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by MICPA | Oct 8, 2019
The peer review landscape continues to evolve and having a quality peer review is more important than ever. Becoming a peer reviewer has many unique advantages to help grow your business and build your reputation as a firm that stands behind its commitment to providing high-quality services. As a Peer Reviewer, you can leverage your expertise and open the door to a whole new source of revenue for your accounting and auditing practice. If you are a provider of audit and accounting services, you already understand that clients demand high-quality services. Firms that undergo peer reviews are no different in this regard and want the same from their peer reviewers. Firms expect a quality peer review to help them: • Improve processes and obtain education or recommendations to correct findings or deficiencies. • Establish and maintain a system of quality control to comply with Statements on Quality Control Standards (SQCS) No. 8. • Convey to their clients the honesty, professionalism and trustworthiness of their firm.
As a peer reviewer, you will gain insight that contributes to the quality and effectiveness of your own practice. In other words, you can help firms achieve the results they want, while bolstering your own practice. You can gain greater confidence in your own practices and procedures, learn new best practices and common areas of noncompliance with professional standards, and perform more effective audit procedures.
Serving as a peer reviewer also creates additional opportunities to network with your peers, which provides additional insight to tackle challenging practice management issues outside of the services you provide to your clients, such as • Staffing and employee retention • Partner or shareholder challenges • Firm mergers and acquisitions • Succession planning You can also look forward to the annual AICPA Peer Review Conference where you can network with hundreds of other Peer Reviewers and learn about the latest peer review updates and news. Visit the Annual Peer Review Conference section of the AICPA’s reviewer training webpage to learn more. How can I get started? The first step is to visit aicpa.org/BeAReviewer to learn more about the requirements and training options to become a Peer Reviewer. The training courses offer you opportunities to learn first-hand from experienced reviewers and AICPA staff. By becoming a Peer Reviewer, not only will you contribute to the profession, but you will also gain invaluable knowledge to improve and enhance your own practice. For more information, contact David Pickering, Peer Review Senior Manager, at dpickering@micpa.org or 248.267.3751.
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Source: MICPA
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