{"id":28439,"date":"2025-01-27T13:24:40","date_gmt":"2025-01-27T07:54:40","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=28439"},"modified":"2025-08-20T18:08:17","modified_gmt":"2025-08-20T12:38:17","slug":"phase-iii-phase-iv-of-peer-review","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/phase-iii-phase-iv-of-peer-review\/","title":{"rendered":"ICAI deferred Phase III &#038; Phase IV of Peer Review Mandate"},"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-69e14f88b3b42\" 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-69e14f88b3b42\"  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\/phase-iii-phase-iv-of-peer-review\/#ICAI_deferred_Phase_III_Phase_IV_of_the_Peer_Review_Mandate\" title=\"ICAI deferred Phase III &amp; Phase IV of the Peer Review Mandate \">ICAI deferred Phase III &amp; Phase IV of the Peer Review Mandate <\/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\/phase-iii-phase-iv-of-peer-review\/#Revised_Dates_for_Phase_III_Phase_IV_of_the_Peer_Review_Mandate\" title=\"Revised Dates for\u00a0Phase III &amp; Phase IV of the Peer Review Mandate\">Revised Dates for\u00a0Phase III &amp; Phase IV of the Peer Review Mandate<\/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\/phase-iii-phase-iv-of-peer-review\/#Timeline_of_Extensions_of_Phase_III_Phase_IV_of_the_Peer_Review_Mandate\" title=\"Timeline of Extensions of\u00a0Phase III &amp; Phase IV of the Peer Review Mandate\">Timeline of Extensions of\u00a0Phase III &amp; Phase IV of the Peer Review Mandate<\/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\/phase-iii-phase-iv-of-peer-review\/#Other_Developments_in_Phase_III_Phase_IV_of_the_Peer_Review_Mandate\" title=\"Other Developments in\u00a0Phase III &amp; Phase IV of the Peer Review Mandate\">Other Developments in\u00a0Phase III &amp; Phase IV of the Peer Review Mandate<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<div class=\"flex-1 overflow-hidden @container\/thread\">\n<div class=\"h-full\">\n<div class=\"react-scroll-to-bottom--css-logzt-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-logzt-1n7m0yu\">\n<div class=\"flex flex-col text-sm md:pb-9\">\n<article class=\"w-full scroll-mb-[var(--thread-trailing-height,150px)] text-token-text-primary focus-visible:outline-2 focus-visible:outline-offset-[-4px]\" dir=\"auto\" data-testid=\"conversation-turn-5\" data-scroll-anchor=\"true\">\n<div class=\"m-auto text-base py-[18px] px-3 md:px-4 w-full md:px-5 lg:px-4 xl:px-5\">\n<div class=\"mx-auto flex flex-1 gap-4 text-base md:gap-5 lg:gap-6 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem]\">\n<div class=\"group\/conversation-turn relative flex w-full min-w-0 flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"b3a6e7cc-c67b-4c09-9d3a-0cbc0ba90c35\" data-message-model-slug=\"gpt-4o\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28441\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Deferment-of-Phase-III-and-IV-of-Peer-Review-Mandate_page-0001.jpg\" alt=\"Deferment of Phase III and IV of Peer Review Mandate\" width=\"1241\" height=\"1755\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Deferment-of-Phase-III-and-IV-of-Peer-Review-Mandate_page-0001.jpg 1241w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Deferment-of-Phase-III-and-IV-of-Peer-Review-Mandate_page-0001-212x300.jpg 212w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Deferment-of-Phase-III-and-IV-of-Peer-Review-Mandate_page-0001-724x1024.jpg 724w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Deferment-of-Phase-III-and-IV-of-Peer-Review-Mandate_page-0001-768x1086.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Deferment-of-Phase-III-and-IV-of-Peer-Review-Mandate_page-0001-1086x1536.jpg 1086w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Deferment-of-Phase-III-and-IV-of-Peer-Review-Mandate_page-0001-800x1131.jpg 800w\" sizes=\"(max-width: 1241px) 100vw, 1241px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"ICAI_deferred_Phase_III_Phase_IV_of_the_Peer_Review_Mandate\"><\/span><span style=\"color: #000080;\">ICAI deferred Phase III &amp; Phase IV of the Peer Review Mandate <\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<p>This decision reflects the ICAI Council&#8217;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.\u00a0\u00a0The Phase III and Phase IV of the Peer Review Mandate have been deferred as follows:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Revised_Dates_for_Phase_III_Phase_IV_of_the_Peer_Review_Mandate\"><\/span><span style=\"color: #000080;\">Revised Dates for\u00a0Phase III &amp; Phase IV of the Peer Review Mandate<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Phase III: Applicable to Practice Units undertaking Statutory Audit of entities that have raised over \u20b950 Crores from public, banks, or financial institutions during the review period. and\u00a0Practice Units with 4 or more partners rendering attestation services. Mandatory Peer Review Certificate Required From: 01.07.2025<\/li>\n<li>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<\/li>\n<\/ul>\n<\/div>\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<h3><span class=\"ez-toc-section\" id=\"Timeline_of_Extensions_of_Phase_III_Phase_IV_of_the_Peer_Review_Mandate\"><\/span><span style=\"color: #000080;\">Timeline of Extensions of\u00a0Phase III &amp; Phase IV of the Peer Review Mandate<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Initially, Phase III was postponed in March 2024 to January 2025.\u00a0The 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\u200b.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Other_Developments_in_Phase_III_Phase_IV_of_the_Peer_Review_Mandate\"><\/span><span style=\"color: #000080;\">Other Developments in\u00a0Phase III &amp; Phase IV of the Peer Review Mandate<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Earlier in January 2025, the ICAI submitted detailed suggestions for the comprehensive review of the Income-tax Act, 1961.\u00a0This aligns with the Finance Minister&#8217;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.<\/li>\n<\/ul>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-28174\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/PR.jpeg\" alt=\"Peer Reviewer\" width=\"944\" height=\"259\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/PR.jpeg 474w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/PR-300x82.jpeg 300w\" sizes=\"(max-width: 944px) 100vw, 944px\" \/><\/h2>\n<p>The postponement provides firms additional time to prepare for compliance while maintaining the ICAI\u2019s commitment to improving audit quality and professional standards.\u00a0We offer <strong>CA Peer Reviewer Services<\/strong> in Delhi and across India.<\/p>\n<p>If you&#8217;re interested in availing our services, please feel free to contact us at:<br \/>\n\ud83d\udce7 <strong>Email<\/strong>: <a rel=\"noopener\">singh@carajput.com<\/a><br \/>\n\ud83d\udcde <strong>Phone<\/strong>: 9555 555 480<\/p>\n<p>We\u2019d be happy to assist you!<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ICAI deferred Phase III &amp; 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10103,1],"tags":[10314],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/28439"}],"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=28439"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/28439\/revisions"}],"predecessor-version":[{"id":28443,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/28439\/revisions\/28443"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=28439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=28439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=28439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}