What's New in Peer Review?

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Peer Review Guide > What's New in Peer Review

What's New in Peer Review

2006

July 28, 2006: Proposed Statement on Quality Control Standards: A Firm’s System of Quality Control Exposure Draft | AICPA Summary

Synopsis: This exposure draft will replace the current statements on quality control. the comment deadline is September 30, 2006.

May 2006: AICPA Reviewer's Alert 06-02 and Consolidation of Reviewer's Alerts through Alert 06-01

Synopsis:

Issues related to Government Auditing Standards
Must cover vs. must select
Identifying substandard engagements in the system review report
Threshold for preparing an MFC
Q&A about completing MFCs
Dating of the firm representation letter
New peer review interview procedures

January 2006: AICPA Reviewer's Alert 06-01 (issued January 2006) and AICPA Reviewer's Alert archive

Synopsis:

Reviewer resume verification,
Effect of a sole practitioner’s failure to have an individual license
Must indicate “must select” engagements in the LOC
Documenting risk assessment
Commencement of field work on a system review

January 2006: Interpretation No. 14 – Ethics Interpretation No. 101-3 and its Effects on Peer Review

Synopsis: Reviewers and other interested parties should review Interpretation No. 14 to the Standards in conjunction with this guidance and other guidance issued by the AICPA Peer review Board. The Interpretation indicates that engagement review reports will now refer to the documentation requirements of “professional standards” rather than the “SSAES and SSARS”. Effective January 1, 2006, for peer reviewers issuing engagement review reports for the first time that don’t reflect the changes contained in Interpretation No.14, the administering entities peer review committees will have the ability to either issue reviewer feedback or request that the report be revised. On subsequent reviews, reviewers will be asked to revise the reports. Text of AICPA Peer Review Interpretations, including Interpretation No. 14.

Developments from Prior Years

2005

Revised Peer Review Standards Effective January 1, 2005 (January 2005)

Interpretations to Peer Review Standards (as of January 1, 2005)

2004

SECPS and PCAOB Developments - Summary (January 2004):

SECPS is now the Center for Public Company Audit Firms

December 1, 2003 Letter to Managing Partners:
Establishment of the Center for Public Company Audit Firms and Wind-down/Transfer of SECPS Activities

Public Company Accounting Oversight Board (PCAOB)

Final PCAOB rules on "Inspection of Registered Public Accounting Firms"

PCAOB Final Rules index

Reviewer Training Requirement (January 2004)

2003

Peer Reviewers' Alert (June 2003)
Peer Review Exposure Draft Issued (May 30, 2003)
Peer Reviewer Checklists (2003)
Quality Control Standards No. 4 and 5 Issued by the ASB
Independence, Integrity, and Objectivity
Non-CPA Owned Entities
Leased Employees
Guidance on Inconsistent Language ("conform/comply")

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