What peer review is.
Peer review is a review of an audit firm's work by another qualified Chartered Accountant, appointed by the ICAI's Peer Review Board. It checks whether the firm follows auditing standards, quality control procedures and ethical requirements. Firms that pass receive a peer review certificate, valid for a set period.
It plays a similar role to audit quality monitoring in the UK, though the systems are different.
When a peer-reviewed auditor is required.
ICAI has introduced the requirement in phases. Before accepting a covered audit, the firm must hold a valid peer review certificate.
| Phase | Audits covered |
|---|---|
| Phase I | Statutory audits of entities with securities listed in India or abroad |
| Phase II | Unlisted public companies with paid-up capital of ₹500 crore or more, turnover of ₹1,000 crore or more, or borrowings and deposits of ₹500 crore or more |
| Phase III | Entities that have raised funds above set limits from the public, banks or institutions, and other public interest entities |
| Phase IV | Audits of branches of public sector banks, and smaller firms by partner count |
ICAI has deferred some later phases, so we check the current position for your entity. SEBI separately requires auditors of listed entities to hold a valid peer review certificate.
Choosing an auditor for your Indian entity.
- Peer review statusCheck the firm's certificate on the ICAI register, where it is required or where you want extra assurance.
- Group reporting experienceExperience with UK group instructions and IFRS or FRS 102 reporting packs.
- IndependenceNo services that would conflict with the audit, such as internal audit for the same company.
- Sector knowledgeExperience in your industry and its accounting issues.
- Team and timetableA named partner and team, and a timetable that fits your group deadlines.
- Rotation rulesFor some companies, auditors must be rotated after set terms. See Auditor Rotation Services.
How we help.
Check what applies
Whether your entity needs a peer-reviewed auditor and any rotation rules.
Selection criteria
A practical checklist for comparing audit proposals.
Appointment filings
Board and shareholder approvals and ADT-1 filing.
Quality and readiness
For audit firms, help preparing documentation and quality procedures for review.
Why clients choose us for audits.
Every audit is led and signed by Chartered Accountants in India.
Findings written for UK boards, audit committees and group auditors.
A written engagement letter with scope, timetable and fee.
Independence checks and a second-partner review on every report.
Encrypted document sharing, with site visits where the work needs them.
Clear, prioritised recommendations your team can act on.
Auditor guidance for UK groups with Indian entities.
We carry out audits in India for UK groups, investors and lenders headquartered anywhere in the UK, reporting in a form their UK boards and auditors can use.
London
South East
Midlands
North of England
East and South West
Scotland, Wales, NI
Peer review auditor FAQs.
Appointing an auditor in India?
Tell us about your entity. We will explain what the law requires and what to look for.
This page is general guidance based on the Companies Act, 2013, Indian tax law and regulator guidelines as they stand. It is not legal or financial advice for your situation. Thresholds and requirements can change, so please speak to us before acting on it.