The strategic vision of the Peer Review Board is to:
Be the globally recognized, preeminent practice-monitoring program;
Cultivate exceptional reviewers and superb staff and develop innovative technologies; and
Lead development of timely, focused recommendations for accounting service and audit quality improvements.
To achieve this vision, the Peer Review Board (PRB) is developing, among other things, an ongoing process to gather practice issues identified during peer reviews (as well as regulators' inspections and other sources). A significant step forward will be the launch of an online Matter for Further Consideration (MFC) form. The wealth of information collected on the MFC forms (excluding firm and reviewer specific data) via an entirely online format will allow us to aggregate and use information that is already being gathered. The functionality for the online MFC and Disposition of Matter for Further Consideration (DMFC) forms have been tested since the fall of 2012. Peer reviewersand AICPA member firms will be required to use the online forms for all reviews commencing on or after July 1, 2013.
As all peer reviewers and reviewed firms will be impacted by this change, please review the information contained in the link below for details on what you will be expected to do and for best practices to prepare for the transition to online forms. We recommend these best practices for reviews being performing now.
Online MFC Questions and Answers
Online MFC Training for Peer Reviewers and Enrolled Firms
MFC Pilot Presentations and Instructions