Peer Review Program

Recognizing the public's interest in reliable financial statements, the American Institute of CPAs (AICPA) instituted a practice-monitoring program for its members in 1988. Today this program is known as Peer Review. A peer review is a periodic outside review of a firm's quality control system to help maintain and improve the quality of a firm’s accounting and auditing services.  Ensuring audit competence and compliance are major components of our commitment to the profession and the general public. The Nevada Society of CPAs administers the AICPA Peer Review Program for Nevada, Utah, Wyoming and Nebraska.  If your firm is required to participate in a peer review program, add this page to your Favorites folder. It contains all the relevant information you need regarding the peer review process.

Forms

Members of the AICPA should use AICPA forms. If you are not a member of the AICPA, please use the forms indicated. The Information Required for Scheduling Reviews form is the same form for everyone.

Information Required for Scheduling Reviews- This form provides the administering entity (Nevada Society of CPAs) with background information about the firm and types of engagements issued. Notification will be sent to firms approximately 9-12 months prior to their peer review. The notification will include the firm's peer review due date and a request that the form be completed and submitted to the Nevada Society of CPAs within 30 days.

There are two options available for firms to access and complete the form: 
You may request the printed form from the Nevada Society of CPAs;
You may print the blank form (pdf file), complete, and mail to the Nevada Society of CPAs; at 750 Sandhill Road, Suite 120, Reno Nevada 89521.
NOTE: You MUST maintain a copy of the form for your records and for the reviewer.

Change in Firm Structure - This form must be completed if your firm is currently enrolled in the peer review program and has gone through a name change, dissolution, or merger.
– Change in firm structure - AICPA firm
– Change in firm structure - Non-AICPA firm - contact the NVCPA Peer Review Administrator.

Enrollment Forms - Complete this form and mail to the Nevada Society of CPAs to enroll your firm in the peer review program.
– AICPA Enrollment Form
– Non-AICPA Enrollment Form (pdf file)

Which CPA firms are required to have peer review?

The AICPA requires a Peer Review of a CPA firm to be performed every three years where an AICPA individual member is either an owner or an employee (who has been licensed as a CPA for more than two years), if the services performed by such a firm are within the scope of the AICPA’s practice monitoring standards. Most compilation, attest, review, or audit reports fall within the Peer Review standards. If a CPA firm has clients that create initial or periodic filings with the Securities & Exchange Commission (excluding certain brokers or dealers) then that firm is required to be enrolled in the AICPA Center for Public Company Audit Firms Peer Review Program (CPCAF PRP). The Nevada Society of CPAs administers the AICPA Peer Review Program for CPA firms in Nevada, Wyoming, Nebraska, and Utah that desire to have a Peer Review and are not in the CPCAF PRP. The Nevada Society of CPAs, the Wyoming Society of CPAs, the Nebraska Society of CPAs, and the Utah Society of CPAs do not require a Peer Review for membership in their societies.

The State Boards of Accountancy may also require as a condition of licensure that a firm be Peer Reviewed. The Nevada Board of Accountancy requires a firm to be reviewed if the firm performs compilations with disclosure, reviews, or audits. The Wyoming Board of Accountancy requires a Peer Review if the firm performs Compilations – with or without disclosure, reviews or audits. The Utah Division of Occupational and Professional Licensing require a Peer Review if the firm performs Compilations – with or without disclosure, reviews or audits. The Nebraska Board of Accountancy does not require Peer Review.

The Government Accountability Office (GAO) requires a Peer Review to be completed (a Peer Review Report has been issued) within three years from the date a firm begins its first audit under generally accepted government auditing standards.

Questions or comments?

Please e-mail questions or comments you would like the Peer Review Committee to address to Peer Review Administrator.

Resources

AICPA Peer Review Web site

Questions and answers about the AICPA Peer Review Program

Selecting a Reviewer - in selecting your reviewer, the only thing that needs to be entered on this page is the state in which you are interested. After the state is submitted, you will get a list of qualified reviewers.

Of Interest to Reviewers - Reviewers may access checklists, etc., needed to perform peer reviews; the Peer Reviewer's Alert; the Reviewer's Resume, and additional information to assist them with the peer review process.

AICPA Reviewer Requirements

Peer Review Standards

Standards for Performing and Reporting on Peer Reviews

Additional Guidance Regarding the Standards for Performing and Reporting on Peer Reviews Effective January 1, 2005

Revised Standards

Peer Reviewer's Alert - Informational Update for Peer Reviewers.

Of Interest to Firms in the AICPA Peer Review Program - Firms may access forms; tips for selecting your peer reviewer; the Statement on Quality Control Standards No. 2 and No. 3; and additional information to assist them with the peer review process.

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