Revised peer review standards issued

The AICPA Peer Review Board has released revised Standards for Performing and Reporting on Peer Reviews and Interpretations to the Standards. The revised standards are expected to result in a more efficient and effective peer review process. As the revisions are significant, all interested parties are encouraged to become familiar with them.

The revised Standards and interpretations are effective for peer reviews commencing on or after Jan. 1, 2009. Revisions to the standards include more principles-based standards, and changes to engagement and report reviews. Also, the reporting process has been reengineered to include a shorter and more concise peer review report, which enhances its clarity, comparability and understandability.

To ensure program integrity and usefulness, the proposed revisions were designed to meet stakeholders’ needs. The revisions recognize the public interest in the quality of the accounting, auditing and attestation services provided by members’ firms. They also recognize the importance peer review plays in the state board of accountancy licensure process and for other regulators such as the GAO.

The revised guidance creates one set of standards and interpretations within the program for all AICPA members subject to peer review. This includes those members’ firms currently enrolled in the CPCAF Peer Review Program.

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