Virginia Board of Accountancy (VBOA) to Form Peer Review Oversight Committee; VSCPA Offers Feedback
The Virginia Board of Accountancy (VBOA) is establishing a Peer Review Oversight Committee to oversee the process and review of peer review in the Commonwealth effective July 1, 2010.
To provide reasonable assurance that peer reviews are conducted and reported in accordance to the American Institute of CPAs (AICPA) Standards for Performance and Reporting on Peer Reviews, the PROC will monitor the VSCPA Peer Review Program, which administers the AICPA Peer Review Program in Virginia.
The VSCPA Peer Review Program also undergoes a biennial oversight process conducted by the AICPA, and received clean reports on its last two oversights, conducted in 2007 (PDF) and 2009 (PDF).
In establishing the PROC, the VBOA is following the recommendation of the National Association of State Boards of Accountancy (NASBA) that all state boards perform oversight of approved practice-monitoring programs as part of their usual and customary duties when practice monitoring is a condition of licensure, as is the case for licensed Virginia firms.
“The PROC will only oversee the process and administration of peer reviews, not specific firms and reviewers,” said Stephanie R. Peters, CAE, VSCPA president and CEO. “Confidentiality will remain the utmost importance, with PROC members required to adhere to the same confidentiality requirements as those serving on the VSCPA Peer Review Committee.”
In a July 16, 2010, letter to VBOA Chair Tyrone E. Dickerson, CPA, and VBOA Executive Director Wade Jewell, the VSCPA commended the VBOA for its “commitment to upholding the spirit in which the Peer Review Program was established, i.e. educational and remedial.”
The VSCPA recommended the PROC be established in a fair, transparent manner, with a nominations process for PROC members and all members appointed by the VBOA itself rather than a PROC chair. In addition, the VSCPA recommended the PROC comprise at least three members and be representative of the firms required to undergo peer review.
On July 21, 2010, the VBOA issued a letter requesting interested individuals to apply (PDF) for the PROC by August 16, 2010. The letter details requirements for membership, including extensive experience in accounting and auditing, currently or recently in the practice of public accountancy at the partner level (or an otherwise appropriate level as determined by the VBOA), and active membership in the AICPA and VSCPA, among other qualifications. Read the full letter for a list of requirements and application instructions.
If you have questions or comments regarding the PROC, contact VSCPA Government Affairs Director Emily Walker at (804) 612-9428.
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