ICAI Extends Phase IV Peer Review Deadline

The Institute of Chartered Accountants of India (ICAI) has decided to push back the start date for Phase IV of its Peer Review Mandate by one year.

This means that firms that audit Public Sector bank branches and multi-partner firms offering attestation services now have until December 31, 2026, to get their peer review certification.

The ICAI made this decision to help these firms have more time to get ready and follow the rules.

The peer review system is important because it makes sure that audits and accounting services are done correctly and follow all the necessary guidelines.

This extension gives firms more time to complete the peer review process, which can be quite detailed and time-consuming.

It's like getting an extra year to study for a big test so you can do your best.