ICAI announces Revised Applicability of Peer Review Mandate (Phase II & III)
The Institute of Chartered Accountants of India ( ICAI ) has extended the applicability of the Peer Review Mandate for Practice Units covered under Phase II and III. This decision comes after requests from Practice Units and aims to ensure compliance and quality assurance in professional services.
If you are a Practice Unit that falls under Phase II or III of the Peer Review Mandate, you will need to have a Peer Review Certificate before you can undertake certain types of audits.
Phase II applies to Practice Units that propose to undertake Statutory Audit of unlisted public companies having a paid-up capital of not less than rupees five hundred crores or having an 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 the immediately preceding financial year.
