Peer Review Process
The peer review process is completed through the use of the AICPA's Peer Review Integrated Management Application (PRIMA) system. PRIMA is an all-electronic, interactive system.
PRIMA is used by the reviewed firm to complete Peer Review Information (PRI), submit scheduling information (SCHD), respond to Matters for Further Consideration (MFCs) and Findings for Further Consideration (FFCs), submit evidence of completion of required corrective actions, and to receive peer review related correspondence.
PRIMA collects and stores information and documents related to the peer review through a series of workflows involving various parties, including the reviewed firm's Managing Partner and Peer Review Contact, the peer reviewer, the administering entity, and a technical reviewer.
Navigating Peer Review: PRIMA Tips and Tricks
Nov. 19, 2018 | 00:33:22
Inexperienced with PRIMA? Not sure how to navigate in it? Check out the tips and tricks webinar presented by friendly MNCPA staff to make the going easier.
Watch the webinar
Archived webinars do not qualify for CPE.
Faye Hayhurst, Director of Finance, Minnesota Society of CPAs, and CPA on Staff for the Peer Review Program
Sabine Anderson, Customer Service Coordinator, Minnesota Society of CPAs
More information and FAQs about PRIMA, including training
After the peer reviewer completes his or her work, the MNCPA arranges for a technical review of the peer review documents. After completion of the technical review, the peer review is sent to a Report Acceptance Body (RAB), made up of volunteer members of the MNCPA's Peer Review Committee. The RAB evaluates whether the review has been performed in accordance with standards and the reviewer's report should be accepted, and may assign corrective action to the reviewed firm if it judges necessary to ensure that the firm will correct any deficiencies noted.
Submitting the review to the Minnesota Board of Accountancy (BOA)
In accordance with Minnesota Rule 1105.54
, the following documents must be submitted by the reviewed firm to the BOA within 30 days of the final letter of acceptance:
- Peer Review report, including any letter of response from the firm addressing deficiencies in the report (if applicable)
- Letter of acceptance from a MNCPA RAB.
If the letter of acceptance includes any agreements for corrective action, submit in addition:
- Letter from a RAB accepting the corrective action as complete.
Documents must be submitted to:
Minnesota Board of Accountancy
85 E. 7th Place, Suite 125
St. Paul, MN 55101-2143
Facilitated State Board Access
The documents listed above will also be uploaded by the MNCPA to a secure website accessed only by authorized employees of the Minnesota BOA.
For more information, contact Sabine Anderson, Customer Service Coordinator, at 952-885-5514 or email@example.com.