Membership News

Peer Review Standards and Requirements

Aug 17, 2011
Revised Peer Review Standards & Guidance

(Effective for Peer Reviews Commencing on or after Jan. 1, 2009)

The revised Peer Review Standards and Interpretations became effective Jan. 1, 2009. The revised standards are expected to result in a more efficient and effective peer review process. Below are several resources to help as you begin using the new standards.

  • Standards for Performing & Reporting on Peer Reviews
    (effective for peer reviews commencing on or after Jan. 1, 2009) including Interpretations

  • White paper navigates through the revised peer review standards
    The AICPA’s Peer Review Board has issued a white paper to serve as a bridge between the current and revised standards. The white paper, Navigating Through the Revised AICPA Standards for Performing and Reporting on Peer Reviews and Related Interpretations, explains how the changes may affect enrolled firms (including those responsible for the firm’s quality control function), peer reviewers, entities administering peer reviews, and peer review users, including regulators.

All firms providing attestation services (audit, review or compilation), in the state of Ohio, are required to be enrolled in an approved practice-monitoring program, be registered with the Accountancy Board of Ohio (ABO) and have an approved peer review once every three years.

All reviews are conducted in accordance with the American Institute of CPAs (AICPA) Standards for Performing & Reporting on Peer Reviews (Standards). Peer Review is a requirement for membership in The Ohio Society of CPAs and AICPA as well as a statutory requirement regulated by the Accountancy Board of Ohio (ABO).

For more information on the specific registration requirements for Ohio, please visit the ABO website for more details.