How are Arizona CPA firms impacted by peer review?
Pursuant to A.A.C. R4-1-454, all firms performing restricted financial services (audits or reviews) or full disclosure compilation services will need to complete a peer review within the three years immediately preceding the firm’s registration date. For a further review of the regulation governing peer review, please see the Peer Review link under the Firms tab on this website. If the firm accepts an engagement, which for the first time will require the firm to complete a peer review, pursuant to AAC R4-1-454(I)(2)(b): • The firm agrees to notify the Board within 90 days after accepting a restricted financial services or full-disclosure compilation service; • The firm will undergo a peer review within 18 months from the year end of the engagement accepted (for example, if the engagement’s year end is 12/31/08, the firm must undergo a peer review by 6/30/2010). The Arizona Society of Certified Public Accountants published in their November 2009 AZCPA issue that CPAs will continue to us
Related Questions
- I am an out-of-state CPA who performs peer reviews for California accountancy firms. Would I be required to obtain a California Practice Privilege?
- What happens if my CPA firm or practice receives a "fail" or "pass with deficiencies" peer review report?
- How are Arizona CPA firms impacted by peer review?
