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The most significant conclusions to come from the work of the above task forces were (1) a recommendation to merge the two peer review programs and (2) a recommendation to reengineer the reporting process to be more understandable and usable in light of the growing mandate that the results of peer reviews be made more widely available. The PRB has issued this exposure draft to propose those recommendations and incorporate other revisions to the Standards and related Interpretations (AICPA Professional Standards, PR Section 100) that are expected to result in a more efficient and effective Program. To ensure Program integrity and usefulness, the PRB designed the proposed revisions to meet stakeholdersâ€™ needs. The revisions recognize the importance peer review plays in the state board of accountancy licensure process. Approximately 40 state boards require peer review, as do other regulators such as the Government Accountability Office. The PRB strongly believes that the proposed revisions will improve peer review execution and rigor. Also, a new reporting model designed to meet the needs of reviewed firms and other stakeholders will enhance peer review report clarity, comparability and understandability.
Peer review -- Standards; Accounting -- Quality Control; Accountants -- Rating of -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Peer Review Board, "Proposed revisions to the AICPA standards for performing and reporting on peer reviews; Exposure draft (American Institute of Certified Public Accountants), 2007, April 16" (2007). Statements of Position. 332.