Qn 7 of Division A in Audit Mtp series 1 may 2019, asks about maximum review cycle under peer review
Answer is 3 years
After reading the the review period, I have a doubt that since –
Level 3 Firms must get reviwed once in every 5 years.
Is the MCQ asking abt the maximum review cycle comparing Level 1,2 and 3 overall
they are asking maximum cycle, so it should be 5 years
see page number 7 in below link