AICPA Seeks Full Participation in Audit Peer Review Program

August 18, 2016

Bloomberg BNA reports that the AICPA intends to tighten language in peer review standards to ensure that all audit firms will enroll in its peer review program. “The AICPA also plans to include on its list for peer review those engagements deemed highly significant to the public interest,” Laura Tieger-Salisbury wrote. “The AICPA peer review board designated certain types of audit engagements of significant public interest as a ‘must select’ engagement. If a firm is conducting these types of engagements, that firm must select at least one of each type for peer review.” The changes AICPA proposed also aim to ensure that the firm representation letter clearly indicates whether firms are complying with the Single Audit Act requirements. Comments are due by September 30.