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Do I Need a Peer Review?

AICPA bylaws require that members engaged in the practice of public accounting be with a firm that is enrolled in an approved practice-monitoring program or, if practicing in firms that are not eligible to enroll, the members themselves are enrolled in such a program if the services performed by such a firm or individual are within the scope of the AICPA’s practice monitoring standards, and the firm or individual issues reports purporting to be in accordance with AICPA professional standards. In addition, most Boards of Accountantcies have made participation in a type of practice-monitoring program mandatory for licensure. 

Engagements covered in the scope of the Peer Review Program are those included in the firm's accounting and auditing practice that are not subject to PCAOB permanent inspection. See Interpretation 6-9 of the Peer Review Standards, Engagements Subject to PCAOB Inspection, for more information.
There are two types of reviews: system and engagement.System Review – if your firm performs any of the services mentioned below as its highest level of service, your firm should have a System Review.

  • Engagements under the Statements on Auditing Standards (SASs) or Government Auditing Standards (GAS),
  • Examinations under the Statements on Standards for Attestation Engagements (SSAEs), or Engagements under PCAOB standards.

Engagement Review – If your firm performs either of the types of services listed below as its highest level of service, your firm should have an Engagement Review.

  • Services under Statements on Standards for Accounting and Review Services (SSARSs)
  • Services under the SSAEs not listed above in System Reviews.

Click to view a full list of engagements requiring either a system or engagement peer review on the AICPA website.