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Peer Review Readiness Checklist — ICAI Self-Assessment

Assess the firm the way an ICAI Peer Reviewer will: firm-level quality system (SQC 1/SQM 1), a three-file engagement-discipline test, reporting quality, and a gap-and-owner action plan — editable in Word.

Free · CORAA original — SA-aligned
Updated 18 Jul 2026
Pillars
Standards compliance · reporting · systems (SQC 1/SQM 1)
Method
Self-test on 2-3 recent engagement files
Output
Gap register with owner + target date
Context
Phase IV mandate — verify your deadline
Share this template
Your firm — letterhead
Appears at the top of the document as the audit firm letterhead.
Used as the letterhead block.
Engagement details
The client and period this document is for.
What’s inside

An excerpt from the template.

PEER REVIEW READINESS CHECKLIST — FIRM SELF-ASSESSMENT

Firm: ___ · FRN: ___ · Assessment date: ___ · Assessed by: __________

Purpose: self-assess the firm against what an ICAI Peer Reviewer tests, before the reviewer does. Structured on the Peer Review Board’s three pillars — compliance with technical, professional and ethical standards; quality of reporting; and systems and procedures (SQC 1 / SQM 1). Phase-IV mandates extend the Peer Review certificate requirement broadly; check the current Board announcement for your firm’s deadline.

Part A — Firm-level quality system

↑ Excerpt only — the full template is what you download as Word
About this template

What you’re downloading, and when to use it.

This template follows the format published by the Institute of Chartered Accountants of India (ICAI) in the AASB Audit Working Paper Templates (June 2023), the authoritative reference for Indian statutory-audit documentation. Fill in your firm’s letterhead and the engagement details on the form above, click Download Word file, and you’ll get a fully formatted .docx ready to use.

Everything is generated in your browser and on a stateless API endpoint — no account, no email gate, nothing stored. Edit freely in Word, Google Docs or Pages before sending to your client.

Common questions

FAQs.

What does an ICAI peer reviewer actually examine?
Three pillars: compliance with technical, professional and ethical standards (do the files show SA procedures actually performed); quality of reporting (do reports match current formats and are assertions supported); and the firm’s systems and procedures under SQC 1/SQM 1 (acceptance, independence, consultation, monitoring). Reviewers select completed engagement files — which is why this checklist tests real files, not policies alone.
Which firms need a peer review certificate?
The Peer Review Board has phased the mandate — from listed-entity auditors in Phase I progressively down the practice pyramid, with Phase IV extending it broadly. Deadlines have been revised more than once; verify your firm’s applicable phase and date on the ICAI Peer Review Board announcements before relying on any summary.
What are the most common peer review findings?
The recurring ones: engagement letters missing or stale, materiality not documented, sampling basis absent, journal-entry testing not performed as SA 240 requires, confirmations not controlled by the auditor, representation letters dated before the report date, and files not assembled within 60 days. Part B of this checklist tests exactly these against three recent files.
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