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Tax & AccountingNovember 18, 2022

AICPA proposes peer review omnibus enhancements and technical corrections

By: CCH ARM Editorial

The AICPA Peer Review Board (PRB) has released the Exposure Draft, Proposed Peer Review Standards Update (PRSU) No. 1, Omnibus Enhancements and Technical Corrections. The comment deadline is January 31, 2023. 

In February, the PRB approved the Clarified Standards for Performing and Reporting on Peer Reviews (Peer Review Standards) and published the final standards and related guidance in the April update to the Peer Review Program Manual. The new standards became effective for peer reviews beginning on or after May 1, 2022, with early implementation not permitted.

Proposed amendments

The Exposure Draft proposes amendments to the Peer Review standards that were published in the Spring. In Background, the Exposure Draft notes that the “Peer Review Program (program) monitors the quality of reviewed firms’ accounting and auditing engagements and evaluates the systems of quality control under which those engagements are performed. Participation in the program is mandatory for AICPA membership . . . and peer reviews are now required for licensure in nearly all state licensing jurisdictions.” 

The Explanatory Memorandum provides a summary of the proposals, which affect most of the paragraphs in the Peer Review Standard. These proposed amendments include enhancements and technical corrections “to various paragraph references for accurate cross-referencing, and the . . . summary represents additional revisions that the board believes to be appropriate for clarification and technical accuracy.”

Effective date

If adopted as proposed, the planned enhancements and technical corrections will be effective upon final PRB approval. The PRB will include the amendments as part of the Peer Review Program Manual (PRPM) update in May 2023.

Comments should be submitted on Word documents and addressed to Brad Coffey at [email protected]

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