The AICPA Peer Review Board (Board) has released revised Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards.

The revisions are significant, all interested parties, especially:

• peer reviewers;
• peer reviewed firms (including those responsible for their firm’s quality control functions);
• and peer review users are encouraged to become familiar with them. 

The AICPA Board of Directors created a Standards Task Force, which has been addressing harmonization issues and other program enhancements. Conclusions and proposals were released in April 2007 in an exposure draft. Comment letters (.PDF) were carefully considered and their feedback was incorporated into the final guidance.

Revisions to the Standards include more principles-based Standards, and changes to engagement and report reviews.  Also, the reporting process has been reengineered to include a shorter and more concise peer review report, which enhances its clarity, comparability and understandability. 

To ensure Program integrity and usefulness, the proposed revisions were designed to meet stakeholders’ needs. The revisions recognize the public interest in the quality of the accounting, auditing and attestation services provided by members’ firms.  They also recognize the importance peer review plays in the state board of accountancy licensure process and for other regulators such as the Government Accountability Office. 

To further these objectives, the revised guidance creates one set of Standards and Interpretations within the Program for all AICPA members subject to peer review. This includes those members’ firms currently enrolled in the CPCAF Peer Review Program. 

The revised Standards and Interpretations are effective for peer reviews commencing on or after January 1, 2009.  We encourage you to review and become familiar with the revised guidance.