Peer Review News

New Reviewer Qualifications and Training Requirements

by MICPA | Jun 18, 2015   ()

Effective with reviews commencing on or after December 31, 2015, the following reviewer qualification requirements will apply:

  • Reviewers must have spent the last five years in the A&A function of public accounting.
  • Reviewers should consider whether their day-to-day involvement with A&A work is sufficiently comprehensive to enable them to perform a peer review with professional expertise.

Additional requirements for reviewers of certain must-select engagements will apply:

  • Reviewers must be currently involved in must-select engagements in their own firms.
  • Reviewers must be associated with an AQC firm (currently EBPAQC and GAQC).

Effective with reviews commencing on or after May 1, 2016, the initial and ongoing training requirements for peer reviewers will change, as will the training requirements for reviewers of Employee Benefit Plan engagements and engagements performed in accordance with Governmental Auditing Standards will change. To determine how to meet the new training requirements, visit the AICPA Peer Reviewer Training page.

 

Source: MICPA
Source: MICPA