In a significant move, the Institute of Chartered Accountants of India (ICAI) has announced the extension of deadlines for Phases III and IV of the mandatory Peer Review Mandate. The revised implementation dates, as approved by the ICAI Council, provide additional time for compliance, particularly for Practice Units engaged in statutory audits and attestation services.
Key Highlights
Phase III Extension
i. Applicability:
- Practice Units conducting statutory audits of entities raising funds over ₹50 crore or those dealing with public interest entities.
- Practice Units with 4 or more partners offering attestation services.
ii. New Deadline: Mandatory Peer Review Certificate requirement now applicable from July 1, 2025.
Phase IV Extension
i. Applicability:
- Practice Units conducting audits of branches of Public Sector Banks.
- Practice Units with 3 or more partners providing attestation services.
ii. New Deadline: Peer Review Certificate mandatory from January 1, 2026.
This deferment provides Practice Units with crucial additional time to obtain the Peer Review Certificate, a prerequisite for undertaking specific audits and services. The initiative underscores ICAI's commitment to enhancing audit quality while accommodating industry readiness.
Official copy of the notification has been attached
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