Peer Review
The American
Institute of CPAs (AICPA) established a practice-monitoring program in 1988 to
enhance the quality of accounting, auditing and attestation services performed
by its members. Effective July 1, 1996, participation in the program is required of each practice unit registered
with the Idaho State Board of Accountancy which issues reports on accounting and
auditing engagements, including audits, reviews, compilations and prospective
financial information.
If your firm prepares
financial statements without reports and you have questions regarding whether or
not your firm is required to undergo a peer review or you need information about
using Idaho’s Safe Harbor Language, please contact Sue Lenon
at the Idaho State Board of Accountancy at 208.334.4596.
Since 1989, the Idaho Society of CPAs has been administering peer reviews for
enrolled firms. Reviews are performed in accordance with the AICPA’s
Standards for Performing and Reporting on Peer
Reviews.
The ISCPA
Peer Review
Committee
is responsible for managing the administration of the program, and is
assisted by a technical reviewer and a program manager.
Enroll in the Program
If your firm has an owner/partner who is an AICPA member,
click here
to download an enrollment form.
If your firm does not have any owners/partners who are AICPA members,
click here
to download an enrollment form.
Completed enrollment forms should be sent to Tracy Poe at the
Society office. After a firm’s
enrollment form has been received, a due date for the firm’s initial review is
assigned. Generally, the due date
for the firm’s first review is 18 months from the date of enrollment or from
when the firm should have enrolled.
Questions and Answers About the AICPA Peer Review Program
— The Q&A is available as a PDF download
and provides general information about the types of peer reviews, the peer
review process, how much the peer review will cost, is your firm required to
have a quality control document, etc.
Scheduling
Approximately six to nine months prior to a firm’s review due date, the ISCPA will send the firm a scheduling
packet that must be completed and returned in order for the review to be scheduled. It is the firm’s responsibility to
choose its own reviewer. The review should not commence until the firm has received notification from the ISCPA that the
reviewer has been approved to perform the review.
Change in Firm Structure Form — If you've recently
had a change in your firm name, firm dissolution, firm merger, or job class change, please complete and return
this form.
Locating a Reviewer
Click here
to download a list of Idaho firms interested in performing peer reviews.
The
AICPA Online Reviewer Search is a reference source for those firms that are looking for a reviewer to perform
their peer review. In addition to the reviewer’s name, address and phone number, the directory lists what types of peer reviews
the reviewer is interested in performing, and the categories that the reviewer believes they are qualified to review, such as
types of audits and specific industries. It is the firm’s responsibility to ensure that the reviewer(s) is qualified to
perform the review.
An article titled
Tips for Selecting Your AICPA Peer Review Program Peer Reviewer
provides information firms should consider when selecting someone to perform their review.
Additional Resources
Facilitated State Board Access (FSBA)
ISCPA Annual Report on Oversight
2009
2010
For more information on the Peer Review Program, contact Tracy Poe,
via
email or call
208.344.6261.
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