Peer Review

Types of Peer Reviews and Review Teams

Types of Peer Reviews

• System reviews - for firms performing engagements under the Statements on Auditing Standards (SASs) or examinations of prospective financial information under the Statements on Standards for Attestation Engagements (SSAEs). The reviewer will study and evaluate the quality control policies and procedures in effect during the review year and review a reasonable cross-section of the firm's accounting and auditing engagements, including working papers.

• Engagement reviews - for firms performing compilations with disclosures and/or review engagements, but not audits. The reviewer will read selected compilation and/or review reports and related financial information. The reviewer will also review the required documents under the SSARS and SSAEs. This is usually done off-site.

• Report reviews - for firms that perform compilations with no disclosures as their highest level of service. The reviewer will review at least two engagements, including at least one engagement from each partner. This is usually done off-site.

Types of Review Teams

• Firm-on-Firm Reviews - Your firm selects another firm to perform the review.
• Committee Appointed Review Team (CART) - PICPA selects the review team for the firm.
• Association Review Teams (Association Reviews) - Approved associations may perform review for their members.

Selecting a Reviewer

• Tips for Selecting a Reviewer
• Peer Review Searchable Directory
  Find potential candidates to perform your firm-on-firm peer review.