Quick Summary
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 fund
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FAQ :
Practice Units conducting statutory audits of entities raising funds over ₹50 crore or those dealing with public interest entities, and Practice Units with 4 or more partners offering attestation services, now have a new deadline of July 1, 2025, for the mandatory Peer Review Certificate.
Practice Units conducting audits of branches of Public Sector Banks and Practice Units with 3 or more partners providing attestation services must obtain their Peer Review Certificate by January 1, 2026.
Phase III applies to Practice Units performing statutory audits for entities that raise over ₹50 crore, public interest entities, and those with 4 or more partners offering attestation services.
Phase IV affects Practice Units auditing branches of Public Sector Banks and those with 3 or more partners providing attestation services.
The extension provides Practice Units with crucial additional time to obtain the Peer Review Certificate, demonstrating ICAI's commitment to enhancing audit quality while considering industry readiness.
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