Extension of applicability of Peer Review Mandate for CA Firms covered under Phase II & III. Revised Applicability of ICAI Peer Review Mandate
According to FAQ on Peer Review Board issued by ICAI the term “peer” means a person of similar standing. The term “review” means a general survey or assessment of a subject or thing. The term “peer review” would mean review of work done by a professional, by another professional of similar standing. Peer review means an examination and review of the systems and procedures to determine whether they have been put in place by the PU for ensuring the quality of assurance including tendering services as envisaged and implied/mandated by the Technical Standards, Ethical Standards and Professional standards and whether these were effective or not during the period under review. In other words, the peer review involves examination of the systems and procedures of the PU but does not aim to identify isolated cases of engagement failure
In India Peer Review is applicable to all practicing Chartered Accountants and firms/Practice Unit. From 2017, newly constituted firms i.e. where constitution of firms is less than 1 year, can apply for peer review suo-moto if Member i.e. Proprietor/Partner has at least five years of post-qualification experience (holding full time COP.
Considering the requests from Practice Units, the ICAI has decided extension of the applicability of the Peer Review Mandate for the Practice Units covered under Phase II and III as under:-
| Phase | Category of firms covered for Mandatory Peer Review | Date from which Peer Review is Mandatory |
| II |
Practice Units which propose to undertake Statutory Audit of unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year: For these Practice Units, there is a pre-requisite of having Peer Review Certificate. OR Practice Units rendering attestation services and having 5 or |
01.07.2024 (Grace period allowed upto 30.06.2024 |
| II |
Practice Units which propose to undertake the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities: For these Practice Units, there is a pre-requisite of having Peer Review Certificate. OR Practice Units rendering attestation services and having 4 or |
01.01.2015 |
Discontinuance of business of partnership firm will not result in vesting ownership of firm's property with individual partners for capital…
Stipulation of 120 days for release of seized jewellery/gold u/s 132B is directory not mandatory – Delhi High Court In…
FAQs on key accounting implications arising from the New Labour Codes Recently, Government consolidated existing labour laws into four new…
Filing audit report in Form 10CCB within due date is mandatory. The assessee cannot claim deduction u/s 80-IA(7) he ground…
CSR expenditure of companies is allowable under section 80G unless fall under the two exceptions specified. In a recent judgment,…
Jurisdiction of ITAT is determined not by the place of business or residence of assessee but by the location of…