Circular No: PRB/CIR/001/02-03, issued on: January 10, 2003
Sub: - Declaration to be furnished by the reviewer every year.
In order to ensure that a member of the Institute against whom disciplinary action is pending under section 21 of the Chartered Accountants Act, or has been convicted by a competent court under section 8 of the said act does not continue to be in the panel of the reviewers maintained by the Peer Review Board, it is clarified that the reviewer would be required to furnish a declaration to the Board, every year, to the following effect: -
- A panel of reviewers will be maintained by the Peer Review Board, satisfying the qualification requirements laid down in the Statement, i.e., an individual should be a member of the Institute; possess atleast 10 years experience of audit; and be currently active in the practice of accounting and auditing.
In this context, the Board has clarified that 10 years experience of audit should not necessarily be continuous but cumulative experience of 10 years. Any period of audit experience of less than 2 years shall not be counted for this purpose. Also mere membership of 10 years would not be enough to be empanelled as a reviewer. It has to be 10 years experience of audit.
- He had not been convicted by a competent Court whether within or without India, of an offence involving moral turpitude and punishable with transportation or imprisonment or of an offence, not of a technical nature, committed by him in his professional capacity unless in respect of the offence committed he has either been granted a pardon or, on an application made by him in this behalf, the Central Government has, by an order in writing, removed the disability (the conviction here means conviction at the first Court).