Call today: 570-424-0667
Serving the Poconos and
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.
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
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.
ERISA – defined contribution or benefit plans (401(k), 403(b), etc.)
Professional service firms
Retail, Wholesale and Distributors
Yellow Book Audits