AICPA Peer Review
Peer review has been the cornerstone of the accounting profession’s self-regulatory program since 1977. Designed to assure the public that CPAs practice in firms that provide services of the highest quality, peer review is a periodic outside review of a firm’s quality control system in accounting and auditing. It is also known as a practice-monitoring program. Peer review is a statutory requirement for Pennsylvania firms, and it is also a condition of membership in the American Institute of Certified Public Accountants (AICPA). Most firms are required to have a peer review covering a one-year period, once every three years.
Three Types of Peer Reviews:
- System reviews are for firms performing engagements under the Statements on Auditing Standards (SASs) or examinations of prospective financial information under the Statements on Standards for Attestation Engagements (SSAEs). The reviewer will study and evaluate the quality control policies and procedures in effect during the review year and review a reasonable cross-section of the firm’s accounting and auditing engagements, including working papers.
- Engagement reviews are for firms performing compilations with disclosures and/or review engagements, but not audits. The reviewer will read selected compilation and/or review reports and related financial information. The reviewer will also review the required documents under the SSARS and SSAEs. This is usually done off-site.
- Report reviews are for firms that only perform compilations with no disclosures. The reviewer will review at least two engagements, including at least one engagement from each partner.
The Pennsylvania Institute of Certified Public Accountants (PICPA) administers the AICPA peer review program for non-SEC Practice Section (SECPS) firms in Pennsylvania, Delaware, and the Virgin Islands. The PICPA also is an approved organization for administering the peer review program for Pennsylvania licensing purposes
Fenstermacher & Company’s Peer Review History
Fenstermacher & Company, LLP has participated in the American Institute of Certified Public Accountants Peer Review program since its inception in 1977. In each review we have received the highest possible rating.
- Doctors and Dentists
- Mushroom Growers, Suppliers, Wholesalers
- Farms and Orchards
- Law Firms
- General Contractors
- Specialty Contractors
- Manufacturer’s Representatives
- Internet Retailers
- Consulting Practices
- Marketing Firms
- Financial Services Firms
- Equine Businesses
- Investment Partnerships
- Brewing Supply Wholesalers and Retailers
- Restaurants and Bars
- Real Estate Investment Entities
- Real Estate Agents and Agencies
- Transportation Companies
- Engineering Firms
- Clubs and Associations
- Non-Profit Organizations
Our firm is pleased to report that we have successfully passed all of our peer reviews at the “system review” level. Further, our lifelong commitment to maintaining highly professional standards is evidenced by our participation in the peer review process on a voluntary basis before it was mandated. Our most recent peer review was conducted by Long, Barrell & Co., Ltd., an independent CPA firm from Reading, Pennsylvania. Current Peer Review