Peer review is a periodic outside evaluation of a firm’s accounting and auditing practice that works to ensure the public trust. It's a statutory requirement in 55 licensing jurisdictions including Pennsylvania, and is an AICPA member requirement. Generally, firms are required to undergo a peer review every three years. Non-AICPA member firms with fewer than three licensees may be eligible for a five-year cycle, provided they don't perform audits in accordance with Yellow Book standards.
Peer review results are confidential, unless the firm performs audits in accordance with Yellow Book standards. The following information is publically available: firm’s name and address, program enrollment or termination, and the date of acceptance and period covered by the firm’s most recently accepted peer review.
The PICPA administers the AICPA Peer Review Program for Pennsylvania, Delaware, and the Virgin Islands. Peer reviews administered by the PICPA are performed in accordance with the Standards for Performing and Reporting on Peer Reviews adopted by the AICPA Peer Review Board. The PICPA Peer Review Committee oversees the PICPA’s administration of the AICPA’s Peer Review Program to ensure compliance with all requirements.