AICPA Peer Review Program Compliance: Responding to Latest Developments
Best Practices for Optimal Reviews Given Broker-Dealer Issues, Single-Audit Checklist and Representation Letter Requirements, and More
Recording of a 110-minute CPE webinar with Q&A
This course will prepare accounting firm professionals for future AICPA peer reviews with the latest developments on standards and guidance, and will outline best practices for undergoing reviews.
Outline
- Peer review oversight and developments
- Criticisms from Annual Report on Oversight
- Reviewers’ requirement to submit single audit checklists and major program determination worksheets to peer review committee
- SSARS 21 and 23 and impact on compilation peer reviews
- 403(b) regulations and impact on employee benefit/ERISA peer reviews
- Experiences to date with the current peer review standards
- “Principles-based” standards
- Single unified set of standards and interpretations
- New electronic system named PRIMA
- Compliance challenges
- Tough oversight by state CPA societies
- Transparency of peer review results
- Importance of transparency
- Uniformity of the program
- Continuing issues with quality control standards
- “Must” vs. “should”: What are the requirements and what are the recommendations?
- Elements of a good quality control system
- Ethical requirements
- Engagement performance
- Common peer review deficiencies
- Documentation issues
- Disclosures left out of reports
- SAS 99 issues
- Common quality control deficiencies
Benefits
The panel will prepare you for your next upcoming review by:
- Explaining the bottom-line impact of recent developments involving single-audit checklists, compilations, ERISA engagements, broker-dealers and others
- Highlighting potential weaknesses in peer reviews noted by the Annual Report on Oversight
- Providing experiences and problem areas in conforming to the AICPA’s Standards for Performing and Reporting on Peer Reviews
Faculty

Mary E. MacKrell, CPA
Partner
LCS&Z
Ms. MacKrell specializes in attest engagements and client audits. She is also responsible for doing the firm’s... | Read More
Ms. MacKrell specializes in attest engagements and client audits. She is also responsible for doing the firm’s A-133, government and grant audits, performing peer reviews and working on internal quality control. Her primary focus is not for profit audit and tax; trade associations, fire companies, charter schools as well as traditional foundations and not for profits. She is both a CPA and a Chartered Global Management Accountant (CGMA).
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Alan Long, CPA
Managing Member
Baldwin CPAS
Mr. Long has been a CPA for more than 34 years. He is a member of the Peer Review Board and Leadership Council of... | Read More
Mr. Long has been a CPA for more than 34 years. He is a member of the Peer Review Board and Leadership Council of the AICPA. He is an instructor for continuing education classes for the AICPA. He was an early adopter of new technology, ensuring that his firm is on the cutting-edge of industry practices.
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