Peer Review news & notes
2011 Annual Report on Oversight
New: Peer Review Mentoring Program
If you are interested in initially qualifying as a team captain, beginning in April 2012, you may choose to demonstrate proficiency in the standards, interpretations, and guidance of the program by using practical peer review experience.
If you choose the experience option, you must complete Day 1 of the “How To” course in live seminar format and, in lieu of completing Day 2, submit evidence of significant participation as a team member on a System Review. This significant participation must be under the guidance of a qualified and approved existing team captain (mentor) and take place after the completion of Day 1 of the "How To" course. If you plan to take only Day 1 of the "How To" course, please contact peerreview@ohio-cpa.com to arrange the details.
Prior to taking Day 1 of the “How To” course, you need to seek out an approved mentor. You may either identify your own mentor and ask that they obtain approval or contact peerreview@ohio-cpa.com and request a list of approved mentors.
Please refer to the Team Member Participation Checklist for additional details.
Mentoring Program (Becoming a Mentor)
Nov.1, 2011 marked the beginning of our brand-new Mentoring Program. If you are a qualified team captain, you may apply for pre-approval to become a peer review mentor on or after Nov.1, 2011. Find out more information on the Mentoring Program.
Reviewer Advisory: SSARS 19 Matters
The guidance from the Peer Review Board in Reviewer Alert 2011-01 lists the SSARS 19 matters that should be elevated to the level of a deficiency in an engagement peer review.
AICPA PRB Oversight Report
One of the responsibilities of the AICPA Peer Review Board (board) is to oversee the activities of the administering entities participating in the administration of the AICPA Peer Review Program (program).
Peer Review Alert 11-02 Broker-Dealers
(Enhanced Peer Review Guidance for Reviews of Firms that Audit Broker-Dealers)
The PCAOB recently announced a proposal for an interim broker-dealer inspection program. Under the proposal, the PCAOB will inspect, over the next two years, all types of broker-dealers (BDs) to determine what auditing standards are needed and what the scope should be for the permanent inspection program.
Peer Review Committee's response letter on the Exposure Draft Proposal Revisions to the AICPA Standards for Performing and Reporting on Peer Reviews: Performing and Reporting on Peer Reviews of Quality Control Materials (QCM) and Continuing Professional Education Programs.
Peer Review fees
The 2012 Peer Review fee is $865 plus $125 for each additional professional. The administration and evaluation fee covers the everyday basic administrative aspects of the program, the Society’s technical reviewer and peer review committee administrative procedures of evaluating reports, requesting oversight of reviewers, accepting reviews, determining appropriate remedial action for deficiencies, and reviewing action taken by firms to correct deficiencies, recommending general policies governing the program, responding to member questions/complaints, and communicating peer review issues to the membership.
Revised Peer Review standards and guidance
(Effective for Peer Reviews Commencing on or after January 1, 2009)
Standards for Performing & Reporting on Peer Reviews (effective for peer reviews commencing on or after January 1, 2009) including Interpretations.