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Peer review oversight program ensures compliance
The AICPA Peer Review Program has established an oversight program to ensure that the policies and procedures are sufficient to obtain reasonable assurance that the:
Administrative procedures established by the AICPA Peer Review Board are being complied with.
Reviews are being conducted and reported on in accordance with the Standards.
Results of reviews are being evaluated on a consistent basis.
The AICPA Peer Review Board has an Oversight Task Force with the responsibility for overseeing the administration of the oversight program. The Peer Review Committees of the participating state CPA societies also have some form of an oversight program.
The AICPA program involves a visit by a member of the Peer Review Board to each participating state CPA society at least every other year. Such a visit usually includes a review of the administrative files, a meeting with committee members, staff and technical reviewers, and sitting in on a Review Acceptance Body (RAB) meeting.
Also as part of the AICPA oversight program, a sample of reviews considered for acceptance by the RABs of the state CPA societies are selected for submission to the AICPA Practice Monitoring staff for a full working paper review.
The WICPA has established an oversight program to insure that our program is complying with the AICPA Program. The major points of the WICPA program are as follows:
Selection criteria (for System, Engagement and Report Reviews)
Approximately 2 percent of reviews are selected.
Reviews recommended by the committee or a RAB.
Reviews of particular reviewers as selected by either the committee or the technical reviewers. They may include:
New reviewers.
Problem reviewers.
Process includes both on-site (during the review) and desk (post review) reviews. The oversight committee determines the particular type of oversight review that will take place.
Oversight reviews can be performed by:
Committee members based on expertise and experience as a reviewer.
Other experience reviewers.
Individuals must be qualified to function as a team captain on a review.
The reviewer will utilize the oversight checklist included in the Oversight handbook.
The WICPA will notify the team captain of any review selected for oversight. The firm being reviewed will also be notified by the WICPA of the oversight if it is to be on-site.
Care is taken to ensure that a particular reviewer is not unfairly singled out, but the selection criteria will be followed as closely as possible. The fact the another administrative entity or the AICPA has chosen a reviewer for oversight, would not necessarily have a bearing on the selection made by the WICPA.
The oversight program is in place to insure the integrity of the Peer Review Program and to allow firms being reviewed to know that they are being treated the same as their peers.
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