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 ofPeer 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
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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.