Deferment of Phase IV of Peer Review Mandate
Deferment of Phase IV of Peer Review Mandate
The Council of the Institute of Chartered Accountants of India (ICAI) has decided to defer the implementation of Phase IV of the Peer Review mandate, which was earlier applicable from 1st January, 2026.
Accordingly, Phase IV has now been extended up to 31st December, 2026, and the revised date of mandatory implementation shall be 31st December, 2026.
Revised Applicability of Phase IV
Phase IV of the Peer Review mandate shall apply to the following Practice Units (Firms):
- Practice Units proposing to undertake audits of branches of Public Sector Banks, for which obtaining a Peer Review Certificate is a pre-requisite; OR
- Practice Units rendering attestation services and having three or more partners, for which obtaining a Peer Review Certificate is mandatory prior to accepting any statutory audit.
The mandatory requirement of Peer Review for the above categories shall come into effect from 31st December, 2026.
Members are advised to take note of the above extension and plan compliance accordingly.
Read More Updates on ICAI
