Peer Review

To retain membership in the American Institute of Certified Public Accountants (AICPA), members who issue reports purporting to be in accordance with AICPA professional standards are required to enroll in an approved practice-monitoring program.  A member can meet this requirement if his or her firm is enrolled in the AICPA Peer Review Program (PRP).  In addition, most state accountancy boards require their licensees to undergo peer review, or “compliance assurance,” in order to practice in their state.  Other regulators require peer reviews to issue reports under their standards as well.

According to the AICPA, over 30,000 firms are enrolled in the AICPA PRP which requires review of the firm’s accounting and auditing practice at least once every three years covering a one-year period.  As the name indicates, peer reviews are performed by a firm’s peers.

Participation in the AICPA PRP enables firms to enhance their quality control policies and procedures, see how their firm measures up to others and learn from other firms’ best practices.  The selection of a Peer Reviewer is critical to receiving the full benefit of the peer review.  Ideally, the Peer Reviewer’s experience should be closely matched to the firm’s experience for maximum efficiency and insight. 

At Summers, Spencer & Callison, CPAs, Chartered, we specialize primarily in construction, banking, insurance, non-profits and employee benefit plans with experience in other industries as well.  Our goal is to provide our peer review clients with an efficient and cost-effective Peer Review that enhances the firm's quality control and overall audit practice success.  Contact Brenda Flanagan at SS&C to discuss your peer review needs.