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    Peer Review

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    Nishma Baniya
    The document discusses the peer review process for accounting firms. It explains that the AICPA peer review program relies on highly trained accounting professionals to review each other's work according to ethical and professional standards. There are two types of peer reviews - a system review evaluates a firm's quality control system, while an engagement review appraises a sample of a firm's accounting work. Peer reviewers are experts who focus on specialized engagements. The importance of peer review is that it helps ensure audits meet standards, provides accountability and transparency, and allows practitioners' work to be reviewed by qualified peers.

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    Peer Review

    Uploaded by

    Nishma Baniya
    31 views1 page
    The document discusses the peer review process for accounting firms. It explains that the AICPA peer review program relies on highly trained accounting professionals to review each other's work according to ethical and professional standards. There are two types of peer reviews - a system review evaluates a firm's quality control system, while an engagement review appraises a sample of a firm's accounting work. Peer reviewers are experts who focus on specialized engagements. The importance of peer review is that it helps ensure audits meet standards, provides accountability and transparency, and allows practitioners' work to be reviewed by qualified peers.

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    PEER REVIEW

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    The document discusses the peer review process for accounting firms. It explains that the AICPA peer review program relies on highly trained accounting professionals to review each other's work according to ethical and professional standards. There are two types of peer reviews - a system review evaluates a firm's quality control system, while an engagement review appraises a sample of a firm's accounting work. Peer reviewers are experts who focus on specialized engagements. The importance of peer review is that it helps ensure audits meet standards, provides accountability and transparency, and allows practitioners' work to be reviewed by qualified peers.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Download as txt, pdf, or txt
    31 views1 page

    Peer Review

    Uploaded by

    Nishma Baniya
    The document discusses the peer review process for accounting firms. It explains that the AICPA peer review program relies on highly trained accounting professionals to review each other's work according to ethical and professional standards. There are two types of peer reviews - a system review evaluates a firm's quality control system, while an engagement review appraises a sample of a firm's accounting work. Peer reviewers are experts who focus on specialized engagements. The importance of peer review is that it helps ensure audits meet standards, provides accountability and transparency, and allows practitioners' work to be reviewed by qualified peers.

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    experts in those fields are most capable of making informed judgments about

    specific applications of their profession.

    Association of International Certified Professional Accountants [AICPA]

    AICPA peer review program relies on highly trained professionals who review one
    another�s work according to the highest ethical and professional standards to
    produce a quality service and protect the public interest.

    strengthen the peer review process that included bolstering the requirements for
    becoming a peer reviewer and enhancing the review of a firm�s system of quality
    control

    virtually every firm that performs accounting or auditing work is now required to
    go through the peer review process, which examines the design and operating
    effectiveness of an accounting firm�s quality management system every three years

    There are two types of peer reviews:

    In a system review, a peer reviewer evaluates the CPA firm�s system of quality
    control for performing accounting and auditing work. This includes an examination
    of a sample of the firm�s engagements.

    In an engagement review, a sample of the CPA firm�s accounting work is studied and
    appraised. CPA firms that undergo engagement reviews do not perform audits, but
    perform other accounting work including reviews and compilations, which represent a
    lower level of service than audits

    The Certified Public Accountant (CPA)who perform peer reviews are experts of the
    highest caliber.

    Peer review teams include experts in highly specialized engagements.A special


    emphasis is placed during peer review on highly specialized engagements and those
    with an extra public interest focus such as single audits and employee benefit plan
    audits

    importance of peer review:

    Audits need to be performed in accordance with professional standards. peer review


    assists in upholding those standards.

    Peer review is built around accountability.CPA firms and individual accounting


    professionals are held accountable by their peers. Firms and individuals that do
    not perform well go through a remediation process to improve quality,

    provides transparency.Many peer review reports are publicly available via AICPA�s
    Peer Review. Users can see if a firm is enrolled and the date of the firm�s last
    peer review. More transparency is good for users of audits, and it protects the
    broader public interest represented by the audited organizations.

    provides an opportunity for practitioners� work to be reviewed by those most


    qualified to do so � their fellow auditors. The dedication and expertise of peer
    reviewers helps them contribute to quality that the public can rely on

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