The American Institute of CPAs’ Peer Review Board has released an exposure draft containing proposed revisions to the guidance for the standards governing CPA firm peer reviews.

The revisions involve quality control materials and continuing professional education program peer reviews. One of the proposed revisions addresses independence and objectivity concerns by revising and clarifying the guidance for those involved in the development and maintenance of QCM or CPE programs to prevent them from serving on review teams for peer review firms that use those same QCM or CPE programs.

Another revision would remove a provision requiring providers to undergo a triennial peer review of the system for developing and maintaining QCM or CPE programs, and the resulting materials. Providers could still elect to undergo such a review voluntarily, however.

Another set of proposals would revise the procedures for performing CPE program peer reviews to make them more efficient and effective.

In addition, the proposed revisions clarify how the peer review team for a firm should consider and evaluate a QCM or CPE program peer review report when the firm undergoing the peer review uses materials or programs covered by the report.

The exposure draft contemplates that the revisions to the standards, if approved, would be effective for peer reviews scheduled on or after Nov. 1, 2010, with the exception of revisions to the procedures for performing CPE peer reviews, which would be effective immediately upon issuance of the revised standards.

The AICPA is soliciting comments on the exposure draft, which should be submitted by Aug. 31, 2010.

To download the exposure draft, click here.

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