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Industry: Email Alert RSS FeedPeer assessment of accounting practice.
Ohio CPA Journal, The, April, 2002 by Gabriel, E. Ann; Roberts, Glenn A.; Stephens, Ray G.
Introduction
Peer review of the accounting and auditing practice of CPA firms has evolved over the past 20 years into a very formal practice. Peer review now has its own established set of standards. Currently, CPA firms are required to have different types of peer reviews depending upon their membership in a specific division of firms and the type of service performed. Table 1 shows the different types of reviews.
A system review is required for firms performing audits. It focuses on the quality control system every firm is required to establish by Statement of Quality Control Standards (SQCS) No. 2 (May, 1996). This standard establishes five elements that must be contained in the firm's system of quality control. Table 2 shows the five elements and...
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