The revised effective date for applicability of (a) ICSI auditing standards(b) Guidelines for issuance of Diligence report for banks by Peer reviewed units

In view of the spread of COVID-19 pandemic, the mandatory applicability of the ICSI Auditing standards is hereby extended for Audit Engagements accepted by the Auditor on or after October 01, 2020, instead of April 01, 2020.
Also, the requirement to issue diligence report for banks in case of consortium lending/multiple banking engagements by Peer-reviewed Units shall be effective from July 01, 2020, instead of April 01, 2020.

Effective date: March 31, 2020

Source: ICSI Circular dated March 31, 2020