REMINDER: Peer Review Guidance and Practice Aid Changes Effective January 2017
During 2016, the AICPA Peer Review Board (PRB) approved significant changes to the Peer Review Standards, Interpretations, other related guidance and practice aids, which are effective for reviews commencing on or after January 1, 2017. These changes impact all phases of a peer review – planning, execution and reporting.
The October 2016 Reviewer Alert includes a detailed discussion of these changes that peer reviewers are encouraged to read. Additionally, a new webpage has been created that describes how the changes impact both review teams and firms and where more information can be obtained.
More information can be found in the May PRB Meeting Materials where these changes were discussed and approved. These materials also include an example timeline (page 173 of the PDF) of when certain procedures should be performed in a peer review that commences after January 1, 2017.
For updates, continue to monitor Reviewer Alerts.