Peer Review Auditor Services
ICAI-empanelled Peer Reviewers helping Chartered Accountant practice units in Mumbai obtain and renew their Peer Review Certificate under the ICAI Peer Review Guidelines, 2022 — a mandatory prerequisite for accepting statutory audits once your practice unit falls within Phase II, III or IV.
Peer Review is an independent assessment of a CA practice unit's quality control systems, conducted by an ICAI-empanelled Peer Reviewer against the ICAI Peer Review Guidelines, 2022 and applicable Standards on Auditing. Since Phase II (unlisted public companies with paid-up capital ≥ ₹500 crore or turnover ≥ ₹1,000 crore, or firms with 5+ partners rendering attestation services) became mandatory from 1 July 2024, practice units covered under Phase II, III or IV cannot accept or continue a statutory audit engagement, or sign an audit report, without a valid Peer Review Certificate. The Classic Partners LLP conducts the peer review of your practice unit end-to-end — desk review, on-site verification, compliance testing and the final Peer Review Report/Certificate filed with the ICAI Peer Review Board.
A Peer Review Certificate that keeps your audit practice compliant
Without a valid Peer Review Certificate, a Phase-covered practice unit is barred from undertaking fresh statutory audit engagements and from signing audit reports — a compliance gap that can halt an entire audit season. Our reviewers are trained on the ICAI Peer Review Guidelines, 2022 and review your unit's compliance with Standards on Quality Control (SQC 1), Standards on Auditing and the Code of Ethics.
We work across the four applicability phases — from firms auditing listed entities to firms with three or more partners rendering assurance services — and help practice units prepare well before their phase becomes mandatory, not after a deadline has already passed.
- Peer Review under ICAI Peer Review Guidelines, 2022
- Covers Phase I (listed), II, III and IV practice units
- Review of System & Procedures and Compliance review
- Gap analysis before your mandatory phase applies
- Renewal support — certificates typically valid 3–4 years
- Confidential, documented, ICAI-format reporting
Who needs a mandatory Peer Review Certificate
The ICAI Peer Review Mandate rolls out in four phases based on the entities a practice unit audits and its partner strength.
| Phase | Practice units covered | Mandatory from |
|---|---|---|
| Phase I | Statutory auditors of listed entities | 1 April 2022 |
| Phase II | Auditors of unlisted public cos. with paid-up capital ≥ ₹500 cr or turnover ≥ ₹1,000 cr or borrowings/deposits ≥ ₹500 cr; or firms with 5+ partners rendering attestation services | 1 July 2024 |
| Phase III | Auditors of entities that raised > ₹50 cr from public/banks/FIs, or public interest entities; or firms with 4+ partners rendering attestation services | 1 July 2025 |
| Phase IV | Auditors of Public Sector Bank branches; or firms with 3+ partners rendering assurance services | 1 January 2026 |
Not sure which phase your practice unit falls under? Send us your firm details — we'll confirm in one call.
What our Peer Review covers
Structured around the ICAI Peer Review Guidelines, 2022 and the Technical, Ethical and Professional Standards (TEPS) checklist.
Quality Control Review
Assessment of the practice unit's system of quality control against SQC 1 — engagement acceptance, staffing, supervision, monitoring and documentation.
Compliance with Standards on Auditing
Sample-based review of completed attestation assignments for compliance with applicable SAs, SREs and SAEs.
Code of Ethics Compliance
Review of independence declarations, conflict-of-interest checks and adherence to the ICAI Code of Ethics across engagements.
Working Paper Review
Verification that audit files and working papers meet documentation standards expected under a Peer Review inspection.
Reporting to ICAI
Preparation and submission of the Peer Review Report — Unmodified, Modified or Adverse — and Certificate to the Peer Review Board.
Remediation Support
Where a Modified Report is issued, we help close the identified gaps ahead of the follow-on review within the prescribed period.
Our four-stage peer review process
Confidential, structured and completed within the ICAI's prescribed timelines.
Application & scoping
Your firm applies to the ICAI Peer Review Board; we're assigned or empanelled as reviewer and agree the review period and sample.
Desk review
Review of firm policies, engagement letters, independence declarations and a sample of completed attestation assignments.
On-site verification
Interviews with partners and staff, working paper walk-throughs, and testing of quality control implementation in practice.
Report & certificate
Draft findings discussed with the practice unit, then the final Peer Review Report and Certificate are filed with the ICAI.
A reviewer who understands practice-unit realities
Partner-led, confidential and scheduled around your audit season — not against it.
Empanelled reviewers
Our review team is trained on the current ICAI Peer Review Guidelines, 2022 and TEPS checklist versions.
Pre-mandate readiness checks
We assess your firm before your phase becomes mandatory, so gaps are fixed with time to spare.
Fixed fee, written upfront
A scoping call, then a written quote — no open-ended billing through the review cycle.
Confidentiality first
Findings are shared only with the practice unit and the ICAI, in line with Peer Review Guidelines.
Renewal tracking
We track your certificate's validity and flag the renewal review window well ahead of expiry.
One firm, all compliance
Works alongside our statutory audit and internal audit practices — no hand-offs between firms.
Peer Review questions CA practice units ask us
Straight answers before you apply for review.
Ready to schedule your Peer Review?
Tell us your firm's partner strength, entities audited and current phase status. You'll get a fixed quote and a partner-level contact within one working day.
