A peer review is always an intimidating procedure but it does not have to be unpleasant. Kevin D. Smith approaches a peer review as an opportunity to educate fellow CPAs and help firms meet the high standards expected of the accounting profession. The selection of a peer reviewer is critical to receiving the full benefit of a peer review. Kevin has extensive knowledge of the standards and performs about 60 peer reviews each year for firms in Arizona, California and Alaska. Kevin can perform both system and engagement reviews in an efficient and cost-effective manner which will help improve your knowledge and your ability to serve your clients.
Does your firm need a peer review?
In order to be admitted or to retain membership in the American Institute of Certified Public Accountants (AICPA), members of the AICPA who are engaged in the practice of public accounting in the United States or its territories are required to be practicing as partners or employees of firms enrolled in an institute approved practice-monitoring program. A member can meet the requirement if his or her firm is enrolled in the AICPA Peer Review Program. (Firms that are required to be registered with and inspected by the Public Company Accounting Oversight Board (PCAOB) and those performing audits of non-SEC issuers pursuant to the standards of the PCAOB are required to have their AICPA peer review administered by the National PRC.)
Actually, the preceding paragraph is true for firms with an accounting and auditing practice that issues reports purporting to be in accordance with AICPA professional standards. If a firm does not perform services that include issuing such reports, it is not required to enroll in a practice-monitoring program. However, firms should consult with their State Board of Accountancy (SBOA) to determine if the State Board rules require enrollment in a practice monitoring program.