Due to the timing of when peer reviews are performed, there is a lag between the year-end of the engagement and when a matter is included in this report. Peer reviews are due 6 months after a firm’s peer review year end. A firm’s peer review would cover engagements with year ends during the peer review year (report dates for projections and AUPs). As an example, if a firm’s peer review year is January 1, 2014 to December 31, 2014 its peer review is not due until June 30, 2015. Therefore a January 31, 2014 year end audit would not be included in the MFC data until approximately June 30, 2015. However, a December 31, 2014 year end audit in the same scenario would be included in the MFC data around June 30, 2015 as well. Refer to www.aicpa.org/prsummary for more information about peer review.
We prepare our analysis on MFCs for engagements with year ends (report dates for projections and AUPs) from the most recently accepted peer reviews, generally within the last 15 months. By using a 15 month period, we can ensure we are providing information based on the most recent engagements, including a calendar year end.