Services

Home / Services / Assurance / Peer Review

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

Blog

Your knowledge source for achieving your business and personal financial goals.

Are You Ready? Changes Coming to Form, Content of Auditor’s Reports

The form and content of auditors’ reports will change substantively, effective for audits of financial statements for periods ending on or after December 15, 2020.

Contractors: How Are You Doing With the New Revenue Recognition Standards?

Every couple of years, the Accounting Standards Board believes accountants and businesspeople are getting too comfortable and throw out a curveball to make CPAs and their clients a little uncomfortable for a while. That’s what the Financial Accounting Standards Board did in 2014 with ASC 606, Revenue for Contracts with Customers and did again at the end of 2017.