1. Introduction
The Institute of Chartered Accountants of India (ICAI) has extended the applicability of Phase IV of the Peer Review mandate, providing additional time for Practice Units to comply with the peer review requirements before undertaking specified audit engagements.
2. Applicability Of Peer Review Mandate
Under the Peer Review framework, Practice Units proposing to audit branches of Public Sector Banks and firms having three or more partners rendering attestation services are required to hold a valid Peer Review Certificate prior to accepting statutory audit assignments.
3. Phase IV Peer Review Timeline
Phase IV of the Peer Review mandate was scheduled to become applicable from 1 January 2026. However, considering practical challenges and representations from members, the ICAI Council has decided to extend the applicability period.
4. Extended Deadline And Relief Granted
The ICAI Council has now extended the Phase IV Peer Review mandate up to 31 December 2026. This extension provides significant relief to eligible Practice Units, allowing additional time to complete the peer review process without affecting their eligibility for statutory audits.
5. Conclusion
The extension of Phase IV of the Peer Review mandate offers a welcome compliance window for Practice Units. Firms should utilise this extended timeline to complete the peer review process and ensure uninterrupted eligibility for statutory and bank branch audit assignments.
Click Here To Read The Full Story
The post ICAI Extends Phase IV Peer Review Mandate appeared first on Taxmann Blog.
