The AICPA Peer Review Board (Board) is committed to a designing, implementing and maintaining a preeminent peer review program that monitors the quality of a firm's accounting and auditing practice. In October 2001, the Board commenced a project to reevaluate the administration, performance, reporting objectives and overall effectiveness of system reviews conducted under the AICPA Standards for Performing and Reporting on Peer Reviews. As a result of the reevaluation, the Board has issued an exposure draft, which proposes several revisions to the AICPA Standards for Performing and Reporting on Peer Reviews. The Exposure Draft includes revisions to the objectives of system reviews, transparency of reporting, type of peer review required and the timing of engagement selection. The revised Standards will be effective for peer reviews commencing on or after January 1, 2005. Early implementation will not be allowed.

Written comments or suggestions on any aspect of this exposure draft will be appreciated. To facilitate the Board's consideration, comments or suggestions should refer to the specific paragraphs and include supporting reasons for each comment or suggestion. Responses should be sent to Senior Technical Manager, AICPA Peer Review Program, AICPA, Harborside Financial Center, 201 Plaza Three, Jersey City, NJ, 07311-3811, and were due by August 8, 2003. Electronic submissions of comments or suggestions in Microsoft Word were due by August 8, 2003.

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Download the Exposure Draft