Successfully Providing Public Accounting Services for 30 + Years
In order to be admitted or to retain AICPA’s membership, members of the AICPA who are engaged in the public accounting practice are required to be practicing as partners or employees of firms enrolled in an approved practice-monitoring program or, if practicing in firms not eligible to enroll, are themselves enrolled in such a program if the services performed by such a firm or individual are within the scope of the AICPA’s practice-monitoring standards and the firm or individual issues reports purporting to be in accordance with AICPA professional standards. This is better known as AICPA Peer Review.
Most State Boards of accountancy require its licensees, providing attestation services to clients, to undergo an external AICPA regulated peer review to practice public accounting in that State. The goal of practice monitoring, and the program itself, is to promote quality in the accounting and auditing services subject to peer review standards. This goals serves the public interest and enhances the significance of AICPA membership.
AICPA requires all public accounting firms or individual CPA licensees who provide attestation services to clients, to get an external peer review performed every three years. We received an unqualified external peer review report in 2011, 2014, 2017 and 2020 with “Pass” rating.
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Many times the CPA firms do not have competent resources to perform an independent technical and quality control review of attestation engagements.
We perform such engagement specific reviews and assist CPA firms to improve quality of their engagement work-papers, to be compliant with standards and other regulations and to prepare for an external peer review.