Alternative approach to peer review transparency.The AICPA Board and AICPA Peer Review peer review n. an examination and evaluation of the performance of a professional or technician by a board or committee made up of people in the same occupation. This may arise in determining whether a person has been legitimately discharged, denied promotion or penalized by an employer, or is found to have failed to meet minimum standards of performance and is thus liable in a lawsuit claiming damages due to negligence. Board have approved an approach for greater transparency of peer review results. [ILLUSTRATION OMITTED] The approach involves a voluntary agreement by firms subject to peer review to include their peer review reports in a secure board of accountancy access-only file. State boards of accountancy would only be able to access peer reviews for firms in their state, unless the firm specifically gives permission for other state boards to have access. In addition, the state must have mandatory peer review for the state board of accountancy to have access. Under the AICPA's plan, as part of a firm's peer review acceptance process, the firm is asked to advise the peer review administering entity (the respective state CPA society) if it does not want the state society to upload its peer review results into the secure file. If the firm does not opt-out, the information is posted and the firm is notified. Firms can request at anytime that the state CPA society remove its information. Find more information at www.aicpa.org/Professional+Resources/Peer+Review/Peer+Review+Transparency/. |
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