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 |
| III |
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 |
| IV |
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 |
- Non-deduction of TDS does not make transaction as unexplained in the hands of deductee – ITAT
- Last date to submit MEF 2026-27 extended to 09.09.2026
- Validity of demand u/s 156 for default u/s 115-O, if assessment order u/s 143(3) has Nil demand
- Issue already examined and adjudicated by CIT(Appeals), can’t be reopened on same set of facts
- TDS can’t be denied for non deposit of tax deducted by the deductor – High Court
