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 Headlines:

• VSCPA Peer Review Program Earns Clean Oversight
• AICPA Releases Revised Peer Review Standards & Guidance
• Virginia Board of Accountancy Begins Peer Review Audits

VSCPA Peer Review Program Earns Clean Oversight

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 oversight results revealed the VSCPA complies with administrative procedures and standards in all material respects. Click here to read the 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 Technical Services Manager Emily Walker.

AICPA Releases Revised Peer Review Standards & Guidance (Effective for Peer Reviews Commencing on or After January 1, 2009)

The AICPA Peer Review Board has released revised standards for performing and reporting on peer reviews, which will be effective for peer reviews commencing on or after January 1, 2009. The revised standards represent significant changes compared to the current standards, including a new reporting model and the elimination of report reviews.

In April 2007, the AICPA Peer Review Board released an exposure draft with proposed revisions to the AICPA Standards for Performing and Reporting on Peer Reviews and its Interpretations. Comments were due June 30, 2007. The VSCPA comments on the exposure draft can be read here.

Virginia Board of Accountancy Begins Peer Review Audits

The Virginia Board of Accountancy (BOA) is now performing peer review audits to ensure firms required to undergo peer review are complying. The BOA will be auditing all firms with valid firm permits, regardless of whether or not the firm undergoes peer review. After receiving notification from the BOA, firms must complete the "Peer Review Reporting Form." Those firms not required to participate in peer review will simply check a box on the form indicating as such.

Firms with peer reviews will have to attach to the form a copy of the letter notifying the firm of its peer review acceptance/completion of follow-up actions issued by entity which administered the peer review. During the first year of audits, the BOA will audit all firms, starting with those that renewed their firm permits in April 2006. Beginning in the second year, the BOA will randomly select firms to be audited. If you need copies of your peer reviews and acceptance letters, or if you have questions, contact VSCPA Peer Review Coordinator Darshae Dabney at (800) 733-8272.

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