ICAI further defers 2nd phase of Peer Review Mandate from 1st July 2023 to 1st April 2024

ICAI again defers second phase of Peer Review Mandate from 1st July 2023 to 1st April 2024 

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 had been deferred by three months to be made effective from July 1, 2023.

However, the ICAI has again deferred second phase of Peer Review Mandate from 1st July 2023 to 1st April 2024 .

According to the Announcement dated 19th July 2023, requests were being received from the Practice Units that they were not aware of the Peer Review mandate and therefore requested for some additional time to get themselves Peer Reviewed. Considering the same, the Council of the Institute at its 422nd Meeting held on 30th June – 1st July 2023 decided to further defer the applicability of the 2nd phase of the Peer Review mandate.

Accordingly, the second phase of the mandate is now applicable w.e.f April 1, 2024 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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