What is the Wisconsin peer review requirement?
A .A CPA firm that provides attest services must affirm on its renewal application that it has undergone a peer review during the prior three-year period. A peer review is a review of a CPA firm’s attest services practices. The review covers a random sampling of engagements and includes an evaluation of relevant working papers and reports to determine if appropriate standards were followed. The reviewers’ report must provide reasonable assurance that the firm’s attest practices conform with professional standards. Attest services include audits, reviews, compilations (in accordance with the Statements on Standards for Accounting and Review Services) and attestation engagements. Some licensed CPA firms do not provide attest services. For example, a firm that provides only income tax planning and preparation services would not be required to undergo a peer review.
