The Institute of Chartered Accountants of India (ICAI) has released the 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 the Peer Review process.
In phase I the Firms 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 which will be implemented from 1st April 2022.
In phase II the Firms 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 which will be implemented from 1st April 2023.
In phase III the firms which have undertaken the Statutory Audit of entities that 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 which will be implemented or Firms having 4 or more partners may be covered in Phase 3 of the rollout from 1st April 2024. In phase, IV Firms conduct audits of branches of Public Sector banks or Firms having 3 or more partners and render assurance services which will be implemented from 1st April 2025.
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