ICAI Mandates Peer Review Phase II for Certain Categories of Firms

The Institute of Chartered Accountants of India(ICAI) mandates Peer Review Phase II for Certain Categories of Firms.

In a Announcement ICAI Stated, “It is hereby informed that in furtherance to the Announcement “Peer Review Mandate – Roll Out” dated 12.02.2022 hosted at https://www.icai.org/post/peer-review-mandate-roll-out , read with Announcement “Peer Review Mandate – Roll Out – (Revised)” dated 11.04.2022 hosted at https://www.icai.org/post/peer-review-mandate-roll-out-revised, phase II of the mandate is becoming applicable from April 1, 2023.”

The Practice Units may take this into consideration and submit to the peer review procedure.

It may be reiterated that phase II, for which, mandate will be applicable from April 1, 2023 and covers Practice Units which propose to undertake:

(a) 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 or

(b) attestation services and having 5 or more partners

In both the above cases, before undertaking any statutory audit, the concerned Practice Unit should possess Peer Review Certificate.