The Institute of Chartered Accountants of India (ICAI) has announced a clarification regarding Peer Review Certificates issued to Practice Units (PUs) without an explicit end date. Certificates issued up to April 16, 2015, which only stated the issuance date, will now be considered valid until December 31, 2022. PUs holding such certificates are advised to initiate and complete their Peer Review process before this new deadline to ensure continuous validity.
Peer Review Board
The Institute of Chartered Accountants of India
10th November, 2022
ANNOUNCEMENT
Sub: Certificates issued by Peer Review Board to Practice Units without end date
The Practice Units may note that the Peer Review Certificates issued by the Peer Review Board to Practicing U
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FAQ :
Past Peer Review Certificates issued by the ICAI's Peer Review Board to Practice Units (PUs) until April 16, 2015, only mentioned the issuance date and not the expiry date, causing confusion.
The ICAI Council has decided that Peer Review Certificates issued without an end date until April 16, 2015, will now have an end date of December 31, 2022.
The validity of Peer Review Certificates issued without an end date until April 16, 2015, is extended until December 31, 2022.
Practice Units with certificates that do not mention a validity end date should initiate and complete their Peer Review process on or before December 31, 2022.
Completing the Peer Review by December 31, 2022, will help maintain the continuity of their existing Peer Review Certificate.