The American Institute of Certified Public Accountants (AICPA) requires its members who practice public accountancy be affiliated with a firm that is enrolled in an approved Peer Review Program. Accounting firm peer reviews are required every three years. This checking system between firms gives an independent review of a firm’s accounting and auditing practice’s system of quality control.
Members of the AICPA’s Peer Review Program agree to meet professional quality standards, including annual continuing education for all professional staff, and to undergo an independent Peer Review once every three years.
- Engagement Reviews: Designed for firms that do not conduct audits under generally accepted auditing standards, Government Auditing Standards, or examinations under the Attest Standards.
- System Reviews: For accounting firms that conduct audits under generally accepted auditing standards, Government Auditing Standards, and examinations under the Attest Standards. This includes reviews, compilations, and agreed-upon procedures.
- Peer Review Consulting: Includes pre-issuance and post-issuance reviews of engagements.
- Internal Inspections and Monitoring: Regular internal inspections to ensure ongoing compliance and quality.
- Corrective Actions and Implementation Plans: Assistance with compliance regarding corrective actions or implementation plans resulting from peer reviews.
- Specialized Services: Qualified to provide services for “must selects” such as ERISA and Uniform Guidance.
- Consulting on CaseWare Audit Software Solutions: Guidance on the implementation of CaseWare Audit Software.
If your organization operates within the accounting sector, think about selecting KVR for your peer review needs. We conduct both system and engagement reviews.
Our aim is to navigate your firm through the peer review process
professionally, educationally, and positively.
We strive to provide an efficient and cost-effective peer review that enhances your firm’s quality control and overall audit practice success.