CPA Perceptions of the Peer Review Process

• In Event: Auditing (External/Internal)

Abstract

In order to promote quality accounting and auditing services and to best serve the public interest, the AICPA peer review program requires member firms and individuals to undergo a triennial peer review as part of required practice monitoring. This self-regulatory process is a topic of interest to the profession, as the AICPA develops and implements changes to improve the process’ value and relevance. Using input from 152 experienced CPAs’ perceptions of the process, we find that CPAs may not perceive the value of peer review even if they believe that third parties do. We also find that perceptions of peer review differ across the (1) level of experience with peer review, (2) status as partner in a CPA firm, (3) professional experience, and, (4) size of employer. The different perceptions suggest the need to embed peer review in education and training at all firm levels and sizes. Suggestions for future research are made.

Authors

• Barbara Apostolou, West Virginia University

• Alan Reinstein, Wayne State University

• Timothy J Fogarty, Case Western Reserve University

• Jack W Dorminey, West Virginia University