ICAI extends validity of Peer Review Certificate in the wake of COVID-19

ICAI - Peer Review Certificate - Covid - Second Wave - Taxscan

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

It has been noted that Practice Units are facing operational break-down due to lockdown imposed by several State Governments across various parts of the country owing to pandemic.

Therefore, in order to mitigate the hardship, the Peer Review Board has decided to grant an extension to the Peer Review Certificates expiring during the period from 1st April, 2021 to 30th June 2021 up to 31st July 2021. Accordingly, The validity of such certificates shall now be treated as 31st July 2021. However, in order to maintain the continuity of validity of the certificate, the Practice Units are requested to ensure the submission of the completed Final Clean Report to the Board well in advance before 31st July 2021.

The main objective of Peer Review is to ensure that in carrying out the assurance service assignments, the members of the Institute (a) comply with Technical, Professional and Ethical Standards as applicable including other regulatory requirements thereto and (b) have in place proper systems including documentation thereof, to amply demonstrate the quality of the assurance services.

Thus Peer Review is meant for the purpose of enhancing quality of professional work, transparency in technical standards used, world class procedures and techniques resulting into more reliable and useful audit and reports and it has no relationship whatsoever with any disciplinary or any other regulatory mechanism. The review begins with the assumption that professionals discharge their responsibilities properly and the aim of review is to enhance those attributes of professionalism that serve to keep the profession of chartered accountancy in India in the forefront of the accounting and auditing profession in the world.

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