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Peer Review Board
The Institute of Chartered Accountants of India
16th October, 2020
ANNOUNCEMENT

Sub: Further extensions regarding the validity of Peer Review Certificate in the wake of COVID -19 spurt across the country (16-10-2020)- Modifications in Part C of the Announcement hosted on 29.5.2020

This is in furtherance to the earlier Announcement dated 29.5.2020 hosted on the website at https://www.icai.org/resource/59761prb48614.pdf. As the Nation is still under the effect of COVID -19 pandemic, members are facing hardships in getting the Peer Review Process completed. Accordingly, the Peer Review Board has granted further extension to Practice Units mentioned under Point no. C . These should be read in conjunction with the Announcement dated 29.5.2020

C. In case of Practice Units already holding a valid Peer Review Certificate but the Peer Review process needs to be initiated #:

If the Peer Review Process needs to be initiated# and the validity of the certificate is expiring after Lockdown till February 28, 2021 the effective date of validity of Peer Review Certificate has been extended to March 31, 2021 and in these cases the Practice units have to get their peer review completed and submit the final clean report* to the Board before March 31, 2021.

Chairman,
Peer Review Board



* Final 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.

# It may be clarified that for the purpose of Part C- “peer review process needs to be initiated” means initiated on or after 1.04.2020

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