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

Conducted on Wednesday, May 31, 2017
Recorded event now available

This webinar 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.


AICPA peer reviews may be routine for accounting firms performing audit, review and compilation services, but they remain challenging. The revisions to AICPA standards and thorough documentation process are far from the last significant change to come.

An oversight report critical of peer reviewers is one example. Reviewers must give single-audit checklists and program determination worksheets to peer review panels. SSARS 21 and 23 and revised 403(b) regulations impact peer reviews of compilation and employee benefits/ERISA engagements, respectively.

Meanwhile, accounting firms continue to wrestle with beefed-up guidance on actions considered “noncooperative” and new standards for how reviewed firms should prepare representation letters. No firm can afford complacency in conforming to audit processes, internal controls or documentation procedures.

Listen as our panel of seasoned accounting professionals brings you up to speed on the latest developments in AICPA peer reviews and best practices for preparing for reviews.


  1. Peer review oversight and developments
    1. Criticisms from Annual Report on Oversight
    2. Reviewers’ requirement to submit single audit checklists and major program determination worksheets to peer review committee
    3. SSARS 21 and 23 and impact on compilation peer reviews
    4. 403(b) regulations and impact on employee benefit/ERISA peer reviews
  2. Experiences to date with the current peer review standards
    1. “Principles-based” standards
    2. Single unified set of standards and interpretations
    3. New electronic system named PRIMA
    4. Compliance challenges
    5. Tough oversight by state CPA societies
  3. Transparency of peer review results
    1. Importance of transparency
    2. Uniformity of the program
  4. Continuing issues with quality control standards
    1. “Must” vs. “should”: What are the requirements and what are the recommendations?
    2. Elements of a good quality control system
    3. Ethical requirements
    4. Engagement performance
  5. Common peer review deficiencies
    1. Documentation issues
    2. Disclosures left out of reports
    3. SAS 99 issues
    4. Common quality control deficiencies


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

Learning Objectives

After completing this course, you will be able to:

  • Identify current standards in single-audit checklists, compilations, ERISA engagements and broker dealer audits
  • Recognize deficiencies in peer reviews as identified by the Annual Report on Oversight
  • Determine “must” (requirements) vs. “should” (recommendations) for peer reviews


Mary E. MacKrell, CPA, Partner
LCS&Z, Latham, N.Y.

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)​.​

Alan Long, CPA, Managing Member
Baldwin CPAS, Richmond, Ky.

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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