CAs’ ICAI on Friday told it has agreed to assign in place a peer review mechanism in a phased way for companies providing assurance assistance to specific classifications of entities.
The commission of the means will commence from April 1 in a phased manner.
Institute of Chartered Accountants of India (ICAI) told in a press release that It will be originally acceptable for the companies that have begun a statutory audit of investments and whose capital insurances are recorded in India.
Dayaniwas Sharma, Chairman of the ICAI told the rollout would steadily encircle companies giving assurance assistance to corporations different than those recorded on stock exchanges.
He noted that the second phase is for the companies which have begun a statutory audit of unrecorded public firms retaining paid-up equity of not less than Rs 500 crore or having yearly turnover of not less than Rs 1,000 crore or amassing, in total, extraordinary loans, debt and securities of not less than Rs 500 crore as on the 31st March of instantly preceding financial year.
In the third stage, the means will be enforced for companies that have begun the statutory audit of entities and have put forward budgets from public or banks or financial organizations of over Rs 50 crore during the period under survey encompassing faiths.
