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| Peer Review Below is comprehensive information on peer review, including links to external sites and to AICPA Peer Review. For additional information from AICPA Peer Review, please click here. Section I: About Peer Review (PR) Section II: Mandatory Quality Review in NYS Effective 1/1/12 Section III: Peer Review Standards Effective 1-1-10, Available in Digital Format Section IV: System Review: Supplemental Risk Assessment Form Section V: Creating Electronic Files and Filing Peer Review Reports and Documentation Electronically Section VI: Peer Review Alerts Section VII: Peer Reviewer Focus Section VIII: Government Auditing Standards Section X: About Peer Reviewers Section XI: Recent Professional Standards Developments Section XII: Pre-2009 Peer Review Guidance Section XIII: Information and Reports Regarding NYSSCPA Administration of the Peer Review Program Section XIV: Conferences, Seminars and Peer Review Training Materials Section XV: Facilitated State Board Access Section XVI: Peer Review Administrative Fees Section XVII: Employee Benefit Plan Audits Peer Review Update June 2011 This section provides an overview of peer review and is also designed to assist inexperienced reviewers and firms who are considering initiating a peer review practice in evaluating the benefits and costs and requirements of this specialized practice segment. Additionally, it provides experienced reviewers with marketing materials and ideas to expand their existing peer review practice.
Section II: Mandatory Quality Review in NYS Effective 1/1/12
Section III: Peer Review Standards Effective 1-1-10, Available in Digital Format The links contained in this section contain materials which reviewers utilize in the conduct of peer reviews commencing on or after January 1, 2010. Sub sections B and C are links to the AICPA web site containing all forms, questionnaires and checklists in electronic form required for field work on system reviews and engagement reviews, respectively. They are in fillable PDF format, meaning that they can be downloaded to a PC, filled in by typing, saved to a PC and transmitted from a PC. Adobe reader is required and is available at no charge at http://www.adobe.com/products/acrobat/readstep2.html. (See section III, a Guide to Electronic Filing, for detailed instructions on electronic filing.) Important Note to Reviewers: Reviewers who received the 2010 Peer Review Program Manual hard copy materials also received a disc containing the entire Manual (including all forms, questionnaires, etc.) in electronic form. By uploading the disc to your computer, you will have not only all the forms, questionnaires and checklists needed to complete an engagement or system review electronically, but also have the ability to research technical issues as they arise through access to the Standards, Interpretations, Supplemental Guidance, etc., which are all contained in the uploaded file. The subsections beginning with the link to the “White Paper” (subsection D) should be consulted if reviewers need clarification or background information on the 2009 revisions or require 2009 captain or review captain packages for reviews commenced in 2009.
Section IV: System Review: Supplemental Risk Assessment Form Section V: Creating Electronic Files and Filing Peer Review Reports and Documentation Electronically: The NYSSCPA Peer Review Committee has determined that for peer reviews commencing on or after April 16, 2010 all peer review related documents must be submitted to the NYSSCPA electronically. Except for special and limited circumstances, hard copy peer review documents for peer reviews commenced on or after that date will be rejected and returned to reviewers. To assist you in submitting peer review documents electronically, the Guide contained in this subsection contains detailed information on, and guidelines for, electronic submission along with a comprehensive list of those documents which must be filed in electronic form. Section VI: Peer Review Alerts This section includes guidance in addition to that provided by peer review interpretations and the Standards themselves, and forms part of the body of the AICPA’s peer review technical rules.
Section VII: Peer Reviewer Focus Section VIII: Government Auditing Standards
Section IX: Statement on Quality Control Standard No. 7 SQCS No. 7 supersedes SQCS’s No’s 2-6 (SQCS No. 2 superseded SQCS No. 1) and, accordingly, is the source of guidance from the Auditing Standards Board of the AICPA for an accounting firm’s responsibilities for a system of quality control, for its accounting and auditing practice, and also provides the meaning of certain terms used in SQCS’ in describing the professional requirements for firms and engagement partners. SQCS No. 7 should be read in conjunction with the Code of Professional Conduct.
Section X: Information about Peer Reviewers
Section XI: Recent Professional Standards Developments This section contains links providing easy and quick access to articles discussing certain recent developments in professional standards (with an emphasis on Statements on Auditing Standards) which continue to receive attention in the financial press and professional news. Peer reviewers and reviewed firms can utilize this section for critical, analytical, and interpretive support during discussions and evaluation of matters arising during the review, such as the nature and extent of planning stage audit procedures (e.g., SAS 99, 104-111 articles), audit documentation standards (e.g., SAS 103 articles) and communication matters (e.g., SAS’s 112 and 114 articles). If you are interested in recently issued rulemaking exposure drafts from the Auditing Standards Board (ASB), Financial Accounting Standards Board (FASB), and the Government Accountability Office (GAO), please visit the Exposure Drafts section under Professional Resources of the NYSSCPA website. *Note: This section is not intended to and should not be relied upon as a substitute for the SAS’s or other original authoritative literature issued by rule making bodies covered in the articles and other materials.
