The Institute of Chartered Accountants of India (ICAI) has informed that the phase II of the mandate is becoming applicable from April 1, 2023 and the same shall be required to do statutory audit of prescribed unlisted public companies and attestation services and having 5 or more partners.
“It is hereby informed that in furtherance to the Announcement “Peer Review Mandate – Roll Out” dated 12.02.2022 hosted at https://www.icai.org/post/peer-review-mandate-roll-out , read with Announcement “Peer Review Mandate – Roll Out – (Revised)” dated 11.04.2022 hosted at https://www.icai.org/post/peer-review-mandate-roll-out-revised, phase II of the mandate is becoming applicable from April 1, 2023. The Practice Units may accordingly take note and subject themselves to the Peer Review process,” the ICAI said in an announcement.
The ICAI further reiterated that phase II, for which, mandate will be applicable from April 1, 2023 and covers Practice Units which propose to undertake (a) 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 (b) attestation services and having 5 or more partners.
“In both the above cases, before undertaking any statutory audit, the concerned Practice Unit should possess Peer Review Certificate,” the ICAI said.
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