Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

How to get started on your peer review – part 1

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This is the beginning of a series of posts on how to get started with a peer review of your firm.

Many firms in California are going down this road because the mandatory peer review deadlines arrived June 2011. If your license number ends in 01-33, you already got started. The next one-third of firms (license ending in 34-66) have until June 2012. The remaining firms have until June 2013. The hairsplitting deadline is that the peer review information needs to be submitted by July 1.

Other firms get into the peer review process when they start providing attestation services. Your first audit, review, compilation, or attestation (SSAE) project starts the clock for your first peer review.

Where to start? In most states, the organization you work with for a peer review will be the state society for your state. This is called the “administering entity”.  The California Society of CPAs runs the program for firms in California,Alaska, and Arizona. Elsewhere? Check with your state society.

CalCPA has a superb website set up to help with peer review issues. It can be found here.

Enroll in peer review program. First step is to enroll in the peer review program. CalCPA has two forms: one for members of the AICPA and one for firms that are not members.

File an extension. If you are up against the deadline today, you can still file an extension. If you have not started, you really do need to get going.

I would make a wild guess this extension process will be available in the spring of 2012 and 2013.

I have two previous posts discussing extensions.

One additional reminder, once you get the extension approved, it is the firm’s responsibility to send that approval to the board of accountancy.

Written by Jim Ulvog

July 2, 2011, 8:59 am at 8:59 am

Posted in Peer Review

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