Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Year 2 of mandatory peer review in California – – Board of Accountancy reminds CPAs with licenses between 34 and 66

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CPAs whose licenses end between 34 and 66 received a reminder this week from the CBA that those lucky CPAs need to report by 7-1-12 whether they need to have a peer review.

All CPAs with licenses in that range number have to tell the board whether or not they are required to have a peer review. In one sentence, any firm providing attestation services must have a peer review.  What’s the big dea?  One of the biggest impacts is this new requirement includes sole practitioners who are not members of the AICPA.

My license is in that range.  So I received my letter this week.  Went to the CBA website, used the PIN that was listed at the top of their letter, pulled up my last acceptance letter from the peer review committee to find the date it was approved, answered a few questions on the CBA’s form, and I was done.  Took about 5 minutes.

If you work for a firm, then you are not required to have a peer review. Merely tell that to the CBA.

If you are sole practitioner that did not provide any accounting and auditing services, tell that to the CBA.

If you are a sole practitioner providing A&A services, you need to have a peer review performed, completed, and approved by July 1, 2012.

Time to get started! If you have to go through your first ever peer review, you are on notice. You have a year to get it done. I would encourage you to get started sooner rather than later. The pain will increase greatly if you wait until the last few months to get started.

Written by Jim Ulvog

July 28, 2011, 8:03 am at 8:03 am

Posted in Peer Review

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