Who is subject to aicpa peer review

The firm is responsible for evaluating actions to promptly remediate engagements deemed as not performed or reported in conformity with professional standards, when appropriate, and for remediating weaknesses in its system of quality control, if any. There are inherent limitations in the effectiveness of any system and, therefore, noncompliance with the system may occur and not be detected.

A peer review is based on selective tests. Consequently, it would not necessarily detect all weaknesses in the system or all instances of noncompliance with it. It does not provide assurance with respect to any individual engagement conducted by the firm or that none of the financial statements audited by the firm should be restated.

Projection of any evaluation of a system to future periods is subject to the risk that the system may become inadequate because of changes in conditions or because the degree of compliance with the policies or procedures may deteriorate. By definition, CPA firms undergoing Engagement Reviews do not perform audits or other similar engagements but do perform other accounting work including reviews and compilations, which are a lower level of service than audits.

Therefore, the objective of an Engagement Review is different from the objectives of a System Review, which is more system oriented and involves determining whether the system is designed in conformity with applicable professional standards and whether the firm is complying with its system appropriately. Professional standards represent literature, issued by various organizations, that contain the framework and rules that a CPA firm is expected to follow when performing accounting work.

The scope of an Engagement Review only covers accounting engagements; it does not include tax or consulting services. Enhanced Reviewer Search We improved the Reviewer Search so that you can select a reviewer who has indicated they are willing to perform consulting services, such as pre- or post-issuance reviews.

Access the Reviewer Search. You will gain an understanding of the peer review process and the required elements of quality control. Is your firm undergoing a system review?

How about an Audit Program? We know that you are wooed by the companies who publish these materials. We are dedicated to enhancing the quality of accounting, auditing and attestation services performed by AICPA members in public practice.

Unsure where to begin? Access resources for reviewers and firms. Please check back soon for registration! While the intent of the project was to make peer review guidance easier to read, understand and apply, the proposal contains several changes to existing peer review guidance. Staff are specifically requesting comments on the proposed changes, which can be submitted by December 15, You may reach us at or Email : msc ficpa.

Peer Review. What's New?