The American Institute of CPAs and the National Association of the State Boards of Accountancy have reached compromises that could potentially affect both the peer review process and issue of substantial equivalency/mobility.With regard to the 18-year-old peer review process, the institute -- working with state boards and NASBA -- unveiled a new model for transparency, which contains an “opt out” provision by firms for voluntary state board disclosure of peer review results.
In his report during the Fall Meeting of Council in Las Vegas, AICPA president and chief executive Barry Melancon told attendees that the peer review program will soon launch a pilot program with the new guidelines in a handful of states where peer review is a requirement.
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