{"id":23223,"date":"2022-02-11T20:44:40","date_gmt":"2022-02-11T15:14:40","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-icai-peer-mechanism\/"},"modified":"2022-02-11T20:44:40","modified_gmt":"2022-02-11T15:14:40","slug":"biz-icai-peer-mechanism","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-icai-peer-mechanism\/","title":{"rendered":"ICAI to introduce peer review mechanism for firms offering assurance services"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-192085039\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>       New Delhi, Feb 11 (PTI) Chartered accountants&#8217; apex body ICAI on Friday said it has decided to put in place a peer review mechanism in a phased manner for firms rendering assurance services to certain categories of entities.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2116042519\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The implementation of the mechanism will start from April 1 in a phased matter.<\/p>\n<p> It will be initially applicable for practice units (firms) that have undertaken statutory audit of enterprises and whose equity or debt securities are listed in India, the Institute of Chartered Accountants of India (ICAI) said in a release.<\/p>\n<p> Dayaniwas Sharma, Chairman of the Peer Review Board of ICAI, said the rollout would steadily cover firms providing assurance services to companies other than those listed on stock exchanges.<\/p><div class=\"trade-content_5\" id=\"trade-510834245\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;The second phase is for the firms which have undertaken statutory audit of unlisted public companies having paid-up capital of not less than Rs 500 crore or having annual turnover of not less than Rs 1,000 crore or having, in aggregate, outstanding loans, debentures and deposits of not less than Rs 500 crore as on the March 31st of immediately preceding financial year,&#8221; he noted.<\/p>\n<p> In the third phase, the mechanism will be implemented for firms which have undertaken the statutory audit of entities and have raised funds from public or banks or financial institutions of over Rs 50 crore during the period under review or of any body corporate, including trusts.<\/p>\n<p> The last leg of the mandate covers firms conducting audits of branches of public sector banks, the release said.<\/p>\n<p> &#8220;This is a historic decision to mandate the peer review mechanism for certain categories of firms rendering assurance services to specific class of entities and will go a long way in enhancing the audit quality,&#8221; ICAI President Nihar N Jambusaria said. PTI RAM  ANU ANU<\/p>\n<div class=\"trade-after-content\" id=\"trade-1843925740\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Feb 11 (PTI) Chartered accountants&#8217; apex body ICAI on Friday said it has decided to put in place a peer review mechanism in a phased manner for firms rendering assurance services to certain categories of entities. The implementation of the mechanism will start from April 1 in a phased matter. It will be [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-23223","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ICAI to introduce peer review mechanism for firms offering assurance services - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-icai-peer-mechanism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICAI to introduce peer review mechanism for firms offering assurance services\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Feb 11 (PTI) Chartered accountants&#8217; apex body ICAI on Friday said it has decided to put in place a peer review mechanism in a phased manner for firms rendering assurance services to certain categories of entities. 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