Firms which have undertaken Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad covered under Peer Review Process
Firms which have undertaken Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad covered under Peer Review Process
Peer review mandate by ICAI:
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 Peer Review process.
The roll out shall be made in four following stages:
Phase – 1 Category of firms covered shall be -> Firms which have undertaken Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad.
Implementation Date -> 1st April 2022
Phase – 2 Category of firms covered shall be
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.
Implementation Date -> 1st April 2023 Phase –
Phase- 3 Category of firms covered shall be ->
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 the Phase 3 of the rollout.
Implementation Date -> 1st April 2024 Phase –
Phase- 4 Category of firms covered shall be ->
Firms conducting audits of branches of Public Sector banks
OR Firms having 3 or more partners and rendering assurance services.
