Coronavirus- ICAI extends validity of the Peer Review Certificate



Quick Summary
The Institute of Chartered Accountants of India (ICAI) has announced an extension for the validity of Peer Review Certificates for practice units. This extension is in response to the ongoing COVID-19 pandemic and the subsequent nationwide lockdown. The ICAI has provided specific guidelines for practice units whose certificates have expired or are due to expire soon, offering a one-year extension under certain conditions.

Sub: Extension of validity of Peer Review Certificate in the wake of COVID-19 spurt across the country

In the wake of COVID-19 spurt and nation-wide lockdown, the effective date of validity of Peer Review Certificate has been extended as hereunder:

A. In case of Practice Units already holding a valid Peer Review Certificate and the Peer Review Process thereof has been completed:

The effective date of validity of the Peer Review Certificate has expired during the period from April 1, 2019 till March 24, 2020 or is set to expire during the period of lockdown, is extended by one (1) year from the date of validity of the last issued certificate subject to the submission of the final clean report for the peer review period[ii] 2014-17 and later, within 30 days after the cease of lockdown by such units wherefrom the final clean report for the relevant peer review period was not received by the Board till 24.03.2020.

B. In case of Practice Units holding a valid Peer Review Certificate and peer review process thereof was initiated and ongoing, however, has stuck due to nation-wide lockdown declared in the wake of COVID-19 spurt:

In such cases if the validity of the last issued certificate expires before the completion of Peer Review process, the validity of such Certificate is extended by one (1) year from the date of validity of the last issued certificate.

For the said purpose, Peer Review will be deemed to be initiated if the same has been initiated by the Board and the Practice Unit has reverted along with online submission of its duly filled in declaration.

[i] Final Clean reports as clarified in the Announcement dated 21-09-2019 hosted at https://www.icai.org/post.html?post_id=15984 shall be :

• Final Clean report along with
• Annexure I,
• Annexure II (where applicable),
• Questionnaire,
• List of samples along with basis of selection and sample confirmation (as per advise given by the Board)
• In case preliminary Report is issued, Practice Unit submission and reviewer verification on
the same is to be submitted.

[ii] As defined under clause 3.3 of the Peer Review Statement 'Peer Review Period' means 3 years preceding the year in which the Practice Unit is selected or such other period or any period as may be prescribed by the Peer Review Board for conducting a Peer Review”.

FAQ :

The ICAI has extended the validity of Peer Review Certificates due to the COVID-19 spurt and the nationwide lockdown, which has disrupted normal operations.

Practice units whose Peer Review Certificates expired between April 1, 2019, and March 24, 2020, or are set to expire during the lockdown period are eligible, provided they meet certain submission requirements.

The validity of the Peer Review Certificate is extended by one year from the date of the last issued certificate.

Practice units must submit the final clean report for the peer review period 2014-17 or later within 30 days after the lockdown ceases, if the report was not received by the Board by March 24, 2020.

If the validity of the last issued certificate expires before the completion of an ongoing peer review process due to the lockdown, its validity is extended by one year from the date of the last issued certificate.

A peer review is deemed to have been initiated if the Board has started it and the Practice Unit has responded with its online submission of the duly filled declaration.




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