Question ID : 44745

Peer Review

As per revised applicability of peer review mandate (Phase II & III), Practice Units which propose to undertake 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 are to be covered from 01.01.2025. How can we identify trusts which are covered under public interest entities ? Do all Public Charitable and/or Religious Trusts fall under the category of public interest entity ? Is there any threshold monetary limit for these trusts ?

All public charitable and religious trusts are treated as public interest entities as they are holding assets in fiduciary capacity for a large number of stakeholders. There is no threshold limit to treat the public trust as public interest entity. Hence the practice unit conducts audit or assurance service for any public charitable and religious trust, which has raised funds from public or bank of over Rs.50 Cr., peer review of such practice unit is mandatory.