The American Institute of CPAs has issued an exposure draft proposing changes in its standards for performing and reporting on peer reviews and engagement reviews of CPA firms.

The proposals would change the impact to an engagement review report when more than one engagement has been submitted for review, the same exact deficiency occurs on each of the engagements submitted for review, and there are no other deficiencies. Currently, firms would receive a pass with deficiencies in this scenario. The proposed changes would instead result in a fail report.

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