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reviewers - news & updates


This section of our website contains important news, reminders and updates directed  to reviewers, as well as links of interest. Be sure to bookmark this page and check back often!

Attention - Peer Reviewers that Perform Engagements under Yellow Book

The Governmental Audit Quality Center (GAQC) recently issued an alert to their members (GAQC Alert No. 188) to address important changes to independence for firms that perform engagements subject to the 2011 revision of the Government Auditing Standards (the 2011 Yellow Book). These changes are important to auditors and we highly encourage you to proactively inform your peer review clients about these changes and resources if they perform these types of engagements. Some of these considerations need to be made now. In order to ensure that your peer review clients remain up to date on matters that may affect their practice in this arena, you may want to suggest that they review the benefits that numerous firms have received by joining the GAQC. Below is a summary of the GAQC Alert and resources, including information about a web event to be held April 11, 2012 followed by a rebroadcast on May 2, 2012, for which there will also be CPE credit.

See the March 2012 Reviewer Focus for further details.

Mentor program

At the January 2011 meeting of the Peer Review Board (Board), the Board approved new options for initial team captain qualification. One of those options allows the candidate to forego the second day of the restructured “How To” course in favor of significant participation as a team member in a System Review. Significant participation is obtained when an approved and qualified team captain (“Mentor”) oversees the candidate while they perform virtually all team captain responsibilities. This mentoring program seeks to improve the quality of peer reviewers by providing effective real world experience prior to permitting them to be team captains.

Mentoring will first become an available option for initial team captain qualification starting in May 2012. However, starting on November 1, 2011, qualified team captains will be permitted to submit requests for pre-approval by completing the Mentor Application Form and submitting it to AICPA staff. You can find all of the information about the mentor program on the Peer Review Home Page. Highly-qualified team captains with proficient knowledge and expertise in the Peer Review Standards and Interpretations are encouraged to apply. This is an excellent way to contribute to the profession as well as a potential avenue for succession planning.