ICAI Peer Review: Extension of Phase 3 till 31 Dec 2024

As per the announcement made by CCM CA. (Dr). Rohit Ruwatia Agarwal on his Twitter handle, no extension for Peer review will be made under Phase 2, but a grace period of 3 months i.e. till 30 June 2024 has been approved by the council to complete the Peer Review. ICAI has made Extension of Phase 3 till 31 Dec 2024.

Phases of Peer Review:

Phase I

Practice Units which propose to undertake Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad as defined under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: For these Practice Units, there is a pre-requisite of having Peer Review Certificate.
This was applicable from 1st April 2022.

Phase II

Practice Units which propose to undertake Statutory Audit of unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year: For these Practice Units, there is a pre-requisite of having Peer Review Certificate.

OR

Practice Units rendering attestation services and having 5 or more partners: For these Practice Units, there is a pre-requisite of having Peer Review Certificate before accepting any Statutory audit.

A grace period of 3 months i.e. till 30 June 2024 has been approved by the council to complete the Peer Review.

Phase III

Practice Units which propose to undertake the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of anybody corporate including trusts which are covered under public interest entities : For these Practice Units, there is a pre-requisite of having Peer Review Certificate

OR

Practice Units rendering attestation services and having 4 or more partners: For these Practice Units, there is a pre-requisite of having Peer Review Certificate before accepting any Statutory audit.

ICAI has made Extension of Phase 3 till 31 Dec 2024.

Phase IV

Practice Units which propose to undertake audits of branches of Public Sector banks : For these Practice Units, there is a pre-requisite of having Peer Review Certificate

OR

Practice Units rendering attestation services and having 3 or more partners: For these Practice Units, there is a pre-requisite of having Peer Review Certificate before accepting any Statutory audit. This is applicable from 1st April 2025