Peer Review
Peer review is a periodic outside review, performed by another accounting firm, of a firm's quality control system in accounting and/or auditing. Peer reviews are intended to maintain and improve the quality of the accounting and/or auditing services performed by firms.
All Virginia CPA firms that provide audit, review or compilation services are required by both the VSCPA and the American Institute of CPAs (AICPA) to have a peer review. To maintain a firm license, the Virginia Board of Accountancy also requires firms that provide these services to undergo peer review.
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Latest News
- Virginia Board of Accountancy (VBOA) to Form Peer Review Oversight Committee; VSCPA Offers Feedback
- VSCPA Peer Review Program Earns Clean Oversight
- New Peer Review Standards & Guidance in Effect for Peer Reviews Commencing on or After January 1, 2009
Virginia Board of Accountancy (VBOA) to Form Peer Review Oversight Committee; VSCPA Offers Feedback | Top
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.
VSCPA Peer Review Program Earns Clean Oversight | Top
As an administering entity of the AICPA Peer Review Program, the VSCPA is required to undergo a biennial oversight to evaluate its compliance with the administrative procedures established by the AICPA Peer Review Board.
After a thorough evaluation of the VSCPA’s policies and procedures, the 2009 oversight results revealed the VSCPA complies with administrative procedures and standards in all material respects. Click here to read the 2009 report. This marks the second consecutive clean oversight report for the VSCPA. Click here for the 2007 report.
Conducted by a member of the AICPA Peer Review Board Oversight Task Force, the oversight is designed to evaluate and enhance the administration of the Peer Review Program by assessing whether peer reviews are being conducted and reported on consistently and in accordance with the AICPA’s Standards for Performing and Reporting on Peer Reviews.
The VSCPA is committed to administering the Peer Review Program in accordance with all established procedures and standards. For more information, please contact VSCPA Government Affairs Director Emily Walker. Read more here.
New Peer Review Standards & Guidance in Effect for Peer Reviews Commencing on or After January 1, 2009 | Top
The AICPA Peer Review Board has released revised standards for performing and reporting on peer reviews, which are effective for peer reviews commencing on or after January 1, 2009. A peer review commences when the review team begins fieldwork on a system review or begins the review of engagements on an engagement or report review. Note: Report reviews are applicable only for reviews commencing prior to January 1, 2009.
The revised standards represent significant changes compared to the prior standards, including a new reporting model and the elimination of report reviews. Click here for more information on the new standards.
