PEER REVIEW MANDATE - PHASE I
This query is : Resolved
Ayush Saluja
(Querist)
08 June 2022
IF A CA IS APPOINTED AS AN AUDITOR OF A LISTED ENTITY FOR FY 2021-22, SO FOR SIGNING OF AUDIT REPORT FOR FY 2021-22 DO WE NEED TO GET PEER REVIEW CERTIFICATE CONSIDERING PEER REVIEW MANDATE ROLLOUT - PHASE I ACCORDING TO WHICH ANY CA FORM WHICH HAS UNDERTAKEN AUDIT OF A LISTED ENTITY, SHALL HAVE TO GET ITSELF PEER REVIEWED WHICH IS APPLICABLE FROM 1ST APRIL, 2022 AS THE SIGNING DATE WILL BE AFTER 1ST APRIL, 2022.
10 July 2024
Yes, according to the Peer Review Mandate - Phase I, which mandates peer review for CAs undertaking audit of listed entities, if a CA has been appointed as an auditor of a listed entity for FY 2021-22 and needs to sign the audit report after 1st April 2022, they are required to have undergone peer review.
Here’s how it applies in your scenario:
1. **Appointment and Mandate Date:** If the CA was appointed as an auditor of the listed entity for FY 2021-22, and the signing of the audit report occurs after 1st April 2022, the Peer Review Mandate would be applicable.
2. **Peer Review Requirement:** As per the mandate, any CA firm that audits a listed entity must undergo peer review. This ensures that the quality of audit conducted meets specified standards and enhances the credibility of financial reporting.
3. **Signing Date Consideration:** Since the signing of the audit report for FY 2021-22 will happen after 1st April 2022, the CA firm must have obtained the peer review certificate before signing the audit report.
4. **Compliance Deadline:** Ensure that the peer review process is completed in accordance with the timelines set forth by the regulatory authorities to avoid any delays or non-compliance issues.
Therefore, it is important for the CA firm to adhere to the peer review requirements as mandated by the authorities to fulfill the audit obligations for a listed entity for FY 2021-22. This ensures compliance with regulatory standards and enhances the confidence stakeholders place in the audited financial statements.
Here’s how it applies in your scenario:
1. **Appointment and Mandate Date:** If the CA was appointed as an auditor of the listed entity for FY 2021-22, and the signing of the audit report occurs after 1st April 2022, the Peer Review Mandate would be applicable.
2. **Peer Review Requirement:** As per the mandate, any CA firm that audits a listed entity must undergo peer review. This ensures that the quality of audit conducted meets specified standards and enhances the credibility of financial reporting.
3. **Signing Date Consideration:** Since the signing of the audit report for FY 2021-22 will happen after 1st April 2022, the CA firm must have obtained the peer review certificate before signing the audit report.
4. **Compliance Deadline:** Ensure that the peer review process is completed in accordance with the timelines set forth by the regulatory authorities to avoid any delays or non-compliance issues.
Therefore, it is important for the CA firm to adhere to the peer review requirements as mandated by the authorities to fulfill the audit obligations for a listed entity for FY 2021-22. This ensures compliance with regulatory standards and enhances the confidence stakeholders place in the audited financial statements.
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