The Institute of Chartered Accountants of India (ICAI) reckoned the date of revocation of the lockdown to be 30 September 2020 with reference to extensions granted regarding the validity of the Peer Review Certificate in the wake of COVID -19 spurt across the country.
In the wake of COVID -19 spurt and the extension of nation wise lockdown as well as partial reliefs granted by various State Governments in a phased manner, members are facing hardships in getting the Peer Review Process completed.
Accordingly, the Peer Review Board on May 29, 2020 granted further extension to Practice Units namely in case of Practice Units already holding a valid Peer Review Certificate but the Peer Review process needs to be initiated.
Therefore, the Board considering that Nation-wise unlock 4 has been issued by the Government w.e.f September 1, 2020, the Board has reckoned the date of revocation of lockdown to be September 30, 2020.
Accordingly, Practice Units availing the benefit of Part A of the Announcement and whose effective date of validity of the Peer Review Certificate has expired during the period from April 1, 2019, till September 30, 2020 may send the final clean report to the Board on or before October 31, 2020.
“In case of any major effect of lockdown still continues in any specific areas, the Practice Units are suggested to take special approval of the Board for extension of time but restricted to March 31, 2021. Further, Practice Units availing the benefit of Part C of the Announcement are requested to initiate their Peer Review at the earliest,” the announcement said.