Commentary: New peer review program has established roots

The New York State Society of CPAs is often asked by CPAs and regulators from other states why it is pursuing changes to peer review that would separate it from the rest of the nation. In reality, though, the changes being pursued by New York grow from the roots of the American Institute of CPAs' program, and would, in many ways, bring us closer to other states.Momentum is building to fix the profession's peer review program in New York, and the cause took a major step forward on June 21, 2006, when the State Assembly introduced Mandatory Quality Review Bill A12027. The bill - based on the New York society's White Paper on Quality Review - would, if approved, create a new quality review program in New York State with the following major enhancements:

* Quality reviews would become mandatory for all CPA firms in New York State. As it stands now, 39 U.S. states or territories mandate peer review. New York is not one of them.