AICPA to release exposure draft on Standards for Performing, Reporting on Peer Reviews.

An exposure draft will be released later this month containing proposed revisions to the AICPA Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards. Comments on the AICPA Peer Review Board's exposure draft are due June 30.

The exposure draft proposes to create one set of Standards and Interpretations within the AICPA Peer Review Program for all AICPA members subject to peer review. Members' firms currently enrolled in the Center for Public Company Audit Firms (CPCAF) Peer Review Program would be covered under this measure. Other proposals include a reengineered reporting process, changes to engagement and report reviews, and more principles-based Standards. These revisions, as well as others, are expected to result in a more efficient and effective peer review process.

It also contemplates that the revised Standards and Interpretations will be effective for peer reviews commencing on or after Jan. 1, 2009. Once issued, the exposure draft will be available on the AICPA Peer Review Program and CPCAF Peer Review Program Web sites at www.aicpa.org/members/div/practmon/index.htm and www.aicpa.org/centerprp/index.htm. respectively.