The American Institute of CPAs has issued revised Standards for Performing and Reporting on Peer Reviews, along with interpretations of those standards.
The document provides standards for administering, planning, performing, reporting and accepting peer reviews of CPA firms and individual CPAs enrolled in the AICPA Peer Review Program. The standards are effective for peer reviews commencing on or after Jan. 1, 2009.
Firms and individuals enrolled in the program are required to have a peer review once every three years of their accounting and auditing practice. An independent evaluator conducts the review, while the AICPA oversees the program.
There are two types of reviews: system reviews and engagement reviews. System reviews focus on a firm's system of quality control. Engagement reviews focus on work performed on selected engagements.
The new revisions include more principles-based standards, and changes to engagement and report reviews. The reporting process has been re-engineered to include a shorter and more concise peer review report, which enhances its clarity, comparability and understandability.
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