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The Institute of Chartered Accountants of India (ICAI) has deferred the implementation of Phase IV of the Peer Review mandate by one year, extending the deadline from January 1, 2026 to December 31, 2026. The decision was taken by the ICAI Council and announced by the Peer Review Board through an official notification dated December 31, 2025. Who Is Covered Under Phase IV of Peer Review Phase IV of the Peer Review framework applies to specific categories of Practice Units (CA firms), includ
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FAQ :
The implementation of Phase IV of the Peer Review mandate has been deferred to December 31, 2026.
Phase IV applies to firms auditing branches of Public Sector Banks and Practice Units with three or more partners that provide attestation services.
The deferment provides CA firms with additional time to strengthen their internal systems and complete Peer Review formalities without disrupting ongoing assignments.
The Peer Review mechanism was introduced to enhance audit quality and professional standards within the accounting profession.
No, ICAI members are advised not to delay preparations and to initiate the Peer Review process well in advance to avoid last-minute compliance issues.
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