The AICPA Peer Review Board (Board) has released an exposure draft containing proposed revisions to the AICPA Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards. 

The proposed changes are expected to result in a more efficient and effective peer review process.  However, since the proposed changes are significant, all interested parties (especially peer reviewers, peer reviewed firms and peer review users) are encouraged to review them and provide feedback to ensure your views are considered.  Written comments or suggestions on any aspect of this exposure draft will be appreciated.  

The exposure draft proposes to create one set of Standards and Interpretations within the AICPA Peer Review Program for all AICPA members subject to peer review. Member firms currently enrolled in the Center for Public Company Audit Firms (CPCAF) Peer Review Program would be covered under this measure. Other proposals include a reengineered reporting process, changes to engagement and report reviews, and more principles-based Standards. The exposure draft contemplates that the revised Standards and Interpretations will be effective for peer reviews commencing on or after January 1, 2009.  Early implementation will not be allowed.

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 Susan Rowley, Senior Technical Manager, AICPA Peer Review Program, AICPA, 220 Leigh Farm Road, Durham, NC, 27707-8110, in time to be received by June 30, 2007. Electronic submissions of comments or suggestions in Microsoft Word should be sent to srowley@aicpa.org in time to be received by June 30, 2007.

The document is available below to download as a PDF file. The Adobe Acrobat Reader is needed to view a file in PDF format. The reader is available as a free download from the Adobe Web site at www.adobe.com/prodindex/acrobat/readstep.html.

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Download the Exposure Draft