A task force of the American Institute of CPAs released a set of recommendations to enhance the transparency of the institute's peer review system for the public accounting sector. Among other changes, it recommended that:* Peer review reports should be as concise as possible and written in plain English;
* The objectives, procedures and results of peer review be publicly released through AICPA reports, as well as the state CPA societies that conduct reviews;
* All state boards of accountancy should require peer review as a condition of licensure; and,
* The AICPA should conduct a peer reviewer recruitment campaign.
The recommendations are being submitted to the Peer Review Board for consideration. At March Council, the AICPA Board will recommend that peer review reports of firms be provided to state boards in those states where peer review is required for continual licensure. The full task force report is available at www.aicpa.org/transparency.
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