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 Limit on Number of Tax Audits (effective from 1.4.2026)
 Auditing and Assurance Standards Board - Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects.
 Draft Panel for Appointment/ Re-appointment of Statutory Auditors of State Co-operative Banks (Stccbs) and Central Co-operative Banks (Ccbs) for the Year 2025-26.
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Extension of validity of Peer Review Certificate in the wake of COVID-19 spurt across the country.
March, 31st 2020

Sub: Extension of validity of Peer Review Certificate in the wake of COVID -19 spurt across the country


In the wake of COVID -19 spurt and nation-wide lock down, the effective date of validity of Peer Review Certificate has been extended as hereunder:

A. In case of Practice Units already holding a valid Peer Review Certificate and the Peer Review Process thereof has been completed:


The effective date of validity of the Peer Review Certificate has expired during the period from April 1, 2019 till March 24, 2020 or is set to expire during the period of lockdown, is extended by one (1) year from the date of validity of the last issued certificate subject to the submission of the final clean reporti for the peer review periodii 2014-17 and later, within 30 days after the cease of lockdown by such units wherefrom the final clean report for the relevant peer review period was not received by the Board till 24.03.2020.

B. In case of Practice Units holding a valid Peer Review Certificate and peer review process thereof was initiated and ongoing, however, has stuck due to nation-wide lockdown declared in the wake of COVID-19 spurt:

 

In such cases if the validity of the last issued certificate expires before the completion of Peer Review process, the validity of such Certificate is extended by one (1) year from the date of validity of the last issued certificate.

 

For the said purpose, Peer Review will be deemed to be initiated if the same has been initiated by the Board and the Practice Unit has reverted along with online submission of its duly filled in declaration.


iFinal Clean reports as clarified in the Announcement dated 21-09-2019 hosted at https://www.icai.org/post.html?post_id=15984 shall be :


• Final Clean report alongwith
• Annexure I,
• Annexure II (where applicable),
• Questionnaire,
• List of samples alongwith basis of selection and sample confirmation (as per advise given by the Board)
• In case preliminary Report is issued, Practice Unit submission and reviewer verification on the same is to be submitted.


ii As defined under clause 3.3 of the Peer Review Statement “Peer Review Period” means 3 years preceding the year in which the Practice Unit is selected or such other period or any period as may be prescribed by the Peer Review Board for conducting a Peer Review”.

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