In recent commentaries, both Eli Mason and Lou Grumet expressed concern regarding the effectiveness of the current peer review program administered by the American Institute of CPAs and state CPA societies.The board of the National Association of State Boards of Accountancy shares their concern. NASBA has maintained that peer review has evolved from the voluntary educational and remedial process that the AICPA envisioned in 1988 to a mandatory regulatory and firm- licensing requirement that now exists in at least 39 jurisdictions.

Legislatures in all 55 licensing jurisdictions are consistent in their view that:

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