The Council at its 407th Meeting held from 7th – 9th January 2022 decided to mandate the Peer Review process for coverage of more firms under Peer Review process. An Announcement dated 12.02.2022 in this regard was hosted on the website. https://www.icai.org/post/peer-review-mandate-roll-out. Council shall provide additional clarifications on the mandate at its 410th Meeting held from 24th to 25th March 2022. An Announcement on 11.04.2022 for the same concern was hosted on the website at https://www.icai.org/post/peer-review-mandate-roll-out-revised.
Acknowledging that certain Practice Units that need to get themselves Peer Reviewed beneath the 2nd phase of the Peer Review mandate are not prepared for that, the Council at its 420th Meeting conducted between 23rd – 24th March 2023 chose to defer the applicability of the second phase of the mandate by 3 months to have come into force from July 1, 2023, as a one-time measure.
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For the below-specified practice units, the second phase of the mandate would be applicable from 1st July 2023:
The practice units that seek to perform the Statutory Audit of unlisted public companies that secure the paid-up capital of not less than Rs 500 cr or securing the yearly turnover of not less than Rs 1000 cr or owing in aggregate outstanding loans, debentures, and deposits of not less than Rs 500 crores as on date 31st March of the immediately previous fiscal year: There is a pre-requisite of having Peer Review Certificate for these Practice Units, OR
Practice units that furnsihes attestation services and secure 5 or additional partners- For these practice units there would be a pre-requisite of holding the Peer Review Certificate prior to accepting any legal audit.
The assurance that they hold a Peer Review Certificate at the time of signing
As per the practice units that accept the legal audit
As a result, Practise Units that accept Statutory audits on or before June 30, 2023, must hold with a Peer Review Certificate at the time of signing.
read the official announcement by ICAI: Click here