New York State does not have a mandatory peer review process, despite the fact that 41 other states have opted into the American Institute of CPAs' nearly 30-year-old peer review program.All this may change, however, as both the New York State Society of CPAs and the AICPA have come out with proposals that urge peer review to be made part of the CPA licensing process. The New York position, in fact, goes a step further by suggesting that the process involve disciplinary teeth, as well as educational and remedial programs.
"We never had it in New York, and we're trying to get it mandated by the legislature," said Lou Grumet, executive director of the 33,000-member New York State Society of CPAs. "Consequently, we took a longer and deeper look at it, because we're trying to get it mandated. The state legislature likes the idea, but they think some adjustments need to be made."
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