Standards for Performing

and Reporting on Peer Reviews

In order to be admitted or to retain their membership in the American Institute of Certified Public Accountants (AICPA) members of the AICPA who are engaged in the practice of public accounting in the United States or its territories are required to be practicing as partners or employees of firms enrolled in an approved practice-monitoring program or, if practicing in firms not eligible to enroll, are themselves enrolled in such a program if the services performed by such a firm or, respectively, individual are within the scope of the AICPA's practice-monitoring standards and the firm or, respectively, individual issues reports purporting to be in accordance with AICPA professional standards. (Depending on how a CPA firm is legally organized, its partner(s) could have other names, such as shareholder, member, or proprietor.)

These standards are effective for peer reviews commencing on or after January 1, 2005 for firms (and individuals) enrolled in the AICPA peer review program. Early implementation is not allowed. They are applicable to firms (and individuals) enrolled in this program and to individuals and firms who perform and report on such reviews, to state CPA societies administering the reviews, and to associations of CPA firms assisting their members in arranging and carrying out peer reviews. Individuals using these standards should be knowledgeable about Interpretations issued by the AICPA Peer Review Board that might affect the application of these standards

Revised 2005 Standards

In conjunction with the approval of the revised Standards the Board also revised some of the existing Interpretations that will assist individuals in understanding the revised Standards. The revisions to the Interpretations and new Interpretations are effective for peer reviews commencing on or after January 1, 2005.

Revised 2005 Interpretations

With the issuance of the revised Standards, the Board issued a White Paper, which provides background and other pertinent information about the comments received by the Board from respondents to the exposure draft of the proposed revisions, explains the consideration given to those comments by the Board and describes the rationale behind the Board’s adoption of the various provisions in the final Standards.

White Paper