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Peer Review Board The Institute of Chartered Accountants of India 11th April, 2022 ANNOUNCEMENT Peer Review Mandate - Roll Out - (Revised) 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 Revi
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FAQ :
The revised Peer Review Mandate is operative from April 1, 2022.
Firms must hold a valid Peer Review Certificate before undertaking statutory audits or attestation services, as specified by the phase they fall under.
Phase I covers Practice Units that propose to undertake the Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad. This requirement has been mandatory since April 1, 2022.
Practice Units rendering attestation services and having 3 or more partners will require a Peer Review Certificate from April 1, 2025, as part of Phase IV.
If a firm is already in possession of a valid Peer Review Certificate when the mandate becomes applicable, there is no need for them to undergo peer review again until the certificate's validity period concludes.
A reviewer for auditors of listed entities must have carried out the audit of a listed entity or undergone specific training and testing for this purpose, in addition to the normal training and testing.
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