Enrolling in the peer review program
The MNCPA requires all firms engaged in public accounting to
enroll in the peer review program. However, only those firms that
perform attest and/or compilation engagements need a peer review
performed every three years and must pay enrollment and evaluation
fees.
» Enrollment form
For more information, contact Jill
McGuire, Peer Review Coordinator, at 952-885-5542 or
by e-mail.
Scheduling the peer review
Firm receives scheduling form
The MNCPA sends out a peer review scheduling form to firms
enrolled in the AICPA Peer Review program. The form is sent 6-9 months prior to
the firm’s peer review due date.
»
Scheduling
form
Firm arranges the review
The firm contacts a peer reviewer to make arrangements for
the review. Only firms approved by the AICPA as peer reviewers
may be used.
» Firms that perform reviews
»
How to select a review firm
Firm completes scheduling form
The scheduling form needs to be fully completed by the firm and
returned to the MNCPA office. If the firm does not immediately have complete
information about the peer review team (such as the names of the
team members), the firm may return the scheduling form without this
information. The team information should be submitted as soon as
available.
MNCPA verifies peer reviewer qualifications
The MNCPA will enter the
information into the electronic peer review system, which will
determine if the peer reviewer is qualified to perform the review.
If the reviewer is qualified, an approval letter is sent to the firm
and the peer reviewer authorizing the peer review to take place. A
peer review cannot be performed without the approval
letter stating the peer reviewer is qualified.
Review commences
After approval is received, the firm works directly with the
reviewer to complete the peer review.
Peer review approval process
Peer reviewer completes the review
The peer reviewer submits peer review documents to the MNCPA at
the completion of the review. The reviewed firm must also submit copies of
the following to the MNCPA:
- The report from the reviewer
- The reviewer’s Letter of Comments (LOC), if applicable
- The firm’s Letter of Response (LOR), if applicable
Technical review begins
The review is sent to a technical reviewer, at which time an
evaluation fee is charged to the firm. The technical reviewer
evaluates whether the review was conducted in accordance with AICPA
standards, and may also make recommendations for follow-up action
for the reviewed firm.
Report goes to RAB for discussion
When the technical review is complete, the report is ready to go
the Peer Review Committee Report Acceptance Body (RAB) for
discussion.
- Each RAB consists of 8-10 volunteer MNCPA members with peer review
experience, along with two technical reviewers.
- The RAB reviews documents related to the peer review.
Review is accepted or follow-up action is required
The RAB votes to accept the review or may request follow up
action if deficiencies have been noted.
- If the review is accepted, the firm will be notified by the
MNCPA. It can then submit the approved documents to the Board of
Accountancy as required under Minnesota Rules.
- If follow-up action is requested, the firm is sent a letter
outlining the required action; a signed commitment to complete the
action is required. The firm must also notify the MNCPA when the
action has been completed, so the review can go back to the RAB for approval.
Submitting the review to the BOA
The following documents must be submitted to the Minnesota Board
of Accountancy after RAB approval:
- The RAB acceptance letter
- The peer review report
- Letter of Comments, if applicable
- Letter of Response, if applicable
- Letter of follow-up action, if applicable
Minnesota Board of Accountancy
85 E. 7th Place, Suite 125
St. Paul, MN 55101-2143
Phone: 651-296-7938
Fax: 651-282-2644
www.boa.state.mn.us
Questions?
For more information, contact Jill
McGuire, Peer Review Coordinator, at 952-885-5542 or
by e-mail.
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