facilitated state board access (FSBA)

what is fsba?

It is a process that the AICPA has created to help the profession keep up with the evolving changes in the business and regulatory environments and to address the demand for greater peer review transparency. Since its inception in 1988, the Peer Review program has continued to evolve to keep up with changes in the business and regulatory environments. The AICPA Facilitated State Board Access is the next step in this evolution.

The intent of this process is to create a nationally uniform system through which CPA firms can satisfy state board peer review information submission requirements, increase transparency, and retain control over their peer review results. The AICPA and administering entities are working together to allow this process to become the primary means by which all BOAs obtain peer review results. Over time, this new process will help to make submission of your firm’s peer review information easier. However, until our national goal is reached, this process WILL NOT replace the current peer review information submission requirements of your State Board of Public Accountancy. Therefore, firms will need to follow the current Board of Public Accountancy requirements until notified differently.

how does the process work?

The FSBA process allows peer review results to be made available to select BOAs on a voluntary basis, using a secure, BOA access-only web site that is available only to authorized representatives of your states’ Board of Accountancy. NEPR posts applicable peer review information related to a firm’s most recently accepted review to this website. Firms may also request that their results be made available to more than one BOA, however, results are only posted for availability to BOAs that require peer review and are not prohibited from obtaining access to peer review information.

Firms that are not members of the AICPA Employee Benefit Plan Audit Quality Center, Governmental Audit Quality Center or Private Companies Practice Section will have the opportunity to change their mind at any time after their information has been posted by notifying NEPR in writing. Once the notification is received, NEPR will remove the posted information and notify the firm.

Firms that do not volunteer to have their documents posted will have certain information (which is currently publicly available) posted to the secure BOA access-only web site, to include:

• The firm’s name and address
• The firm’s enrollment in the Peer Review Program
• The date of acceptance and the period covered by the firm’s most recently accepted peer review
• Whether the firm’s enrollment in the program was terminated (and firm’s enrollments that are dropped after January 1, 2009)

This information will helps us to maintain a complete database of all firms in the peer review program.

what documents are posted under this process?

The number of documents posted to the secure BOA web site for a firm varies based upon the results of the peer review. A firm will not choose which documents will be posted as each of those that are applicable (based on the results of the review) will be posted.

The following documents will be posted to the secure BOA web site, as applicable:

• Peer review report
• Letter of comments
• Letter of response
• Acceptance letter
• Letter(s) signed by the reviewed firm indicating that the peer review documents have been accepted with the understanding that the reviewed firm agrees to take certain actions
• Letter notifying the reviewed firm or individual that certain required actions have been completed

Please note that Findings For Further Consideration (FFC) Forms are NOT posted to the BOA web site.

What happens if my firm already allows its peer review results to be posted to the existing public file as a condition of membership in the GAQC, EBPAQC or PCPS?

Because the information is already in the public file as a condition of membership, your firm will automatically have its peer review results posted to the secure BOA web site.

Your firm will not be able to opt out from providing access to the your State Board of Public Accountancy but does give you the opportunity to make your firm’s peer review results available to other eligible BOAs on Exhibit 3 of the “Information Required for Scheduling Reviews" form. If you request NEPR to do so, access will be granted to the authorized state board representatives in the state(s) you specify.