What is Peer Review?
Peer Review is the review of the work of one CPA or CPA firm by another CPA or CPA firm. The purpose of peer review is to ensure that proper quality controls are being applied in conformity with the American Institute of Certified Public Accountants (AICPA) Quality Control Standards. The review process includes an inspection of select working papers and confirmation that proper accounting procedures are being followed. Mandatory peer review is required of CPA firm’s accounting and auditing services and consists of:
(1) A review of each organizational or functional level within a firm
(2) An inspection of selected engagement working papers, files and reports
(3) A survey of documentation indicating the firm’s compliance with AICPA member requirements
At the completion of the peer review, the reviewer discusses the findings with the reviewee and issues a report. Sanctions may be imposed on deficient CPA firms including mandated continuing professional education (CPE) training; censures and reprimands; fines and/or suspension of membership.
Below is our most recent peer review assessment: