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February 19, 2022

Peer Review Mandate-Roll Out by Institute of Chartered Accountants of India

by CA Shivam Jaiswal in Income Tax

Peer Review Mandate-Roll Out by Institute of Chartered Accountants of India

The Institute of Chartered Accountants of India

ANNOUNCEMENT

Sub: Peer Review Mandate-Roll Out

The Council at its 407th Meeting of the Council held from 7th– 9th January 2022 decided to mandate the Peer Review process for coverage of more firms under Peer Review process. The roll out shall be made in four following stages:

PhaseCategory of firms coveredDate of implementation
IFirms which have undertaken Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad as defined under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1st April 2022

IIFirms which have undertaken 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

OR
Firms having 5 or more partners anytime during the immediately preceding financial year.
1st April 2023

IIIThe firms which have undertaken 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

OR
Firms having 4 or more partners may be covered in the Phase 3 of the rollout.
1st April 2024

IVFirms conducting audits of branches of Public Sector banks

OR
Firms having 3 or more partners and rendering assurance services.
1st April 2025

The firms falling under phase I of the roll out will be required to submit a declaration form, which shall be shortly hosted on the website.

Chairman, Peer Review Board

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