Section XII: Pre-2009 Peer Reviews: Forms, Guidance, and other matters
Section XIII: Information and Reports Regarding NYSSCPA Administration of the Peer Review Program I. AICPA Oversight of the NYSSCPA Administration of the Peer Review Program The main objectives of the board oversight program are to provide reasonable assurance that: (1) the participating administering entities are complying with the administrative procedures established by the board as set forth in the AICPA Peer Review Program Administrative Manual; (2) reviews are being conducted and reported upon in accordance with the standards; (3) results of reviews are being evaluated on a consistent basis in all jurisdictions; (4) and information provided to firms and reviewers (via the Internet or other media) by administering entities is accurate and timely.
II. Annual Report of the NYSSCPA Peer Review Committee to the AICPA on Over sight and Other Activities: Annually, the Committee submits a report to the AICPA including, but not limited to, information with respect to the conduct of its Over sight program including over sights of selected reviews and reviewers and related administrative procedures. In addition, statistics and other information regarding program enrollment statistics, results of peer reviews performed during the calendar year, number of, and reasons for, firms receiving reports of pass with deficiencies and fail, statistics regarding the number of engagements not performed or reported on in accordance with professional standards in all material respects, and a summary of Committee mandated corrective actions are also included in the Report to the AICPA. Section XIV: Conferences, Seminars and Peer Review Training Materials Section XV: Facilitated State Board Access AICPA Launches Facilitated State Board Access Program New York State Society of CPAs is participating in the AICPA Peer Review Facilitated State Board Access (FSBA). What is Facilitated State Board Access? This new AICPA program uses the existing peer review process to facilitate the voluntary disclosure of peer review results to state boards of accountancy (BOAs).
The goal of this new process is to create a nationally uniform system through which CPA firms can satisfy state board peer review information submission requirements, increase transparency, and retain control over their peer review results. In New York, the new accountancy law that was passed in 2009 will make peer review (quality review) mandatory. However, since that part of the law in not effective until 2012, the New York peer review administrators will focus on the part of the process that will allow submission of peer review results to other BOAs as specifically requested by the firm. This new process is expected to help make submission of your firm’s peer review information to other BOAs easier. The process and any other requirements under the New York law will be evaluated as 2012 approaches. What This Means for Your Firm This new process uses the existing peer review process to facilitate the voluntary disclosure of peer review results to BOAs. Firms to which the process will be applicable will receive a notice of these changes once participation begins for New York firms on or after the July 20, 2009 RAB meeting. When Will Facilitated State Board Access Be Implemented? Six states participated in the pilot from October 2007 to March 2008. Another 10 states participated in early adoption from May 2008 to December 2008. Full national implementation will occur throughout 2009 in connection with the acceptance of new peer review reports issued under the revised AICPA Standards for Performing and Reporting on Peer Reviews. How Will This New Process Work? FSBA uses an opt-in process that allows peer review results to be made available to select BOAs on a voluntary firm basis, using a secure BOA web site available only to authorized state board representatives. Beginning with reviews accepted on or after the July 20, 2009 RAB meeting, firms with their main office located in New York will receive an additional letter with their firm’s peer review acceptance letter informing them that they can request the New York State Society of CPAs to post their peer review results to a secure BOA web site with access given to select BOAs that require peer review and are not prohibited from accessing the results. For firms whose main office is located in New York, the peer review AE is the New York State Society of CPAs. Firms that are not members of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC), Governmental Audit Quality Center (GAQC) or Private Companies Practice Section (PCPS) will also be given the opportunity to select additional BOAs for expanded access. Below are the details of how the new process will work. In New York, the process will entail:
Firms will be notified by the New York State Society of CPAs when the BOA(s) that they have selected for expanded access are participating in FSBA. This notification will remind firms of their selection and provide them with the opportunity to change their decision regarding expanded access. What Documents Will Be Posted Under This Process? For firms that choose to provide access to one or more eligible BOAs, the following documents will be posted, as applicable, to the secure BOA web site for access only by authorized state board representatives. The number of documents posted to the secure BOA web site for a firm may vary based upon the results of the peer review. A firm will not choose which documents will be posted as each of those that are applicable (based on the results of the review) will be posted. The following documents will be posted to the secure BOA web site, as applicable:
Firms that choose to expand access to other eligible BOAs may change their mind even after their information has been posted by notifying the New York State Society of CPAs in writing. Once the New York State Society of CPAs has been notified, the information will be removed from the web site, however, certain information (which is currently publicly available) will remain posted to the secure BOA web site. This information will help us to maintain a complete database of all firms in the peer review program. The information that will be posted even if a firm does not select BOAs for expanded access is as follows:
Q&A on Facilitated State Board Access Click here for a list of frequently asked questions regarding the Facilitated State Board Access. For Additional Information or Questions Please contact the NYSSCPA Peer Review staff at 212-719-8300 or by visiting the AICPA website at http://www.aicpa.org/Professional+Resources/Peer+Review. Section XVI: Peer Review Administrative Fees Formula
The annual administrative fee is levied on program enrollees to cover the costs of administering the AICPA peer review program in New York State. Costs are incurred to complete all required administrative and technical aspects of the program including review scheduling, reviewer matching, background forms, extension requests, administrative review of peer reviews, technical review of peer reviews, review acceptance body meetings, required program oversight procedures, reviewer resume and CPE verification, reviewer alerts and other administrative and technical aspects of the program. Section XVII: Employee Benefit Plan Audits Peer Review Update June 2011
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