Facilitated State Board Access to Peer Review Results (FSBA Program) Update
The AICPA and state CPA societies are implementing this nationally uniform system through which CPA firms can satisfy state board of accountancy’s peer review submission requirements and increase transparency of the peer review process. Currently six states (NC, OH, OK, SD, TN, TX) are participating in FSBA and three more (District of Columbia, Michigan and Virginia) will begin shortly. FSBA has been well received by firms and State Boards of Accountancy. Board staff will enjoy the ease of use and search features. Eventually, FSBA could become the primary means by which state boards obtain peer review results in a timely and effective manner. A state society advises a firm that its peer review results will be uploaded to a secure website accessible by authorized state board representatives in the state where the firm’s main office is located, unless the firm opts-out of the process. Limited information about the firms that opt-out will be posted to the secure website. Therefore, a complete population of firms is presented in the states where the firms’ main offices are located. FSBA also allows a firm to expand access to other state boards.
FSBA is a service being implemented nationally. Implementation in each state follows extensive evaluation of how the submission and access laws apply in each respective jurisdiction. Only state boards that require peer review for licensure and are not prohibited by statute from accessing peer review results are able to participate.
Firms must follow existing submission requirements until notified differently by a state board. Firms are being told that implementation does not revise or replace any state board’s submission requirements. To enhance understanding and the utilization of this program, state boards should consider adopting uniform peer review document and timing submission requirements.
Key contacts and reference sources:
Gary Freundlich, CPA Director, Peer Review AICPA; Durham, NC
Donna Roethel Technology Phase-in or Process Questions AICPA; Durham, NC
Jim Brackens, VP Firm Quality and Practice Monitoring AICPA; Durham, NC
Jim S. Ciarcia, Rocky Hill, CT; NASBA’s Compliance Assurance Committee Task Force Chair
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