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Peer Review Developments from 2004

This is a summary of some of the 2004 developments that occurred in peer review. Some of the information on this page may be superseded by information or guidance that has occurred after 2004. Therefore, this information should be viewed as a summary of historical events that may be useful as a starting point for research.

Developments from 2006 2005 2003

2004

SECPS and PCAOB Developments (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)

SECPS and PCAOB Developments

Effective January 1, 2004, the AICPA SEC Practice Section (SECPS) was restructured into the Center for Public Company Audit Firms (CPCAF). Since the PCAOB is required to inspect and discipline auditors of SEC issuers, the restructuring removes those activities that will are now be performed by the PCAOB which inspects, disciplines, and establishes auditing, quality control and independence standards for auditors of public companies. The PCAOB will monitor member firms’ SEC practices through programs like peer review and quality control inquiry and will establish practice requirements such as concurring review. CPCAF’s mission and activities will allow it to continue to serve and represent firms that practice or are interested in practicing before the SEC and PCAOB.

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Reviewer Training Requirement (effective January 2004)

For peer reviews that commence on or after January 1, 2004, team captains (for system reviews) and reviewers (for engagement and report reviews) must complete an AICPA Peer Review Board-approved training course during the three-year period prior to the start date of a peer review. The previous training requirement was for a five-year period. Contact your state CPA society for course schedules.

In addition to the peer reviewer training, all reviewers must obtain at least 40% of the 120 hours of CPE (required by the AICPA every three years) in subjects relating to accounting and auditing. Reviewers should obtain at least 8 hours in any one year and forty-eight hours every three years. The term accounting and auditing should be interpreted as CPE that would maintain current knowledge of accounting and auditing standards and engagements that fall within the scope of peer review as described in the AICPA Standards for Performing and Reporting on Peer Reviews

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Peer Review Guide > What's New in Peer Review > Peer Review Developments from 2004