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Peer Review Board The Institute of Chartered Accountants of India 12th February, 2022 ANNOUNCEMENT Sub: Peer Review Mandate-Roll Out The Institute of Chartered Accountants of India (ICAI) has always been striving to drive several initiatives to improve the quality of assurance services rend
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FAQ :
The ICAI is mandating a peer review process for certain categories of firms that provide assurance services.
The implementation of the peer review mandate will begin in a phased manner from April 1, 2022.
The first phase, starting April 1, 2022, covers firms that have undertaken the Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad.
The rollout will be in four stages, gradually covering more firms over a four-year period, starting with listed company audits and ending with audits of public sector bank branches and firms with three or more partners.
The objective is to improve the quality of assurance services rendered by ICAI members and enhance audit quality.
Later phases will cover firms auditing unlisted public companies with significant financial metrics (paid-up capital, turnover, loans/deposits), firms involved with public/bank funding, public interest entities, and firms with a certain number of partners.
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