|
Performing peer reviews provides members with a way to “give back to the profession.” To become a team captain on a system review or a review captain on an engagement review, an individual must -
- Be a member of the AICPA in good standing, (that is, AICPA membership in active, non-suspended status) licensed to practice as a CPA.
- Be currently active in public practice at a supervisory level in the accounting or auditing function of a firm enrolled in the program, as a partner1 of the firm, or as a manager or person with equivalent supervisory responsibilities. To be considered currently active in the accounting or auditing function, a reviewer should be presently involved in the accounting or auditing practice of a firm supervising one or more of the firm’s accounting or auditing engagements or carrying out a quality control function on the firm’s accounting or auditing engagements. To be a System Review team captain, a reviewer must be a partner. To be a review captain on an Engagement Review, it is not necessary to be a partner.
- Be associated with a firm (or all firms if associated with more than one firm) that has received a report with the peer review rating of pass2 for its most recent System or Engagement Review that was accepted timely, ordinarily within the last three years and six months3.
- Possess current knowledge of professional standards applicable to the kind of practice to be reviewed, including quality control and peer review standards. This includes recent experience in and knowledge about current rules and regulations appropriate to the level of service applicable to the industries of the engagements that the individual will be reviewing.
- Have at least five years of recent experience in the practice of public accounting in the accounting or auditing function4.
- Have provided the administering entity with information that accurately reflects the qualification of the reviewer including recent industry experience, which is updated on a timely basis.
- Have completed peer review training that meets the requirements established by the AICPA Peer Review Board.
Additional requirements that individuals must meet to perform peer reviews of firms required to be administered by the National Peer Review Committee (National PRC).
- A reviewer ordinarily must currently be with a firm whose most recent review was administered by the National PRC or the Center for Public Accounting Firms’ Peer Review Program. Note: this is not a requirement for a peer reviewer on a review of a firm that elects (but is not required) to have their peer review administered by the National PRC.
For additional information, please refer to AICPA Standards for Performing and Reporting on Peer Reviews and other related guidance.
If you are interested in becoming a peer reviewer or have any questions about peer review, please send an email to BecomeAReviewer@aicpa.org. We look forward to hearing from you!
|
|