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Serving the Poconos and

Lehigh Valley

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A CPA firm should expect the BEST, especially when it comes to Peer Reviews.

 

Peer review has been the cornerstone of the accounting profession’s self-regulatory program since 1977.  Also known as a practice monitoring program, it’s done to ensure that firms provide high quality services to their clients.

 

The American Institute of Certified Public Accountants (AICPA) requires its member firms to undergo a peer review every three years.  Peer review is also a statutory requirement for Pennsylvania firms.  A peer review is a periodic external review of a firm’s quality control system to determine if they comply with professional standards in accounting and auditing and is also known as the AICPA’s practice monitoring program.  AICPA members engaged in the practice of public accounting are required to practice in a firm that is enrolled in an approved practice monitoring program such as the Peer Review Program.  

 

A Peer Review will:

  •  

  • Enhance your firm’s quality control policies and procedures;

  • See how your firm measures up against other firms;

  • Learn from other firms’ “best practices”;

  • Use your results as a marketing tool to underscore your commitment to quality.

 

In addition to the formal peer review process, our firm philosophy is to informally pas on tips or suggestions for audit efficiency and audit documentation techniques which may result in improvements to you firm and cost savings.  We can also assist firms by performing annual inspections in compliance with their quality control documents.

Peer Review Services

We provide the following peer review services:

  • Years of auditing

  • Number and type of audit engagements they’ve managed

  • The industries they’ve audited

  • The types of audits they’ve conducted

  • Years as a peer reviewer

  • Number and type of firm’s they’ve peer reviewed

  • The types of engagements and industries served by their peer review clients

  • The types of teaching, speaking or article writing they may do related to auditing or peer review

  • Their ability to supply references

We have audit experience in the following areas:

  • Peer Reviews

  • Practice Management

  • Periodic inspections

  • Post and Pre-issue reviews

  • Operations reviews – designed to maximize efficiencies and profitability

  • Other more specialized services may be provided upon request

 

In addition to the above, we also provide Engagement Quality Control Review services for client firms who may already have a peer reviewer but require an independent Quality Control Review for their practice based on the nature of their clients.

What criteria should you use when selecting a firm to perform a Peer Review?

  • A-133

  • ERISA – defined contribution or benefit plans (401(k), 403(b), etc.)

  • CIRA’s

  • Health Care

  • Manufacturing

  • Nonprofit Organizations

  • Professional service firms

  • Retail, Wholesale and Distributors

  • Yellow Book Audits

  • Single Audits

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