If you are a CPA, and a member of the AICPA, you are most likely familiar with a peer review. These reviews were originally implemented as a required for AICPA members to retain their membership and keep the integrity of organization and industry.
The peer review process is a complicated one that roughly 27,000 firms are enrolled in and are examined once every three years.
To be reviewed, it’s not just a matter of signing up for a peer review
A firm must be deemed eligible. Once that is complete, the firm will select a peer review or review team. To begin the process, several documents are required including copies of licenses and a written representation letter.
A fee will also be required. This fee varies and is based on a number of factors including size of the firm, the number of partners and even the region where you are located. The costs also fluctuates based on whether you are having a System Review or Engagement Review. Also taken into account is the type of review team selected to perform the review.
There are other factors that can be involved, click here to see a complete FAQ.