Peer review applicability
This query is : Resolved
Suresh S. Tejwani
(Querist)
08 January 2025
If there is a partnership firm of three Chartered Accountant, then peer review will come or not?
Dhirajlal Rambhia
(Expert)
08 January 2025
For a partnership firm of three Chartered Accountants, peer review is not currently mandatory. However, it will become necessary from April 1, 2025.
At present, peer review of firms undertaking statutory audit of listed firms is already compulsory. The fourth and final phase of peer review is expected to be rolled out from April 1, 2025 and would involve audit firms that conduct audits of branches of Public Sector banks or firms with three or more partners that render assurance services.
At present, peer review of firms undertaking statutory audit of listed firms is already compulsory. The fourth and final phase of peer review is expected to be rolled out from April 1, 2025 and would involve audit firms that conduct audits of branches of Public Sector banks or firms with three or more partners that render assurance services.
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