ICAI again extends validity of Peer Review Certificate

ICAI - Peer Review Certificate - Taxscan

The Institute of Chartered Accountants of India ( ICAI ) has again extended the validity of the Peer Review Certificate in the wake of COVID -19 spurt across the country.

In an announcement issued by ICAI said that, “This is in furtherance to the earlier Announcement dated 29.5.2020 hosted on the website. As the Nation is still under the effect of the COVID -19 pandemic, members are facing hardships in getting the Peer Review Process completed. Accordingly, the Peer Review Board has granted a further extension to Practice Units mentioned under Point no. C. These should be read in conjunction with the Announcement dated 29.5.2020”.

The ICAI also modified the Part C of the Announcement hosted on 29.5.2020. In case of Practice Units already holding a valid Peer Review Certificate but the Peer Review process needs to be initiated, and the validity of the certificate is expiring after Lockdown till February 28, 2021, the effective date of validity of Peer Review Certificate has been extended to March 31, 2021, and in these cases the Practice units have to get their peer review completed and submit the final clean report to the Board before March 31, 2021.