The Institute of Chartered Accountants of India

Phase

Category of firms covered

Date of implementation

I

Firms which have undertaken Statutory Audit of enterprises whose equity or debt securities are listed in India or abroad as defined under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1st April 2022

II

Firms which have undertaken Statutory Audit of unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year

OR

Firms having 5 or more partners anytime during the immediately preceding financial year.

1st April 2023

III

The firms which have undertaken the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities

OR

Firms having 4 or more partners may be covered in the Phase 3 of the rollout.

1st April 2024

IV

Firms conducting audits of branches of Public Sector banks

OR

Firms having 3 or more partners and rendering assurance services.

1st April 2025