The AICPA’s Peer Review Board has issued revised Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards, which are applicable to all AICPA members’ firms subject to peer review. Members’ firms currently enrolled in the Center for Public Company Audit Firms Peer Review Program are covered under this measure.

Since the revisions are significant, all interested parties, especially peer reviewers, peer reviewed firms (including those responsible for their firm’s quality control functions) and peer review users are encouraged to consider them. 

Revisions to the Standards include more principles-based Standards, and changes to engagement and report reviews.  Also, the reporting process has been reengineered to include a shorter and more concise peer review report, which enhances its clarity, comparability and understandability. 

To ensure Program integrity and usefulness, the proposed revisions were designed to meet stakeholders’ needs. The revisions recognize the public interest in the quality of the accounting, auditing and attestation services provided by members’ firms.  They also recognize the importance peer review plays in the state board of accountancy licensure process and for other regulators such as the Government Accountability Office.  The revisions are expected to result in a more efficient and effective peer review process.

The revised Standards and Interpretations are effective for peer reviews commencing on or after January 1, 2009.