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| | {{ForumReplyPost|UserID=KJean|Date=30 October 2007|Text=I had thought I would do the management use only financials, but I want to be able to issue a compiled statement if the client needs it. }} | | {{ForumReplyPost|UserID=KJean|Date=30 October 2007|Text=I had thought I would do the management use only financials, but I want to be able to issue a compiled statement if the client needs it. }} |
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| | + | {{ForumReplyPost|UserID=JCCPA|Date=12 November 2007|Text=I am a member of my State Board of Accountancy and a compilation is subject to peer review. Most states have mandatory peer review except New York State and perhaps one or two other states. You typically do not have to be a member of the AICPA or your State CPA Society to be eligible to have a peer review. Most States will have at least two qualified peer review programs - and usually one approved program is established so that you do not have to be a member of the AICPA or local State Society (called "non-nons"). |
| | + | Definitely call your State Board and they will fill you in on the Peer Review Programs. Hope this helps.}} |
Revision as of 10:51, 12 November 2007
Discussion Forum Index --> Accounting Questions --> Peer Review Requirements
KJean (talk|edits) said:
| 26 October 2007
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| I am a CPA and have been an employee of a public accounting firm. I am now at a different job and want to continue to do a few tax returns and a couple of write-ups. What do I need to do in order to be in compliance with AICPA peer review and with issueing compiled financials? Any guidance would be appreciated.
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Outwesttax (talk|edits) said:
| 26 October 2007
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| Check with your state board. Probably there are approved peer review organizations affiliated with the AICPA they can give you. Contact the peer review organizations coordinator and they will get you going.
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Natalie (talk|edits) said:
| October 26, 2007
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| If you are a member of the AICPA, I suggest you check with them (AICPA.org). Your state may not have requirements about peer reviews. It's not clear from your post whether you are working for someone or on your own. Keep in mind it is the work of the firm that is peer reviewed, not just one employee from a firm.
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SunGod (talk|edits) said:
| 26 October 2007
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| I don't know which state board of accountancy would apply to you. In WA, peer review is required only for reviews and audits only. If you're issuing copiled financial statements, no peer review is required. Check with your state board, or your state's society of CPAs.
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KJean (talk|edits) said:
| 29 October 2007
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| I am in Arkansas. I am doing this work on the side and on my own, so I am the firm. I am only doing write-up work for one client, but it consists of three financials. I will not be doing audits or reviews.
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Natalie (talk|edits) said:
| October 29, 2007
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| You should check with your state regarding their requirements. And, as stated above, check with the AICPA regarding theirs. I think you only need to do the middle level of service, not a complete engagement review.
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Tptking (talk|edits) said:
| 29 October 2007
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| I haven't looked into this in a while, but if my memory is correct peer review is required for compiled financial statements. There is an exception to peer review under SSARS 8 for management use only financial statements if all of the requirements are met. For example, the client must agree that financial statements will not be used by a third party, you have an engagement letter stating as such, each page of financials is marked not for third party use, etc.
I went to the AICPA website to get the specifics, but for some reason it was down!
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Outwesttax (talk|edits) said:
| 29 October 2007
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| You're right on.
I'm right in the middle of mine as we speak. Compiled financial statements do require a peer review, though it's a basicly just a quick read of the financial statements and the report.
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KJean (talk|edits) said:
| 30 October 2007
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| I had thought I would do the management use only financials, but I want to be able to issue a compiled statement if the client needs it.
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JCCPA (talk|edits) said:
| 12 November 2007
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| I am a member of my State Board of Accountancy and a compilation is subject to peer review. Most states have mandatory peer review except New York State and perhaps one or two other states. You typically do not have to be a member of the AICPA or your State CPA Society to be eligible to have a peer review. Most States will have at least two qualified peer review programs - and usually one approved program is established so that you do not have to be a member of the AICPA or local State Society (called "non-nons").
Definitely call your State Board and they will fill you in on the Peer Review Programs. Hope this helps.
|
