Institute of Chartered Accountants of India (ICAI) has announced a deferment of Phase III and Phase IV of the Peer Review Mandate. The Council has decided to extend the deadlines by 6 and 9 months respectively. Under Phase III, the mandatory peer review will apply to practice units that propose to conduct statutory audits of entities with raised funds over fifty crores or public interest entities. Additionally, practice units providing attestation services with four or more partners must obtain a Peer Review Certificate before accepting statutory audits. The revised implementation date for Phase III is 1st July 2025. In Phase IV, the mandate covers practice units intending to audit branches of public sector banks, as well as those with three or more partners offering attestation services. These practice units must also have a Peer Review Certificate before accepting statutory audits, with a revised date of 1st January 2026.
The Institute of Chartered Accountants of India
(Set up by an Act of Parliament)
Peer Review Board
The Institute of Chartered Accountants of India
22nd January, 2025
ANNOUNCEMENT
Deferment of Phase III and IV of Peer Review Mandate
The Council has decided to extend Phase III and Phase IV of Peer Review Mandate by 6 months and 9 months respectively. Accordingly, their revised dates of implementation are as under:-
| Phase | Category of Practice Units covered for Mandatory Peer Review | Date from which Peer Review is Mandatory |
| 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 any body 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. |
01.07.2025 |
| 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. |
01.01.2026 |
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