Frequently Asked Questions

1. What is the AICPA's practice monitoring requirement?
    
2. How can my firm enroll in the AICPA Peer Review Program?
    
3. How many firms are enrolled in the AICPA Peer Review Program?
    
4. Does a firm that performs no audits, reviews, compilations or attest engagements have to enroll in the AICPA Peer Review Program?
    
5. Once enrolled, when should a firm expect a review?
    
6. Are there different types of reviews?
    
7. Who will administer my review?
    
8. Who performs the reviews?
    
9. How can I become a peer reviewer?
    
10. What are the general requirements for being a reviewer?
     
11. What questions should I ask when selecting a reviewer to perform my firm's review?
     
12. How can firms prepare for their reviews?
     
13. What does a system peer review cost?
     
14. What happens when a peer review finds a deficiency?
     
15. My firm just received an unmodified peer review report with a couple of minor letter of comment findings. I agree with the LOC findings but not the team captain's recommendations. Must I implement the team captain's recommendations or can I suggest an alternative solution?
     
16. How can I obtain a copy of a firm’s latest peer review report, letter of comment and letter of response?
     
17. I have a large audit practice which included one SEC audit until this last year. The SEC audit is no longer a client and my peer review is due soon. Can I join the AICPA Peer Review Program or does my firm have to remain a member of the SEC Practice Section?
     
18. Can I resign from the peer review program?