The Institute of Chartered Accountants of India (ICAI) considered the date of revocation of the lockdown to be September 30, 2020, concerning the extensions granted regarding the validity of the Peer Review Certificate in the wake of Covid-19 outbreak across the country.
The members of ICAI are facing difficulties in getting the Peer Review Process completed because of the extension of nation wise lockdown as well as partial reliefs granted by various State Governments in a phased manner for starting up the country again to work in the Covid-19 period.
Because of this only the Peer Review Board on May 29, 2020, granted a further extension to Practice Units namely in case of Practice Units already holding a valid Peer Review Certificate but the Peer Review process needs to get initiated.
So after considering the Government order for the Nation-wise unlock-4 which came into effect from September 1, 2020, the Board has reckoned the date of revocation of lockdown to be September 30, 2020.
Thus, Practice Units availing the benefit of Part A of the Announcement and whose effective date of validity of the Peer Review Certificate has expired during the period from April 1, 2019, till September 30, 2020, may send the final clean report to the Board on or before October 31, 2020.
ICAI’s announcement also said, “In case of any major effect of lockdown still continues in any specific areas, the Practice Units are suggested to take special approval of the Board for extension of time but restricted to March 31, 2021. Further, Practice Units availing the benefit of Part C of the Announcement are requested to initiate their Peer Review at the earliest.”
With Warm Regards,