NewsPeer review process enhancements
The AICPA has redesigned features of the peer review process to incorporate technology enhancements. Scheduling forms and review team information forms will be sent to firms in electronic format to complete on-line and e-mail to the MNCPA. About peer review
The peer review program is dedicated to enhancing the quality
of accounting, auditing and attestation services performed by
CPAs in public practice. Through peer review, a CPA firm engages
a peer firm to review its quality control system for compliance
with professional accounting, auditing, and attestation
standards. At the conclusion of the review, the reviewer issues
a report with an evaluation of the firm's compliance with
standards.
In addition to issuing a report, peer reviewers provide
valuable feedback. CPAs use this feedback to enhance the quality
of their practice.
MNCPA and Minnesota BOA requirements
- The MNCPA requires all members whose firms are engaged in
public accounting in Minnesota to enroll in the peer review
program.
- Only firms that perform attest and/or compilation
engagements must have a peer review. Peer reviews ordinarily
takes place every 3 years.
- The BOA requires all firms that issue attest or
compilation reports to have a peer review
The Minnesota requirements related to reviews (called “quality
reviews” in Minnesota rules and statutes) are found in the
Minnesota rules 1105.46 to 1105.55.
Information for firms
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Peer review process step-by-step
Step-by-step instructions on how to complete your peer review.
Includes scheduling information, how a review is conducted, and
submitting the results to the BOA.
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Firms that perform peer reviews
Firms need to make arrangements with the peer reviewer
directly. Find out who's qualified in Minnesota.
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Forms and fees
Download forms required for the peer review process and find out
about associated costs.
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Frequently asked questions
Answers to questions on how to select a peer reviewer, the types of
peer reviews, the peer review process, and more.
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Become a peer reviewer
Peer reviewers serve the profession by promoting quality.
Performing peer reviews can also become a
niche practice area.
» Learn more
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