Deferment of applicability of Peer Review Mandate for CA Firms covered under Phase III & IV. Revised Applicability of ICAI Peer Review Mandate.
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.
Revised Applicability of ICAI Peer Review Mandate (Phase III & IV)
The ICAI today made an announcement regarding deferment of Phase III and IV of Peer Review Mandate. The Council has decided to extend Phase III and Phase IV of Peer Review Mandate by 6 months and 9 months respectively. Accordingly, their revised dates of implementation are as under:
| Phase | Category of Practice Units covered for Mandatory Peer Review | Date from which Peer Review is Mandatory |
| 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 more partners: For these Practice Units, there is a pre-requisite of having Peer Review Certificate before accepting any Statutory audit |
01.07.2025 |
|
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 |
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- ICAI extends last date to submit MEF for FY 2025-26 to 10th October, 2025
- ICAI defers Guidance Note on Financial Statements of Non-Corporate entities/LLPs
- Delhi Govt. to help persons with benchmark disabilities with high support need
- Placing Genset in steel container fitted with additional parts amounts to manufacture
