Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘journey through a peer review

Journey Through a Peer Review posts combined into one page

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During 2012, I blogged about my peer review while going through the process.

To give you a feel for what it was like going through the review, I’ve combined those posts into one page, which you can read on the page titled “Journey through a peer review” at the top right corner of the blog. Look for the section titled “Pages.”

You can also click here.

Written by Jim Ulvog

July 11, 2013, 9:12 am at 9:12 am

Peer review reports are public for some firms – Here’s how to see the report on my firm

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You can find the peer review report at the AICPA web site for those CPA firms who are members of one of three special sections:

  • Employee Benefit Plan Audit Quality Center (EBPAQC)
  • Governmental Audit Quality Center (GAQC)
  • Private Companies Practice Section (PCPS)

Since I’m a member of PCPS, you can find my report there.

Go to the Peer review public file search page to look up a firm.

Enter my firm name there and you can get a screen that lists my firm and shows a link to two documents:

You can see for yourself that I received a “pass” rating.

If a firm is a member of EBPAQC, GAQC, or PCPS, you can find their peer review report at the above page.

Written by Jim Ulvog

July 8, 2013, 8:49 am at 8:49 am

Ulvog CPA firm receives “Pass” rating in Peer Review

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(Cross-post from my other blog, Nonprofit Update.)

I am pleased to report that my firm received a pass rating on the peer review which was performed in November 2012.

The peer review program is a process the CPA profession has developed to look at the quality of audit and other attestation work performed by CPAs. Firms are inspected by other firms to evaluate compliance with various professional standards.

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Written by Jim Ulvog

January 18, 2013, 14:38 pm at 2:38 pm

Journey through a peer review – ‘pass’ report accepted by Peer Review Committee

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Eighth and final report in a series.

I passed my fourth peer review.

Today I received notice that the Peer Review Committee accepted my report on January 10, 2013. That means I can talk about the report.

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Written by Jim Ulvog

January 18, 2013, 14:29 pm at 2:29 pm

Journey through a peer review – field work finished – next step is technical review

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Seventh in a series.  Field work wrapped up yesterday for my peer review.  The reviewer gave me a draft report. I can’t discuss it until it is accepted by the Peer Review Committee.

The next step is for the reviewer to finish a bunch of checklists and send them to the technical reviewer.  Read the rest of this entry »

Written by Jim Ulvog

November 9, 2012, 11:22 am at 11:22 am

Journey through a peer review – field work is today

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Here’s part 6 of the tale of my journey through my peer review.

Today is field work. The reviewer will arrive at my office soon. Expect him to be here most of the day.

Spent a few minutes yesterday pulling together a few more documents I know he will want to see. Also set up an extra computer for his use while he reads a bunch of workpapers.

I won’t be talking about the results of the review for a long time.

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Written by Jim Ulvog

November 8, 2012, 7:26 am at 7:26 am

Journey through a peer review – initial engagement selection

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Part five of my journey through the peer review process.

Since submitting the list of engagements, which I discussed last post, I got back a list of engagements my reviewer wants to look at. He will make an additional surprise selection when he arrives.

He will need a few more things before field work.  I sent him a copy of the financial statements for each of the engagements he selected.

For the audits, I also filled out a profile sheet. You can see the nonprofit form here, assuming you are an AICPA member and can login to their site.

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Written by Jim Ulvog

November 1, 2012, 20:59 pm at 8:59 pm

Journey through a peer review – forms to prep for field work

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Part 4 of my journey through the peer review process for this cycle.

Well, after signing an engagement letter with the reviewing firm I need to get the initial round of checklists completed.

List of engagements

My peer review year ends May 31. This weekend I accumulated a list of completed engagements for clients whose fiscal year ended within my peer review year. That means I listed my clients whose fiscal year ended between in June 2011 and May 2012. Not when I issued the reports, but the client’s year-end. 

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Written by Jim Ulvog

October 22, 2012, 7:57 am at 7:57 am

Journey through a peer review – reviewing firm approved

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Part 3 of my journey through the peer review process.

Previously I mentioned there’s a 30 day deadline from when my scheduling form was approved until I needed to advise CalCPA which firm I would like to perform my review.

Well, I didn’t hit the 30 day deadline. So two days after the deadline I received a reminder saying I have an extra 15 days.

It’s almost like the administering entities have figured out that CPAs don’t do things until they have a deadline staring them in the face. Imagine that!

I’ve now made arrangements with the firm that will do my review. I filled out Exhibit 1, which only took a few minutes.

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Written by Jim Ulvog

June 30, 2012, 8:42 am at 8:42 am

Journey through a peer review – initial scheduling form approved

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Part 2 of my journey through the peer review process.

Today I received a note that I forgot to answer one question on the Peer Review Scheduling Form.  Oops.

Answered it and returned the form. Same day I received a letter that my initial form had been accepted.  A copy of the 4 pages needed to get a reviewer approved were attached to the letter. These are the last pages in the Scheduling Form, so you will already know what they look like.

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Written by Jim Ulvog

May 16, 2012, 17:13 pm at 5:13 pm

Journey through a peer review – initial notification

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Since my last peer review in 2009, I started blogging and started performing peer reviews.  I’ve also been blogging about peer reviews.

So when I received notification yesterday, May 7, that it is time to start the paperwork for my current peer review, I thought it might be helpful to share my experiences with this journey through the peer review process.

Why? Haven’t all firms gone through the peer review process before?

Actually no.  In California there are a number of firms who still have to go through their first mandatory peer review since 2012 is the third year of the phase in of that requirement.  Other firms will perform their first attestation work and have to step into the peer review process.  New firms are still forming.  In larger firms, partners who have not been involved in the peer review process can get that responsibility assigned to them.

So, there are a lot of CPAs who could be helped by reading about this journey.

Yesterday I received a letter from the CalCPA Peer Review Program telling me it’s time to get started.

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Written by Jim Ulvog

May 8, 2012, 10:01 am at 10:01 am