White paper navigates through the revised peer review standards

The AICPA’s Peer Review Board has issued a white paper to serve as a bridge between the current and revised standards.

The white paper, Navigating Through the Revised AICPA Standards for Performing and Reporting on Peer Reviews and Related Interpretations, explains how the changes may affect enrolled firms (including those responsible for the firm’s quality control function), peer reviewers, entities administering peer reviews, and peer review users, including regulators.

The white paper:

• Explains the top level changes in the reporting processes, considered to be the most significant of the changes
• Provides background and explanations to other significant changes (including the more principles-based approach and changes to engagement and report reviews)
• Discusses how the comment letters received in response to the exposure draft were considered in the process of finalizing the revised Standards
• Describes how readers can learn more about the revised standards

Some of the revised Standards and Interpretation changes affect enrolled firms’ 2009 peer review scheduling, for which planning could occur in fall 2008. In addition, there is a change with regard to independence requirements, which could affect how enrolled firms conduct their 2008 monitoring procedures.

The revised Standards and Interpretations are effective for peer reviews commencing on or after Jan. 1, 2009.

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