Peer Review News
The FICPA strives to keep members abreast of Peer Review news.
For more information about the FICPA Peer Review program, please visit the Peer Review section of this website.
AICPA Issues White Paper on Peer Review Revised Standards
The AICPA’s Peer Review Board has issued a white paper, Navigating through the Revised AICPA Standards for Performing and Reporting on Peer Reviews and Related Interpretations. The paper serves as a bridge between the current and revised Standards and Interpretations and explains how the changes may affect enrolled firms (including those responsible for the firm’s quality control function), peer reviewers, entities administering peer reviews, and peer review users, including regulators. The revised Standards and Interpretations are effective for peer reviews commencing on or after January 1, 2009.
Navigating through the Revised AICPA Standards for Performing and Reporting on Peer Reviews and Related Interpretations
SAS 112 & Peer Review Engagements
SAS 112 has generated a fair amount of controversy and misunderstanding among practitioners. This standard is effective for audits of financial statements for periods ending on or after December 15, 2006 and is impacting current engagements. The AICPA has recently held a series of conference calls discussing SAS 112 and its impact on peer reviews. All reviewers are encouraged to review the archives of one of these calls.
Topics Discussed:
- An overview of the requirements of SAS 112
- A comparison of old and new definitions related to internal control
- Guidance on evaluating internal control deficiencies
- What peer reviewers should be telling their review clients
Revised Peer Review Standards & Interpretations (Effective 1/1/09)
AICPA Standards for Performing and Reporting on Peer Reviews
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