2009 Peer Review

A peer review is a periodic outside review of a firm’s quality control system in accounting and auditing and is also known as the AICPA’s practice monitoring program.

AICPA members engaged in the practice of public accounting and firms that wish to retain their WV Board of Accountancy authorization to perform attest services in the state of West Virginia are required to practice in a firm that is enrolled in an approved practice-monitoring program such as the Peer Review Program.

The West Virginia Society of CPAs administers the AICPA Peer Review Program in the state of West Virginia. This program is designed to be educational for firms in public accounting to further enhance the quality in their performance of accounting and auditing work. The program also allows for firms to communicate with their fellow peers on the objectives of the accounting profession. The Society administers reviews regardless of whether or not a firm is a member of the AICPA or WVSCPA.

Summary of the Nature, Objectives, Scope, Limitations of, and Procedures Performed in System and Engagement

Reviews and Quality Control Materials and Continuing Professional Education Program Reviews (as Referred to in a Peer Review Report)

(Effective for Peer Reviews Commencing on or After January 1, 2009)

1. Firms (and individuals) enrolled in the AICPA Peer Review Program are required to have a peer review, once every three years, of their accounting and auditing practice related to non-Security and Exchange Commission (SEC) issuers covering a one-year period. The peer review is conducted by an independent evaluator, known as a peer reviewer. The AICPA oversees the program, and the review is administered by an entity approved by the AICPA to perform that role.

2. The peer review helps to monitor a CPA firm’s accounting and auditing practice (practice monitoring). The goal of the practice monitoring, and the program itself, is to promote quality in the accounting and auditing services provided by the AICPA members and their CPA firms. This goal serves the public interest and enhances the significance of AICPA membership.

3. There are two types of peer reviews: System Reviews and Engagement Reviews. System Reviews focus on a firm’s system of quality control, while Engagement Reviews focus on work performed on particular selected engagements.

My Peer Review Report for YE 02-28-09