CPA firms can now receive six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year, according to a vote taken May 7 by the AICPA Peer Review Board (PRB).
The PRB took the action to relieve firms that are struggling because of the impact of the COVID-19 pandemic on their daily operations and their clients.
Despite the extended due dates, firms do not need to wait an additional six months and the AICPA encourages them to have their reviews performed as soon as they are able. Learn more.