In order to be admitted or to retain their membership in the American Institute of Certified Public Accountants (AICPA) members of the AICPA who are engaged in the practice of public accounting in the United States or its territories are required to be practicing as partners or employees of firms enrolled in an approved practice-monitoring program or, if practicing in firms not eligible to enroll, are themselves enrolled in such a program if the services performed by such a firm or, respectively, individual are within the scope of the AICPA's practice-monitoring standards and the firm or, respectively, individual issues reports purporting to be in accordance with AICPA professional standards. (Depending on how a CPA firm is legally organized, its partner(s) could have other names, such as shareholder, member, or proprietor.)
A firm (or individual) enrolled in the AICPA peer review program or a member firm of the SEC Practice Section (SECPS) is deemed to be enrolled in an approved practice-monitoring program. (See sections 2.2.3 and 2.3.4 and 7.6 of the bylaws of the AICPA, The Code of Professional Conduct Rule 505, and the implementing council resolutions under those sections.)
These standards are effective for peer reviews commencing on or after January 1, 2001 for firms (and individuals) enrolled in the AICPA peer review program. Early implementation is not allowed. They are applicable to firms (and individuals) enrolled in this program and to individuals and firms who perform and report on such reviews, to state CPA societies administering the reviews, and to associations of CPA firms assisting their members in arranging and carrying out peer reviews. Individuals using these standards should be knowledgeable about Interpretations issued by the AICPA Peer Review Board that might affect the application of these standards.
