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Peer Review Board The Institute of Chartered Accountants of India 5th April, 2022 ANNOUNCEMENT Sub: Revision in Peer Review Mandate The Council at its 407th Meeting held from 7th - 9th January 2022 decided to mandate the Peer Review process for coverage of more firms under Peer Review proce
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FAQ :
The main purpose is to mandate the Peer Review process for a wider range of firms and to introduce more clarity regarding compliance timelines and reviewer qualifications.
The mandate is being implemented in phases, with Phase I starting from April 1, 2022, Phase II from April 1, 2023, Phase III from April 1, 2024, and Phase IV from April 1, 2025.
For Phase I, starting April 1, 2022, Practice Units must have a Peer Review Certificate to audit statutory audits of enterprises whose equity or debt securities are listed in India or abroad.
Phase II, effective April 1, 2023, applies to unlisted public companies with paid-up capital of at least ₹500 crore, annual turnover of at least ₹1,000 crore, or aggregate outstanding loans, debentures, and deposits of at least ₹500 crore. It also covers Practice Units with 5 or more partners rendering attestation services.
A Peer Reviewer for auditors of listed entities must have conducted audits of listed entities and undergone specific training and testing for this purpose, in addition to normal training.
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