New Dates for Mandatory Peer Review Implementation

ANNOUNCEMENT

Deferment of Phase IV of Peer Review Mandate

The Council of the ICAI has decided that Phase IV of the Peer Review mandate which is applicable from 01.01.2026 be extended to 31.12.2026.

Accordingly, the revised date of implementation is as under:

Phase	Category of Practice Units (Firms) covered for Mandatory Peer Review	Date from which Peer Review   is Mandatory
IV	Practice Units which propose to undertake audits of branches of Public Sector banks: For these Practice Units, there is a pre-requisite of having Peer Review Certificate. OR Practice Units rendering attestation services and having 3 or more partners: For these Practice Units, there is a pre-requisite of having Peer Review Certificate before accepting any Statutory audit.	31.12.2026

Peer Review Board The Institute of Chartered Accountants of India

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• ICAI Issues Guidelines for conducting Distance/Remote/ online Peer Review
• Announcement – Declaration Form – Peer Review Mandate – Phase I – (25-02-2022)
• TAX CONCEPT’S REPRESENTATION FOR DEFERMENT OF SECTION 16(2) OF THE CGST ACT, 2017 DUE TO COVID-19 PANDEMIC
• ICAI defers peer review of auditors of large unlisted companies till April 1