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Requirements Applicable to Every Reviewer A reviewer must: Be a member of the AICPA in good standing (that is, AICPA membership in active status) licensed to practice as a CPA with an enrolled firm that, if reviewed, has received an unmodified report; Possess current knowledge of applicable professional standards; Have at least five years of recent experience in the practice of public accounting in the accounting or auditing function; Be currently active in the practice of public accounting at a supervisory level in the accounting or auditing function of a firm that is enrolled in the AICPA Peer Review Program or is a member of the Center for Public Company Audit Firm's Peer Review program; Have achieved the level of either owner, manager or person with equivalent supervisory responsibilities; Have completed training courses that meets requirement established by the AICPA Peer Review Board during the three-year period prior to the commencement of the review; and Meet AICPA minimum Continuing Professional Education requirements of at least 20 hours of CPE in any one year and at least 120 hours of CPE in any three-year period. In addition, all reviewers should obtain at least 40 percent (a minimum of eight hours in any year and 48 hours in any three-year period) of the minimum CPE in subjects relating to accounting and auditing as the term is used in AICPA Standards for Performing and Reporting on Peer Reviews (PRP §3100.04) Other Requirements for System Reviewers of Firms With Audit Clients Every team captain must:Be an owner of an enrolled firm; and Have received an unmodified report on its system of quality control for accounting and auditing practice for its most recently completed peer review. If the individual team captain is associated with more than one firm, then each of the firms should have received an unmodified report on its most recently completed peer review of its accounting and auditing practice. Other Requirements for Engagement Reviewers of Firms That Perform No Services under the Statements on Auditing Standards (SAS) or Examinations Of Prospective Financial Statements under the Statements on Standards for Attestation Engagements (SSAEs) All Engagement reviewers must: Be associated with a firm that has received, on its most recently completed peer review, either an unmodified report on its system of quality control, or an unmodified report on its engagement review or off-site peer review. If the individual reviewer is associated with more than one firm, then each of the firms should have received an unmodified report on its most recently completed peer review of its accounting practice. To Enroll: Peer reviewers can now enter and update their reviewer resumes on-line. By registering on the AICPA Web site, reviewers will be able to update their resumes and if desired, list the resume in the on-line reviewer search. AICPA members should click here to enter or update reviewer resumes. |
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Peer Review News 