Statements of Position

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Description

The AICPA Peer Review Board is issuing this exposure draft to update the Standards for Performing and Reporting on Peer Reviews (AICPA, Professional Standards, vol. 2, PR sec. 100). This proposal: 1. Expands the definition of an accounting and auditing practice for the purposes of performing and reporting on a peer review to conform with Statement on Quality Control Standards (SQCS) No. 2, System of Quality Control for a CPA Firm's Accounting and Auditing Practice (AICPA Professional Standards, vol. 1, QC sec. 20), thereby including all engagements performed under the Statements on Standards for Attestation Engagements. 2. States that any engagement performed under the Statements on Auditing Standards (SAS) will require an on-site peer review, not just audits of historical financial statements and SAS No. 75, Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement (AICPA, Professional Standards, vol. 1, AU sec. 622) engagements to make the standards all inclusive. 3. Replaces the term "owner" with "partner" throughout the peer review standards and adds a footnote defining the term "partner" upon its first use. 4. Replaces the terms "unqualified" and "qualified," which are used to describe the type of peer review report issued with the terms "unmodified" and "modified," respectively. 5. Incorporates Peer Review Standards Interpretation No. 4, "Reviewer Requirements" into the body of the peer review standards. 6. Clarifies that attest engagements should be subject to selection if the date of the report for the engagement falls within the year to be reviewed. 7. Revises the standard language used in the peer review report and letter of comments to make them more easily read and understood by all users. The proposed changes will be incorporated into the AICPA Standards for Performing and Reporting on Peer Reviews effective for peer reviews that commence on or after January 1, 1999. Early implementation is encouraged.

Publication Date

1998

Relational Format

Book

Keywords

Accounting -- Quality control; Accountants -- Rating of -- United States; Peer review -- Standards

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed revisions to the AICPA standards for performing and reporting on peer reviews;AICPA standards for performing and reporting on peer reviews;Standards for performing and reporting on peer reviews; Exposure draft (American Institute of Certified Public Accountants), 1998, April 20

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