After the unimaginable devastation in the aftermath of Hurricane Katrina, the embattled director of the Federal Emergency Management Agency announced his resignation from his position as the organization's chief.The public's perception was that FEMA responded inadequately to the tragedy and, in the end, this perception was enough to necessitate the director's resignation.
The accounting profession's peer review program suffers from essentially the same problem. To be sure, there are some very real concerns with peer review, one of which I wrote about in an earlier column in Accounting Today, "Rethinking the 'peer' in peer reviews" (Sept. 26-Oct. 9, 2005, page 6). As a follow-up to that article, I aim to show that the need to reform the program may ultimately not be about the issues. In fact, the issues are only partially relevant.
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