{"id":24086,"date":"2023-02-22T19:16:05","date_gmt":"2023-02-22T13:46:05","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=24086"},"modified":"2024-09-25T00:05:12","modified_gmt":"2024-09-24T18:35:12","slug":"peer-review","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/peer-review\/","title":{"rendered":"Peer Review Phase II Implemented by 4th Jan 2023: ICAI"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f6bae6e347f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f6bae6e347f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/peer-review\/#ICAI_mandates_Peer_Review_Phase_II_to_be_implemented_from_01042023\" title=\"ICAI mandates Peer Review Phase II to be implemented from 01\/04\/2023\">ICAI mandates Peer Review Phase II to be implemented from 01\/04\/2023<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/peer-review\/#Applicability_of_Peer_Review_Audit\" title=\"Applicability of Peer Review Audit\">Applicability of Peer Review Audit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/peer-review\/#Implementation_of_Audit_Peer_Review\" title=\"Implementation of Audit Peer Review\">Implementation of Audit Peer Review<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/peer-review\/#Membership_fees_without_completing_KYM_for_this_year\" title=\"Membership fees without completing KYM for this year\">Membership fees without completing KYM for this year<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24090\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Peer-Review-Certificate..jpg\" alt=\"Peer Review Certificate.\" width=\"1200\" height=\"600\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Peer-Review-Certificate..jpg 1200w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Peer-Review-Certificate.-300x150.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Peer-Review-Certificate.-1024x512.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Peer-Review-Certificate.-768x384.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/Peer-Review-Certificate.-800x400.jpg 800w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"ICAI_mandates_Peer_Review_Phase_II_to_be_implemented_from_01042023\"><\/span><span style=\"color: #000080;\"><strong>ICAI mandates Peer Review Phase II to be implemented from 01\/04\/2023<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>ICAI Practice Units may start &amp; complete Peer Review of their firms on or before December 31, 2022, if the certificate they have been issued does not indicate the date that perhaps the certificate is valid.<\/li>\n<li>Peer Review Mandate &#8211; Phase II Roll Out mandate is becoming applicable from April 1, 2024*. The Practice Units may accordingly take note &amp; subject themselves to the Peer Review process.<\/li>\n<li>The continuity of the existing Peer Review Certificate will be maintained in this manner.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-24087\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/peer-review-compulsary-.jpeg\" alt=\"Peer review compulsory\" width=\"908\" height=\"635\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/peer-review-compulsary-.jpeg 794w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/peer-review-compulsary--300x210.jpeg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/peer-review-compulsary--768x537.jpeg 768w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/><\/p>\n<ul>\n<li>According to the ICAI&#8217;s plans to mandate the peer review process in stages, Phase II (starting on April 1, 2023) for acquiring a peer review certificate by the relevant practise units has been enforced.<\/li>\n<li>Phase II of the peer review procedure has been mandated by the ICAI and will go into effect on April 1st, 2023. It has been suggested that the practise units pay attention and submit for peer review.<\/li>\n<li>Peer Review Mandate &#8211; Roll Out\u201d dated 12.02.2022 hosted at https:\/\/www.icai.org\/post\/peer-review-mandate-roll-out, the firms falling under Phase I of the roll out will be required to submit a declaration form https:\/\/forms.office.com\/r\/AA5Zpgdsrr by March 31, 2022.<\/li>\n<li>Peer review is a process where each audit firm must undertake a quality check by another company. The purpose of this process is to make sure that businesses create things that is up to par and in accordance with the criteria set by ICAI.<\/li>\n<li>In addition to assisting to maintain the quality of audit work, this action will operate as a deterrent for companies who disregard auditing and other requirements. So, the ICAI&#8217;s choice to implement a second round of peer review is to be commended and will substantially improve the standard of work performed by firms.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Applicability_of_Peer_Review_Audit\"><\/span><span style=\"color: #000080;\"><strong>Applicability of Peer Review Audit<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>This move is most welcome move by The Institute of Chartered Accountants of India &amp; will go a big way toward ensuring that the work is up to mark.<\/li>\n<\/ul>\n<ul>\n<li>Peer Review Audit Phase II (applicable to chartered Accountants firm having five partners or more ) got relaxation for 3 months is upto 30th June 2024.<\/li>\n<li>For Peer Review Audit Phase III (applicable to chartered Accountants firms having four partners &amp; more) extension of 9 months is upto 31st Dec 2024.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Implementation_of_Audit_Peer_Review\"><\/span><span style=\"color: #000080;\"><strong>Implementation of Audit Peer Review<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>ICAI president Aniket Sunil Talati told Economic time has chosen to combine the second and third phases\u00a0 set to widen its peer review mechanism for Chartered Accountants audit firms to ensure transparency &amp; audit quality of this framework&#8217;s implementation, making the peer review system essential for auditors of large unlisted corporations starting in April 2024<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Membership_fees_without_completing_KYM_for_this_year\"><\/span><span style=\"color: #000080;\"><strong>Membership fees without completing KYM for this year<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>ICAI has allowed the payment of membership fees without completing KYM for this year.<\/li>\n<li>The last date for payment of membership fees is 30th Sep 2024<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-27523\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/photo_2024-09-25_00-01-14.jpg\" alt=\"ICAI has allowed the payment of membership fees without completing KYM for this year. The last date for payment of membership fees is 30th Sep 2024\" width=\"1147\" height=\"646\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/photo_2024-09-25_00-01-14.jpg 639w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/02\/photo_2024-09-25_00-01-14-300x169.jpg 300w\" sizes=\"(max-width: 1147px) 100vw, 1147px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ICAI mandates Peer Review Phase II to be implemented from 01\/04\/2023 ICAI Practice Units may start &amp; complete Peer Review of their firms on or before December 31, 2022, if the certificate they have been issued does not indicate the date that perhaps the certificate is valid. Peer Review Mandate &#8211; Phase II Roll Out &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[10124],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24086"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=24086"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24086\/revisions"}],"predecessor-version":[{"id":24233,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24086\/revisions\/24233"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=24086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=24086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=24086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}