The bylaws of the American Institute of Certified Public Accountants (AICPA) require that members engaged in the practice of public accounting be affiliated with a firm that is enrolled in an approved practice-monitoring program (Peer Review Program). In recent years, the vast majority of State Boards of Accountancy have also made peer review mandatory for licensure.
In general, a peer review is required every three years, the purpose of which is to provide an independent review of a firm’s system of quality control over its accounting and auditing practice.
What We Do
Buchbinder believes a successful peer review will offer your firm an independent perspective on the effectiveness and efficiency of your firm’s policies and procedures. We conduct all our reviews with a commitment to technical expertise, quality and providing practical recommendations.
A successful peer review depends greatly on a firm’s commitment to quality and compliance with professional standards. We approach the issues you face from a professional, technical and economic standpoint, with the goal of bringing value to the process. We will identify potential weaknesses in your system while offering recommendations and best practices. Our objective is to help you improve your accounting and audit practice in terms of quality and efficiency.
Buchbinder has offices in New York, New Jersey and Maryland and provides peer review services nationally.
This type of peer review is for firms that provide audits under generally accepted audit standards, Government Auditing Standards, examinations under the Attest Standards, in addition to reviews, compilations and agreed-upon procedures services. The objective of a system review is to determine whether the system of quality control over the firm's accounting and audit practice is designed to provide reasonable assurance of performing and reporting in accordance with professional standards, and whether the firm is appropriately complying with the system of quality control.
Engagement reviews are available only for firms that do not perform audits under generally accepted audit standards, Government Auditing Standards, and examinations under the Attest Standards. The objective of an engagement review is to determine whether the reviewed engagements are performed and reported on in accordance with professional standards in all material respects.
For firms that do not have a dedicated internal technical review department, we can be engaged to help design and monitor a system of quality control for your accounting and audit practice. We work closely with your management team to help achieve compliance as required by professional standards. Our consulting services provide technical advice with respect to the application of accounting and audit standards, the design of quality control systems, engagement inspections and monitoring.
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Vincent Gaudiuso authored the 2016 update to the CCH Employee Benefit Audit Guide.