAI (Inspection) Coordinator

Director (Inspection) Secretary to Peer Review Board

PAG/AG/DGA/PDATeam Leader

Group Officer of the(If requested by the Team Leader

Team Leaderto provide continuity)

Members of team

3 Assistant Accounts OfficersTo be drawn from Office of Team Leader

1 Assistant Admn OfficerFrom Inspection Wing, Hqrs.

1 Assistant Accounts OfficerFrom ITA Wing of the office under Review


Peer Review ProcedureThree Stages

Peer Review will have the following three stages:

  • Stage I-Planning

  • Stage II-Execution

  • Stage III-Reporting


Stage I: Planning Notifying the Office

  • The Office selected for Peer Review will be supplied with a format for indicating the General Profile of the Office and Model Check-list for Peer Review

  • The formats to be filled and sent to the Team Leader of Peer Review Group, with a copy to Director (Inspection) at Headquarters


Stage I: Planning Operational Plan for Peer Review in IA&AD

Terms of Reference of PRG

  • Planning with reference to the strategic and long term operational objectives of the office.

  • Compliance with the technical standards of the Department i.e.

    • Whether the accounting and auditing services are being performed as per the Departmental standards, manuals and instructions. (This will supplement the existing internal reviews.)

    • Whether the auditing and accounting methodologies and practices conform to best international practices as adopted by the department.

    • Whether proper system (including documentation system) for maintaining the quality of the work

  • Initiatives designed to strengthen the knowledge and skills, professional competence, adherence to professional standards and overall effectiveness of the office


Stage I : PlanningModel Checklist for Peer Review

For Audit Offices:

The Model Checklist was designed to provide guidance to assist the Reviewer in reviewing the following aspects of functioning of a field office.

  • Performance Measures, Effectiveness, General Quality Control and General Management Practices

  • Financial Statement Audits {Regularity (Financial) Audit}

  • Performance Audits / Reviews

  • Transaction Audits {Regularity (Compliance) Audit}and application of VLC in auditing services


Stage I : Planning-Model Checklist for Peer Review

For Accounts & Entitlement Offices:

The Model Checklist was designed to provide guidance to assist the Reviewer in reviewing the following aspects of functioning of a field office.

  • Performance Measures, Effectiveness, General Quality Control and General Management Practices

  • Accounts Wing, GPF Wing, Pension Wing and Application of VLC in accounting services


Operational Plan for Peer Review Stage I: PlanningSample Selection

Criteria for Sample Selection:

  • The leader of the Peer Review Group can select the sample for review at his discretion

  • The factors that may be considered in selecting the sample include:

    • The profile of the Office

    • The size and nature of audits undertaken

    • The responses to the Model Checklist


Stage-I: Time Frame


Operational Plan for Peer Review Stage II - Execution

In case of Review of an Audit Office:

  • The answers to be verified by the Peer Review Group, based upon a review of the office’s working paper files on

    • Selected specific audits of financial statements

    • Selected performance audits / reviews

    • Local audits and

    • Vouchers subjected to Central Audit

  • The questions to be applied to the sample chosen for review


Stage II: Time Frame


Stage-III: Reporting

  • The Team Leader of the PRG should prepare a preliminary report and send the same to the Office reviewed for comments.

  • After receiving the reply, the Team Leader shall prepare a final report and submit to ADAI (Inspection) Chair Person, PRB.

  • The PRG should prepare working papers that provide sufficient detail to support the review conclusions and recommendations.

  • The documentation should be appropriately filed, and tailored to meet the specific circumstances of the review engagement and terms of reference.


Stage-III: Reporting

  • The Report should state specifically whether the system of quality control has been designed so as to carry out auditing / accounting services in a manner that ensures compliance with technical standards of the Department


Stage III: Time frame


Monitoring Progress

  • A System of Monthly Progress Reports to ADAI (Inspection) introduced from 2006-07

  • Reports to be submitted by the Team Leader / HoD of Reviewer and Reviewee Offices


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