ICAI Defers second phase of Peer Review Mandate from 1st April to 1st July 2023.
Deferment of second phase of Peer Review Mandate
The ICAI had announced coverage of more firms under Peer Review process. An Announcement in this regard had been made dated 12.02.2022. Further clarifications on the mandate were issued by the ICAI vide Announcement dated 11.04.2022.
As per the ICAI announcement dated 10th May 2023, applicability of the second phase of the Peer Review mandate has been deferred by three months to be made effective from July 1, 2023.
According to ICAI, this was necessitated considering that some Practice Units which require to get themselves Peer Reviewed under the 2nd phase of the Peer Review mandate are not ready for the same,.
The revised timeline given for the second phase of the mandate wef July 1, 2023 shall be applicable for the following Practice Units:
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 more partners: For these Practice Units, there is a pre-requisite of having Peer Review Certificate before accepting any Statutory audit.
Accordingly Practice Units which accept Statutory audits on or before June 30, 2023 should ensure that they have a Peer Review Certificate at the time of signing.
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