ICAI Announces Revised Applicability of Peer Review Mandate (Phase II & III)

Last updated: 18 March 2024

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The Institute of Chartered Accountants of India (ICAI) has announced an extension for the mandatory peer review for certain practice units. For Phase II firms, including those auditing large unlisted public companies or those with 5 or more partners offering attestation services, the peer review mandate will now be effective from 1st July 2024. Phase III firms, which audit entities that have raised over fifty crore rupees from public or financial institutions, or are public interest entities, along with those with 4 or more partners providing attestation services, will see the mandate come into effect from 1st January 2025.

ANNOUNCEMENT Revised Applicability of Peer Review Mandate (Phase II III) Considering the requests from Practice Units, the Council decided that the applicability of the Peer Review Mandate for the Practice Units covered under Phase II and III is extended as under:- Phase Category of firms covered for Mandatory Peer Review Date from which Peer Review is Mandatory II Practice Units which propose to undert

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FAQ :

The peer review mandate for Phase II practice units, including those auditing large unlisted public companies or those with 5 or more partners offering attestation services, is effective from 1st July 2024, with a grace period until 30th June 2024.

Phase II covers practice units undertaking statutory audits of unlisted public companies with significant paid-up capital, turnover, or outstanding loans/debentures/deposits, and practice units with 5 or more partners rendering attestation services.

The peer review mandate for Phase III practice units will be effective from 1st January 2025.

Phase III includes practice units auditing entities that have raised over fifty crore rupees from public or financial institutions, or any body corporate/trusts considered public interest entities, and practice units with 4 or more partners providing attestation services.

Yes, for Phase II and Phase III practice units, a Peer Review Certificate is a prerequisite before accepting any statutory audit, depending on the specific category of the firm.

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