Deferment of ICAI Phase IV Peer Review Mandate to 31.12.2026
The ICAI has decided that Phase IV of the Peer Review mandate which is applicable from 01.01.2026 be extended to 31.12.2026.
This is not the first time, ICAI has deferred implementation of Phase IV of the Peer Review mandate. Earlier in January 2025, ICAI had deferred the implementation of Phase II and Phase IV to 1st July, 2025 and 1st January 2026 respectively.
S per Announcement issued today, the revised date of implementation date for Phase IV of the Peer Review mandate is as under:
| Phase |
Category of Practice Units covered for Mandatory Peer Review |
Date from which Peer Review is Mandatory |
| V |
Practice Units which propose to undertake audits of branches of Public Sector banks: For these Practice Units, there is a pre-requisite of having Peer Review Certificate. OR Practice Units rendering attestation services and having 3 or more partners: For these Practice Units, there is a pre-requisite of having Peer Review Certificate before accepting any Statutory audit |
01.01.2026 |
Frequently asked Questions on Foreign Assets of Small Taxpayers Disclosure Scheme and Rule 2026. CBDT has released a FAQs on…
Foreign Assets of Small Taxpayers- Disclosure Scheme Rules 2026 notified. Rule come into force on the 16th day of August,…
Order u/s 69 of the CGST Act authorising arrest of a person has to be communicated to him before arrest–…
Refund can not be denied on the ground that it was claimed in a return filed u/s 148 where no…
The distinction between religious and charitable purposes is determined by institution's primary or dominant object and not merely by presence…
For determination of what constitutes a fit case to issue notice u/s 148, rule of relevancy of the material and…