Leadership / Management | Legislative / Regulatory

Reviewing peer review

PeerIf your firm is subject to peer review, you'll need to pay attention to a couple of recent articles.

The first comes from the AICPA, which has released an exposure draft containing proposed revisions to the “Standards for Performing and Reporting on Peer Reviews” and interpretations to the standards. According to the AICPA, the changes "are expected to result in a more efficient and effective peer review process." Peer reviewers, peer reviewed firms and peer review users are encouraged to provide feedback about the proposed changes; the deadline for comments is June 30.

The second is a call to arms of sorts. The message: Now is the perfect time to become a peer reviewer. Maryland CPAs who perform compilations, review audits or other attest services must prove they have completed their peer reviews with the renewal of their license or firm permit on or after Oct. 1, 2008. That means firms are racing to have their peer reviews completed in time to meet the deadline.

"This provides the opportunity for new peer reviewers, and becoming a peer reviewer will open doors to further opportunities," reads this MACPA article. "Peer review services will enhance your knowledge of professional standards. In addition, your work as a peer reviewer will enable you to provide better service to your own clients by offering you a venue to observe and understand the best techniques of other accounting firms."

You'll find related information on the MACPA's online peer review resource center.


Bill Sheridan