The The Institute of Chartered Accountants of India, through its Peer Review Board, announced the deferment of Phase IV of the Peer Review Mandate. Originally scheduled to become effective from 1 January 2026, the Council has extended the implementation deadline to 31 December 2026. Phase IV covers two specific categories of practice units: first, firms proposing to undertake audits of branches of Public Sector Banks, for whom holding a valid Peer Review Certificate is a prerequisite; and second, firms rendering attestation services with three or more partners, which must obtain a Peer Review Certificate before accepting any statutory audit. The extension provides an additional one-year window for affected firms to complete the peer review process and align with mandatory compliance requirements. The decision aims to offer practical relief and sufficient preparation time to practice units while maintaining the long-term objective of strengthening audit quality and professional standards through the peer review mechanism.
The Institute of Chartered Accountants of India
(Set up by an Act of Parliament)
Peer Review Board
The Institute of Chartered Accountants of India
31st December, 2025
ANNOUNCEMENT
Deferment of Phase IV of Peer Review Mandate
The Council of the ICAI has decided that Phase IV of the Peer Review mandate which is applicable from 01.01.2026 be extended to 31.12.2026.
Accordingly, the revised date of implementation is as under:
| Phase | Category of Practice Units (Firms) covered for Mandatory Peer Review | Date from which Peer Review is Mandatory |
| 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. |
31.12.2026 |
