What is the ICAI peer review for auditors?

A peer review is an independent verification of an auditor's processes and documentation to enhance audit quality and credibility.

When is the new deadline for the ICAI peer review?

The deadline for state bank branch auditors and firms with three or more partners is now December 31, 2026.

Why did the ICAI defer the peer review requirement?

The ICAI deferred the requirement to allow auditors and reviewers more time to prepare for compliance.

Home / Business and Economy / ICAI Grants Auditors Extra Year for Peer Review

ICAI Grants Auditors Extra Year for Peer Review

2 Jan

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Summary

ICAI postpones mandatory peer review for state bank auditors by one year.
New deadline for peer review compliance is December 31, 2026.
Deferred phase includes audit firms with three or more partners.

ICAI Grants Auditors Extra Year for Peer Review

The Institute of Chartered Accountants of India (ICAI) has officially deferred the mandatory peer review for auditors of state-run bank branches by one year, pushing the compliance deadline to December 31, 2026. This extension provides crucial additional time for both auditors and review professionals to adequately prepare.

This deferral affects the planned rollout of the fourth phase of the peer review requirement. This phase specifically encompasses audit firms that provide attestation services and have a minimum of three partners, originally slated to begin on January 1, 2026.

The ICAI's strategy involves a phased implementation of peer reviews across various company categories. This approach aims to ensure a seamless transition and bolster the overall credibility and quality of audit practices nationwide.