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Updates from ICAI

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ICAI, vide an announcement dated 16 March 2024 has extended the applicability of peer review mandate for the practice units covered under Phase II and III as follows:

  • Practice units which propose to undertake statutory audit of unlisted public companies having paid-up capital of not less than INR500 crores or having annual turnover of not less than INR1000 crores or having, in aggregate, outstanding loans, debentures and deposits of not less than INR500 crores as on 31 March of the immediately preceding financial year OR Practice units rendering attestation services and having five or more partners

(Grace period has been allowed up to 30 June 2024 and peer review would become mandatory w.e.f. 1 July 2024)

  • Practice units which propose to undertake the statutory audit of entities which have raised funds from public or banks or financial institutions of over INR50 crores during the period under review, or of any body corporate including trusts which are covered under public interest entities OR Practice units rendering attestation services and having four or more partners (Peer review would become mandatory w.e.f. 1 January 2025).

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