Peer review, as defined by the AICPA, is an approved practice-monitoring process that involves evaluating a CPA firm’s compliance with professional accounting, auditing, and attestation standards. The peer review program is applicable to all members of the AICPA who are engaged in the practice of public accounting in the United States or its territories and partners or employees of firms that are required to be enrolled in an approved practice-monitoring program. Generally, this includes AICPA members whose firms perform audit, attest, review, or compilation engagements.
Firms that only perform services under SSARSs or services under SSAEs that do not require system reviews are eligible to have peer reviews called engagement reviews.
An engagement review tests compliance with standards for a limited selection of engagements during a one-year time period, and the resulting report concludes whether the engagements submitted for review were performed and reported on in conformity with applicable professional standards in all material respects.
Kimberly D. Johnson, CPA has been involved with performing engagement peer reviews for over 10 years. Call us today to schedule your engagement peer review or to learn more about the program.