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Peer Review Board The Institute of Chartered Accountants of India 9th November, 2022 ANNOUNCEMENT Sub: Peer Review Mandate - Phase II Roll Out It is hereby informed that in furtherance to the Announcement Peer Review Mandate - Roll Out dated 12.02.2022 hosted athttps://www.icai.org/post/p
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FAQ :
Phase II of the ICAI Peer Review Mandate becomes applicable from April 1, 2023.
Phase II covers practice units that propose to undertake statutory audits of unlisted public companies with significant paid-up capital, annual turnover, or outstanding loans/debentures/deposits. It also includes practice units providing attestation services with five or more partners.
Unlisted public companies must have a paid-up capital of at least ₹500 crores, an annual turnover of at least ₹1000 crores, or aggregate outstanding loans, debentures, and deposits of at least ₹500 crores as of March 31st of the preceding financial year.
Before undertaking any statutory audit covered by Phase II, the concerned Practice Unit must possess a Peer Review Certificate.
Further details can be found in the ICAI announcements dated 12.02.2022 and 11.04.2022, available on the ICAI website.
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