The Hindu Business Line : ICSI to set up peer review board for practising company secretaries

This is to periodically review the PCS firms and evaluate their quality, sufficiency of systems, procedures and practices, in order to maintain high standards in performance.

The Institute has circulated draft guidelines for peer review to its council members to elicit their response before a final guideline is put in place, ICSI sources told Business Line. When asked who would be authorised to issue these guidelines, official sources said, "In terms of the powers vested, the council of the Institute is authorised to issue guidelines."

Peer review means an examination and review of the systems, procedures and practices, and to determine whether they have been put in place by the practice unit for ensuring the quality of attestation services as envisaged by the prescribed technical standards.

Regarding what are the attestation services, sources said, these services involve the secretarial audit and issuing of various certificates.

However, it does not include, management consulting engagement, representing a client before the authorities, testifying as expert witness, and providing expert opinion on points of principle.

Outlining the procedure to be adopted for the purpose, sources said, the guidelines would propose that the Council of the Institute establish a peer review board.

This board would consist of a maximum of seven members, of who at least four shall be from amongst the Members of the Council.

The balance shall be drawn from amongst prominent members of high integrity and reputation, including but not limited to, former public officials, and regulatory authorities.

Further, the council shall appoint the board members as well as the chairman and the vice-chairman.

At least one half of council members on the board shall hold Certificate of Practice. The term of a member shall be for a period of one year or such period, as may be prescribed by the council.

On whether the members of the Disciplinary Committee of the Institute shall serve on the board, sources said that it has been proposed that the members shall not concurrently serve on the board.

Further, the board is expected to meet at least once in quarter of the year (financial year starting April 1 and ending March 31 of the following year).

The guidelines also stipulate that the board shall submit quarterly reports on its functioning to the council.

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