ICAI peer-review now mandatory for all listed-company auditors

ICAI's Council, in its 425th meeting, has extended mandatory peer review to all CA firms auditing listed entities — irrespective of audit fee or turnover — effective 1 April 2026. This completes the phased roll-out announced in 2022.

Firms not already covered should apply by 31 December 2026 to obtain the certificate before signing FY 25-26 statutory financials. Without a valid certificate, the auditor cannot accept or continue the audit engagement of a listed entity, and the company must seek a replacement under Section 140 of the Companies Act.

The certificate is valid for 5 years and requires review of select assurance engagements by an ICAI-empanelled reviewer.