Tag Archives: Peer Review

Peer Review at the Crossroads

State Board Report July 2015 The past, present and future of peer review were considered by a Regional Meeting panel composed of NASBA Vice President – State Board Relations Daniel J. Dustin, Compliance Assurance Committee Chair Janice L. Gray (OK) and Regulatory Response Committee Chair W. Michael Fritz (OH). Mr. Dustin looked at how the…

AICPA Rethinks Peer Review

State Board Report January 2015 A concept paper on what the CPA profession’s practice monitoring might look like in the future has been released by the AICPA with a comment deadline of June 15, 2015. “Evolving the CPA Profession’s Peer Review Program for the Future,” mentioned as forthcoming at NASBA’s June 2014 Regional Meetings by…

NASBA Comments on Proposed Changes to the AICPA Standards for Performing and Reporting on Peer Reviews

Regional Breakouts Fruitful

State Board Report July 2014 The traditionally popular Regional Breakout Sessions continued to receive high marks from participants at the 2014 Regional Meetings. Evaluations of the Regional Meetings this year again contained comments on the excellent networking opportunities provided throughout the Meetings, and especially during the Regional Breakouts. Among the topics discussed at the Regional…

State Boards Alerted to EBP Auditors

State Board Report June 2014 When Ian Dingwall, Chief Accountant-Employee Benefits Security Administration of the US Department of Labor (DOL), addressed the Executive Directors Conference in March, he underscored the poor quality of some audits of employee benefit plans (EBP) discovered by his inspectors (see March 2014 SBR). The Executive Directors responded by asking for…

Strengthening Peer Review Oversight

State Board Report September 2011 NASBA’s 2011 Peer Review Oversight Committee Summit, held August 16 in Charleston, SC, has resulted in the production of an invaluable reference tool for Boards ready to start a Peer Review Oversight Committee (PROC). Compliance Assurance Committee Chair Janice Gray (OK) says Boards will have available a jump drive that will…

NASBA Submits Amicus Brief in Peer Review Case

State Board Report November 2010 The Alabama State Board of Public Accountancy’s peer review requirement is being challenged by a CPA firm as being “arbitrary and capricious in nature, and not tied to any ascertainable standard or methodology.” On November 8, NASBA submitted its amicus curiae brief in support of the Board’s position in the…

Boards Urged to Oversee Peer Review

State Board Report July 2010 The Boards “may have dropped the ball in making sure the peer review process is working properly,” NASBA Compliance Assurance Committee Chair Kenneth R. Odom (AL) told the Eastern Regional Meeting. At the Western Regional Meeting, Committee member Edwin G. Jolicouer (WA) noted, “There is no outside independent oversight of…

HI Requires Peer Review of HI Attest Work

State Board Report May 2010 Overriding the veto of Governor Linda Lingle, the Hawaii legislature on April 30 passed a mandatory peer review law which requires “a peer review every three years on the firm’s Hawaii attest work” for “every firm, including the Hawaii offices and Hawaii engagements of foreign or multistate firms.” Although the…

FSBA Program Update

2008 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)…