18 Mar Extension of Peer Review Mandate for CA Firms in Phase II & III
Revised Guidelines on ICAI Peer Review Mandate
The Institute of Chartered Accountants of India (ICAI) has extended the applicability of the Peer Review Mandate for Chartered Accountant (CA) firms covered under Phase II & III. This revision aims to ensure adherence to enhanced quality standards within the profession.
Understanding Peer Review:
Peer review involves the assessment of a professional’s work by another professional of similar standing. It encompasses the examination of systems and procedures implemented by the Practice Unit (PU) to ensure quality assurance, as per technical, ethical, and professional standards. However, it does not focus on identifying isolated engagement failures.
Applicability in India:
Since 2017, peer review has been mandatory for all practicing Chartered Accountants and firms in India. Newly constituted firms, operating for less than one year, can undergo peer review voluntarily if the member (proprietor/partner) possesses a minimum of five years of post-qualification experience with a full-time Certificate of Practice (COP).
Revised Applicability (Phase II & III):
In response to requests from Practice Units, ICAI has outlined the following extensions in the applicability of the Peer Review Mandate:
Phase II:
- Practice Units intending to conduct statutory audits for unlisted public companies meeting specific criteria, such as high paid-up capital, turnover, or outstanding loans, now require a Peer Review Certificate.
- Similarly, Practice Units offering attestation services and employing five or more partners must possess a Peer Review Certificate before undertaking statutory audits.
- This mandate is effective from July 1, 2024, with a grace period until June 30, 2024.
Phase III:
- Practice Units engaged in statutory audits for entities that raised substantial funds from public sources or financial institutions during the review period must obtain a Peer Review Certificate.
- Additionally, Practice Units with four or more partners providing attestation services are required to hold a Peer Review Certificate before accepting statutory audit engagements.
- This requirement has been in place since January 1, 2015.
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