ICAI extends validity of Peer Review Certificate in the wake of COVID -19 spurt across the country



Quick Summary
The Institute of Chartered Accountants of India (ICAI) has extended the validity of Peer Review Certificates. This decision was made to help Practice Units facing operational difficulties due to COVID-19 lockdowns across the country. Certificates that were due to expire between 1st April 2021 and 30th June 2021 will now remain valid until 31st July 2021. Practice Units are still advised to submit their final reports well before this new deadline to ensure continuity.

In order to mitigate the hardship, the Peer Review Board of the Institute of Chartered Accountants of India has decided to grant an extension to the Peer Review Certificates expiring during the period from 1st April 2021 to 30th June 2021 up to 31st July 2021. Read the official announcement below:

Peer Review Board
The Institute of Chartered Accountants of India
4th May, 2021

ANNOUNCEMENT

Sub: Extension of validity of Peer Review Certificate in the wake of COVID -19 spurt across the country

ICAI Extends Peer Review Certificate Validity Due to COVID-19

It has been noted that Practice Units are facing operational break-down due to lockdown imposed by several State Governments across various parts of the country owing to pandemic. Therefore, in order to mitigate the hardship, the Peer Review Board has decided to grant extension to the Peer Review Certificates expiring during the period from 1st April, 2021 to 30th June 2021 up to 31st July 2021. Accordingly, The validity of such certificates shall now be treated as 31st July 2021. However in order to maintain the continuity of validity of certificate, the Practice Units are requested to ensure the submission of completed Final Clean Report to the Board well in advance before 31st July 2021.

Chairman,
Peer Review Board

FAQ :

The validity has been extended to mitigate hardship for Practice Units experiencing operational breakdowns due to lockdowns imposed across the country because of the COVID-19 pandemic.

Certificates expiring between 1st April 2021 and 30th June 2021 are eligible for the extension.

The validity of these certificates has been extended up to 31st July 2021.

Practice Units are requested to ensure the submission of their completed Final Clean Report to the Board well in advance before 31st July 2021 to maintain the continuity of their certificate's validity.

The decision was made by the Peer Review Board of the Institute of Chartered Accountants of India.




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