NON-ACADEMIC ICAI UPDATE (NOT RELEVANT FOR EXAMS BUT FOR GENERAL AWARENESS)
Hello Everyone,
Please find the text of the Peer Review Mandate-Roll Out notification below –
| Peer Review Board The Institute of Chartered Accountants of India 12th February 2022 |
| 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. The rollout shall be made in four following stages: |
| Phase | Category of firms covered | Date of implementation |
| I | Firms that 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. | 1st April 2022 |
| II | Firms that 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 have 5 or more partners anytime during the immediately preceding financial year. | 1st April 2023 |
| III | The firms which have undertaken the Statutory Audit of entities which 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 OR Firms having 4 or more partners may be covered in Phase 3 of the rollout. | 1st April 2024 |
| IV | Firms conducting audits of branches of Public Sector banks OR Firms having 3 or more partners and rendering assurance services. | 1st April 2025 |
The firms falling under phase I of the rollout will be required to submit a declaration form, which shall be shortly hosted on the website.
Chairman,
Peer Review Board
Official Link of Peer Review Mandate-Roll Out. notification can be accessed from below –
https://www.icai.org/post/peer-review-mandate-roll-out
That’s all for now. Stay Connected for more authentic updates.
Jai Hind, Vande Mataram
Team CA Study
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