Peer Review mandatory for firms giving attestation services with 5 or more partners:

Peer Review mandatory for firms giving attestation services with 5 or more partners As per the Revised Peer Review Mandate, Practice Units rendering attestation services and having 5 or more partners has to obtain Peer Review Certificate before accepting any Statutory audit. The same is applicable from 1st April 2024. The same is covered in Phase 2 of the Peer Review Mandate. ICAI to introduce Centralized NOC Policy: NOC column to be introduced on UDIN portal A grace period of 3 months i.e. till 30 June 2024 has been approved by the council to complete the Peer Review. ICAI Peer Review: Extension of Phase 3 till 31 Dec 2024 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 are also covered in this Mandate in Phase 2.