“The team at McQuaig & Welk has been instrumental in helping our business move forward and grow successfully.”
Allen & Kim Tangeman, Owners First Choice Collision Center, Inc.
A peer review involves an independent CPA firm reviewing financial statements prepared by another CPA firm to determine if these financial statements comply with professional standards.
Firms enrolled in the American Institute of CPA’s (AICPA) Peer Review Program are required to have a peer review, once every three years, of their accounting and auditing practice related to non-Security and Exchange Commission (SEC) issuers covering a one-year period. The peer review is conducted by an independent evaluator, known as a peer reviewer. The AICPA oversees the program, and the review is administered by an entity approved by the AICPA to perform that role.
The peer review helps to monitor a CPA firm’s accounting and auditing practice (practice monitoring). The goal of the practice monitoring, and the program itself, is to promote quality in the accounting and auditing services provided by the AICPA members and their CPA firms.