Changes to peer review program.
The AICPA is accepting comments on a new concept paper, Evolving the CPA Profession's Peer Review Program for the Future, which explains how the existing peer review program could be transformed into a technology-driven, near-real time process.
Some ideas in the paper to improve peer reviews include:
* Firms continuous review of accounting, auditing and attestation engagements and systems, with quality issues being detected and corrected in near real-time, instead of after the fact;
* Near real-time firm inspections based on performance;
* Greater consistency among peer review performance and conclusions; and
* Transparency of review results to stakeholders
Learn more at community.aicpa.org/future-practice-monitoring/default.aspx.
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|Title Annotation:||AICPA Concept Paper; American Institute of Certified Public Accountants|
|Article Type:||Brief article|
|Date:||Jan 1, 2015|
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