The American Institute of CPAs has begun publicizing the revised set of peer review standards it quietly issued earlier this year.
The new standards are designed to be more principles-based and less of a checklist-based process than older peer review standards (see AICPA Revises Peer Review Standards). A key difference is the elimination of letters of comment and the old three-tier system of unmodified, modified and adverse grades given to firms by reviewers. The new standards require a simple grade of "pass," "pass with deficiencies" or "fail."
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