ICAI mandates peer review process for coverage of more firms

Last updated: 12 February 2022

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The Institute of Chartered Accountants of India (ICAI) has announced a significant move to improve the quality of assurance services by mandating a peer review process for a wider range of member firms. This phased rollout, beginning April 1, 2022, will initially cover firms auditing listed enterprises. The mandate will gradually extend over four years to include firms auditing unlisted public companies with substantial paid-up capital or turnover, those involved with public or bank-raised funds, and finally, firms auditing public sector bank branches or those with three or more partners.

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 rendered by its members. Peer Review has been one such step in that direction, over the years, this has been a self-regulatory mechanism to assure society and stakeholders at large, that the profession is

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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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