ICAI Notifies Certificates issued by Peer Review Board to Practice Units without end date

The Institute of Chartered Accountants of India(ICAI) has notified that Certificates issued by Peer Review Board to Practice Units without end date.

The Practice Units may note that the Peer Review Certificates issued by the Peer Review Board to Practicing Units (PUs) in the past till April 16, 2015 mentioned the date of issuance of certificate, however, the date till which the certificate is valid is not mentioned on the Certificate.

However, the Practice Units are confused because it is considered that they still possess a valid certificate granted by the Board without an expiration date due to the failure to indicate the date of expiry of the Peer Review Certificate.

In view of the above, the Council at its 413th Meeting held in August 2022 has decided that in respect of Peer Review Certificates issued till April 16, 2015 without mention of end date, the end date shall be 31st December 2022 and till this date, the validity of such certificates shall be continued.

The Practice Units may begin and complete the Peer Review of their firms on or before December 31, 2022, if the certificate they have been issued does not specify the date that the certificate is valid. The continuation of the current Peer Review Certificate will be preserved in this way.