ICAI to widen peer review process for auditors: Talati

Apr 20, 2023

The peer review, which is compulsory for firms that audit listed companies, will apply to all from 1 July

The Institute of Chartered Accountants of India (ICAI) is set to widen its peer review mechanism for audit firms to ensure transparency and audit quality, the regulator’s newly elected president Aniket Sunil Talati said in an interview emphasising that the watchdog will not hesitate to give exemplary punishment to erring professionals.

Talati said that ICAI’s peer review, a way of checking the processes followed by an audit firm by an external and independent audit professional, which currently applies to firms that audit listed companies, will be extended to all audit firms with five or more partners from 1 July.

[Mint]