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Peer Review

Quality has never been more important as individuals and businesses seek the most accurate financial information to make the most informed decisions possible. As certified peer reviewers by the AICPA, the Ericksen Krentel team has provided peer review services for firms of all size throughout the country to ensure that quality.

Quality has never been more important as individuals and businesses seek the most accurate financial information to make the most informed decisions possible. This is why the American Institute of Certified Public Accountants (AICPA) requires CPA firms offering audit and attestation services to undergo an in-depth peer review every three years to ensure the highest quality standards are being followed in all phases of audit delivery. The result of the peer review process is reassurance to the firm’s existing and potential clients the work your firm produces meets or exceeds established AICPA standards.

CPA firms are responsible for designing a system of quality control and complying with it to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional industry standards. As certified peer reviewers by the AICPA, the Ericksen Krentel team has provided peer review services for firms of all sizes throughout the country, both as the lead reviewer and as part of a team of other qualified peer reviewers, to express an opinion on that design and the firm’s compliance. If issues or inconsistencies are uncovered, we quickly address it with members of management to seek clarification.

If your firm performs engagements in accordance with Statements on Auditing Standards (SASs); Statements on Standards for Accounting and Review Services (SSARSs); Statements on Standards for Attestation Engagements (SSAEs); Government Auditing Standards (the Yellow Book) issued by the U.S. Government Accountability Office; or engagements performed under Public Company Accounting Oversight Board (PCAOB) standards, our team can ensure you’re in compliance and providing top-quality service to your clients.

What is the value of performing a Peer Review?

With nearly 15 years of experience conducting peer reviews for firms throughout the region, the Ericksen Krentel teem can conduct a peer review that will provide the following benefits:

The AICPA’s Peer Review Program has been performing “enhanced oversights” to ensure audit quality since 2014, and the results aren’t overwhelmingly great: nearly 1 in 4 engagements selected for oversight was materially non-conforming.

The culprit in most cases is a lack of adequate documentation. Click here to learn how to better document your audits

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Hurricane Ida Update

Our thoughts and prayers are with all of the people affected by Hurricane Ida. Ericksen Krentel team members have spent this week checking in on each other, our families, and our clients to ensure that everyone is in a safe position. Our New Orleans and Mandeville offices are currently closed due to power outages. We expect our Mandeville office to re-open shortly and will post the status updates of both offices on our website and social media as we know more details. We will do our best to assess the situation of our clients and people, and intend to return to each office as quickly as possible.
We have learned through our experience with past disasters and the ongoing pandemic to be adaptive to new technologies and have implemented cloud-based applications that allow us to efficiently operate remotely. In the interim, we are available to the extent that is possible in working remotely with our many affected clients and their personnel.
As recovery operations begin to take shape and progress, please do not hesitate to call on us to assist in your financial, tax, and other needs. You can reach your Ericksen Krentel professional directly through their normal email address or if you need immediate assistance, send a message through communications@ericksenkrentel.com to receive a return call from one of our professional team members. We look forward to a complete recovery and once again working directly with our clients.

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