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:

• Strengthened quality control
• Improved processes
• A better understanding of recent professional pronouncement and an awareness of those under consideration
• Having demonstrable evidence of your firm’s quality
• A reduction in recurring issues
• The awareness of any deficiencies needing correction
• The potential to use your clean report as a marketing tool to demonstrate your firm’s commitment to quality
• Learning best practices from your reviewer’s experience working with other firms
• Benchmark information to compare your firm against similar firms

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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