Categories: AuditOthers

ICAI deferred Phase III & Phase IV of Peer Review Mandate

ICAI deferred Phase III & Phase IV of the Peer Review Mandate

The Institute of Chartered Accountants of India (ICAI) has extended the enforcement deadlines for Phases III and IV of its peer review mandate. Originally scheduled for April 2024 and April 2025, the new deadlines have been revised to 1 July 2025 for Phase III and 1 January 2026 for Phase IV, as per an announcement dated 22 January 2025.

This decision reflects the ICAI Council’s commitment to addressing feedback from practice units while ensuring a broader implementation of its quality assurance initiative aimed at enhancing professional standards in audit and attestation services.  The Phase III and Phase IV of the Peer Review Mandate have been deferred as follows:

Revised Dates for Phase III & Phase IV of the Peer Review Mandate

  • Phase III: Applicable to Practice Units undertaking Statutory Audit of entities that have raised over ₹50 Crores from public, banks, or financial institutions during the review period. and Practice Units with 4 or more partners rendering attestation services. Mandatory Peer Review Certificate Required From: 01.07.2025
  • Phase IV: Applicable to Practice Units undertaking audits of branches of Public Sector Banks. and Practice Units with 3 or more partners rendering attestation services. Mandatory Peer Review Certificate Required From: 01.01.2026

Timeline of Extensions of Phase III & Phase IV of the Peer Review Mandate

  • Initially, Phase III was postponed in March 2024 to January 2025. The revised deadlines now extend the implementation further to July 2025 for Phase III and January 2026 for Phase IV. This deferment extends the original deadlines by 6 months for Phase III and 9 months for Phase IV​.

Other Developments in Phase III & Phase IV of the Peer Review Mandate

  • Earlier in January 2025, the ICAI submitted detailed suggestions for the comprehensive review of the Income-tax Act, 1961. This aligns with the Finance Minister’s budget announcement for FY 2024-25, which emphasized simplifying tax laws and reducing disputes. A committee at the Central Board of Direct Taxes (CBDT) is reviewing the suggestions.

The postponement provides firms additional time to prepare for compliance while maintaining the ICAI’s commitment to improving audit quality and professional standards. We offer CA Peer Reviewer Services in Delhi and across India.

If you’re interested in availing our services, please feel free to contact us at:
📧 Email: singh@carajput.com
📞 Phone: 9555 555 480

We’d be happy to assist you!

 

Tags: Peer Review Mandate
2 years ago
Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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