As we gear up for the next phase of regulatory compliance in the financial landscape, it’s crucial to stay informed about the latest developments. One such significant update pertains to Peer Review, a vital process ensuring the quality and integrity of financial audits.

Here’s a brief overview of what you need to know

1. Mandatory Implementation Date: Starting from July 1st, 2024, Phase II of the Peer Review process becomes mandatory. A grace period is allowed up to June 30th, 2024.
2. No Peer Review Certificate, No Statutory Audit: As of July 1st, 2024, any firm subject to Phase II requirements cannot undertake any statutory audit without a valid peer review certificate.
3. Timeframe for Peer Review: The entire peer review process typically requires a time span of 30-45 days. This includes the submission of Form-1 (Application cum Questionnaire), which contains details of all attest functions by all partners as per UDIN.

Categories Covered for Mandatory Peer Review

1. Practice Units for Statutory Audit of Unlisted Public Companies: Firms undertaking the statutory audit of unlisted public companies with:
2. Practice Units with 5 or More Partners: Firms providing attestation services and having 5 or more partners must also obtain a peer review certificate before accepting any statutory audit engagements.

In summary, it’s crucial for affected firms to ensure compliance with the Phase II Peer Review requirements to continue their statutory audit engagements seamlessly.

If you have any questions or require assistance regarding the Peer Review process, please feel free to reach out to us. We’re here to support you every step of the way.