The AICPA Peer Review Program is dedicated to enhancing the quality of accounting, auditing and attestation services performed by AICPA members in public practice. Beginning in 2011, peer review will become mandatory for all CPA firms in the State of California. Whether this is your first peer review or your 10th, you?ll benefit from our extensive experience and our positive, educational, ?we?re here to help you? attitude in this unique practice area.
John Waddell & Co., CPAs has been performing peer reviews of other firms for over 20 years. Debbie Ask, the peer review practice director, is an experienced reviewer and is currently the Chair of the California Society of CPAs Peer Review Committee, the body responsible for administering the AICPA Peer Review Program in California, Arizona, and Alaska.
Following are some answers to questions we anticipate you may have:
What is the value of Peer Review to my firm?
When we perform your peer review, you should derive a number of benefits including:
Ö Learning best practices from our experience working with other firms
Ö A better understanding of recent professional pronouncements and how they impact your practice
Ö A heads-up about upcoming changes in professional standards and how they may impact your clients
Ö Ideas for meeting professional standards in the most cost-effective, efficient ways
Are you a Good Match for my Firm?
We perform peer reviews of firms who practice in the following areas:
· Nonprofit organizations
· ERISA audits (401(k) plans, health and welfare plans, etc)
· A-133 audits
· Yellow book audits
· Wholesale and retail
· Professional services
· Personal financial statements
What if I do substantial work in an industry other than those above?
We can either refer you to another firm, or have a team member from another firm review the engagement that we don?t have the expertise to review. Usually, this team member participates in the peer review electronically and doesn?t actually come with us to your office.